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Dual Equilibria and Discontinuous Response in Monopolistic Competition with Two Classes of Consumers

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  • Norman J. Ireland

Abstract

The possibility of a convex industry demand function's leading to two local profit maxima for a monopolist supplier is found to extend to a model of monopolistic competition where two classes of consumers are distinguished by their relative demand for the industry's products. A long-run, free-entry industry equilibrium is defined and discontinuous responses to changes in parameters are analyzed. Some applications are given and the existence of dual equilibria is shown to be a possibility.

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  • Norman J. Ireland, 1984. "Dual Equilibria and Discontinuous Response in Monopolistic Competition with Two Classes of Consumers," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 377-384, Autumn.
    • Handle: RePEc:rje:randje:v:15:y:1984:i:autumn:p:377-384
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    Cited by:

    1. Sander Heinsalu, 2023. "Bounds on the damages from a price overcharge," Economics Bulletin, AccessEcon, vol. 43(3), pages 1265-1270.
    2. Jota Ishikawa & Tomohiro Kuroda, 2007. "How Effective are Emissions Taxes in an Open Economy?," Review of Development Economics, Wiley Blackwell, vol. 11(2), pages 359-368, May.

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