Customization: Ideal Varieties, Product Uniqueness and Price Competition
We study customization in the Hotelling model with two firms. In addition to providing ideal varieties, the perceived uniqueness of a customized product contributes independently to consumer utility. We show that only when consumer preferences for uniqueness are high customization occurs in equilibrium.
Volume (Year): 29 (2009)
Issue (Month): 4 ()
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1435, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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