Monopolistic competition and new products: a conjectural equilibrium approach
In this paper we generalize the heterogeneous risk adverse agents model of diffusion of new products in a multi-firm, heterogeneous and interacting agents environment. We use a model of choice under uncertainty based on Bayesian theory. We discuss the possibility of product failures, the set of equilibria, their stability and some welfare properties.
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Volume (Year): 5 (2010)
Issue (Month): 1 (June)
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