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Competition in multi-characteristics spaces: Hotelling was almost right

  • IRMEN, A.
  • THISSE, J.-F.

Lancasterian models of product differentiation typically assume a one-dimension characteristics space. We show that standard results on prices and locations no longer hold when firms compete in a multi- characteistics space.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number 1305.

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Handle: RePEc:cor:louvrp:1305
Note: In : Journal of Economic Theory, 78 (1), 76-102, 1998.
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  1. Fujita, M. & Thisse, J.-F., . "Economics of agglomeration," CORE Discussion Papers RP 1250, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  9. Bonanno, Giacomo, 1988. "Oligopoly Equilibria When Firms Have Local Knowledge of Demand," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 45-55, February.
  10. Economides, Nicholas, 1989. "Symmetric equilibrium existence and optimality in differentiated product markets," Journal of Economic Theory, Elsevier, vol. 47(1), pages 178-194, February.
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  12. Gary-Bobo, Robert J., 1989. "Cournot-Walras and locally consistent equilibria," Journal of Economic Theory, Elsevier, vol. 49(1), pages 10-32, October.
  13. Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
  14. Tabuchi, Takatoshi, 1994. "Two-stage two-dimensional spatial competition between two firms," Regional Science and Urban Economics, Elsevier, vol. 24(2), pages 207-227, April.
  15. Bonanno, Giacomo & Christopher Zeeman, E., 1985. "Limited knowledge of demand and oligopoly equilibria," Journal of Economic Theory, Elsevier, vol. 35(2), pages 276-283, August.
  16. Green, Paul E & Srinivasan, V, 1978. " Conjoint Analysis in Consumer Research: Issues and Outlook," Journal of Consumer Research, Oxford University Press, vol. 5(2), pages 103-23, Se.
  17. d'Aspremont, Cl. & Jaskold Gabszewicz, J. & Thisse, J. -F., 1983. "Product differences and prices," Economics Letters, Elsevier, vol. 11(1-2), pages 19-23.
  18. Egbert Dierker, 1989. "Competition for Customers," Discussion Paper Serie A 244, University of Bonn, Germany.
  19. Anderson, Simon P. & Goeree, Jacob K. & Ramer, Roald, 1997. "Location, Location, Location," Journal of Economic Theory, Elsevier, vol. 77(1), pages 102-127, November.
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