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Endogenous Local Interaction and Multi-Product Firms

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Author Info
B. Visser

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Abstract

Multi-product firms are modeled as endogenously locally interacting entities that gather information on the profitability of product combinations in an environment defined in terms of their currently supplied markets. They learn from their own past play. Local information gathering leads to a greater product diversity relative to global gathering. the introduction of more information at the outset and of finer learning mechanisms leads to ore instability. Cycles show parts of the economy that are in rest, while others are in a state of flux.

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Paper provided by International Institute for Applied Systems Analysis in its series Working Papers with number ir97005.

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Date of creation: Feb 1997
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Handle: RePEc:wop:iasawp:ir97005

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  1. Milgrom, Paul & Roberts, John, 1982. "Limit Pricing and Entry under Incomplete Information: An Equilibrium Analysis," Econometrica, Econometric Society, vol. 50(2), pages 443-59, March. [Downloadable!] (restricted)
  2. Ellison, Glenn & Fudenberg, Drew, 1993. "Rules of Thumb for Social Learning," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 612-43, August. [Downloadable!] (restricted)
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  3. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September. [Downloadable!] (restricted)
  4. Wolinsky, Asher, 1986. "The Nature of Competition and the Scope of Firms," Journal of Industrial Economics, Blackwell Publishing, vol. 34(3), pages 247-59, March. [Downloadable!] (restricted)
  5. Avner Shaked & John Sutton, 1990. "Multiproduct Firms and Market Structure," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 45-62, Spring. [Downloadable!] (restricted)
  6. Blume Lawrence E., 1993. "The Statistical Mechanics of Strategic Interaction," Games and Economic Behavior, Elsevier, vol. 5(3), pages 387-424, July. [Downloadable!] (restricted)
  7. Jovanovic, B., 1993. "The Diversification of Production," Working Papers 93-11, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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