Address Models of Value Theory

G.C. Archibald, B. Curtis Eaton () and Richard Lipsey

Working Papers from Queen's University, Department of Economics

Abstract: 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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