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Product Differentiation in a Market with Endogenous Sequential Entry

  • W.J. Lane
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    This article constructs a descriptive model of a market with differentiated consumers and products in which both prices and product specifications are endogenous and in which entry is endogenous and sequential. We show that there is a unique equilibrium in product specifications and prices in which firms will charge different prices and produce products with different characteristics to meet the diverse preferences of consumers. Fixed costs together with free sequential entry imply that there are product choice strategies by which existing firms can effectively deter entry and thus secure positive profits.

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    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 11 (1980)
    Issue (Month): 1 (Spring)
    Pages: 237-260

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    Handle: RePEc:rje:bellje:v:11:y:1980:i:spring:p:237-260
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