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| Author: | Montagna, C. |
| Title: | Monopolistic competition with firm-specific costs |
| Journal: | Oxford Economic Papers
1995 : APR, VOL. 47:2, p. 318-328 |
| Index terms: | ECONOMICS COMPETITION COMPANIES |
| Language: | eng |
| Abstract: | This paper extends a Dixit-Stiglitz model of monopolistic competition to allow for technical heterogeneity amongst firms. The dispersion of firms' technical efficiency within the industry is generated by a random process and is shown to lead to a steady-state spectrum of profits and market shares. Market structure is endogenously determined and the existence of efficiency gaps and the uncertainty faced by potential entrants are identified as the factor limiting rational entry. |
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