Location models of horizontal differentiation: a special case of vertical differentiation models
The authors study the relationship that exists between two families of models of product differentiation: the class of location or Hotelling-type models of horizontal differentiation, and models of vertical differentiation. Their main result is that every model belonging to a very large class of Hotelling-type models (including all the commonly used specifications) is actually a special case of a vertical product differentiation model. Formally speaking this means that the Hotelling type-model and the corresponding vertical product differentiation model are equivalent. Specifically, the authors show that the equilibria emerging in the two categories of models are identical in a well defined sense. Copyright 1991 by Blackwell Publishing Ltd.
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|Note:||In : The Journal of Industrial Economics, 39(4), 383-390, 1991|
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