The Value of Product Diversity

Wing Suen

Oxford Economic Papers, 1991, vol. 43, issue 2, 217-23

Abstract: Heterogeneity in product value across individuals and across different states of nature for the same individual widens opportunity and is, therefore, valuable apart from the taste for variety as such. The value of diversity is discussed in the context of a discrete choice model and several welfare propositions concerning the value of diversity are derived. Copyright 1991 by Royal Economic Society.

Date: 1991
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