HETEROGENEOUS SPACE IN REGIONAL ECONOMICS AND BEYOND

John G. Greenhut and Dean Howard Smith

Pacific Economic Review, 2006, vol. 11, issue 4, 431-448

Abstract: Abstract. This paper points to the multiple forces which establish differential prices and outputs over heterogeneous space. Such space clearly applies to a regional economy where costly distance provides opportunities for sellers to discriminate in price among customers. Similar discriminatory opportunities may be created in a spaceless world through, for example, product differentiation and the passage of time. It is in this broad perspective that a generalized theory of discriminatory spatial pricing is formulated. Simulations reveal a remarkable panoply of cost, price, and output relationships, highlighting the criticality of variations in elasticity in determining macro, micro, and regional economic behaviour.

Date: 2006
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https://doi.org/10.1111/j.1468-0106.2006.00326.x

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