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Product Variety and Imperfectly Competitive Free-Entry Industries: Policy Design, Conjectural Equilibria and Consumption Externalities

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  • Myles, G. D.

Abstract

This paper analyses the properties of a model of imperfect competition in conjunction with a preference for product variety. When the consumer treats product variety as parametric, a tax scheme is described that generates a socially optimal equilibrium from market behaviour. Welfare-improving and optimal commodity taxes are also discussed. An alternative, conjectural, definition of equilibrium is introduced; for a single consumer model this is argued to result in greater variety and utility. If further consumers are introduced, variety causes externalities in consumption; their effects are analysed and policies to overcome these discussed.

Suggested Citation

  • Myles, G. D., 1987. "Product Variety and Imperfectly Competitive Free-Entry Industries: Policy Design, Conjectural Equilibria and Consumption Externalities," Economic Research Papers 268244, University of Warwick - Department of Economics.
    • Handle: RePEc:ags:uwarer:268244
    DOI: 10.22004/ag.econ.268244
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