Address Models of Value Theory
We argue that small group competition among overlapping oligopolies is the predominate market form in modern society applicable whenever goods are located by their address in some relevant space: characteristic space for monopolistic competition and geographic space for spatial competition. Predictions from models where there are a continuum of possible goods are radically different from those with a finite number of goods. In address models, competition is localized; there is a range of free entry equilibria which include zero profits at one extreme and very large profits at the other.
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