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| Tekijä: | Schulz, N. Stahl, K. |
| Otsikko: | Do consumers search for the highest price? Oligopoly equilibrium and monopoly optimum in differentiated-products markets |
| Lehti: | RAND Journal of Economics
1996 : AUTUMN, VOL. 27:3, p. 542-562 |
| Asiasana: | ECONOMICS OLIGOPOLY CONSUMERS |
| Kieli: | eng |
| Tiivistelmä: | The authors develop a model of search among substitutes for the best combination of commodity variant and price, in which the structure of search costs is manipulable by the suppliers of these variants, i.e., by joining an existing market or opening a new one. The authors analyze the subgame-perfect equilibria arising in a multistage game involving specialized firms' choice of entry, variant, and price, and they compare them to a multiproduct monopolist's optimal choice. The authors show that equilibrium prices increase in the number of substitutes sold in one market and that, in the situation considered here, monopoly increases welfare. |
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