Selection Processes in a Monopolistic Competition Market

Jose I. Santos (), Ricardo del Olmo () and Javier Pajares ()
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Jose I. Santos: University of Burgos and INSISOC
Ricardo del Olmo: University of Burgos and INSISOC
Javier Pajares: University of Valladolid and INSISOC

Chapter Chapter 6 in Artificial Economics, 2009, pp 67-77 from Springer

Abstract: Abstract In this paper, we extend the traditional evolutionary model of homogeneous product market by incorporating a particular abstraction of imperfect monopolistic competition borrowed from Dixit and Stiglitz. Specifically, we analyze a formal model of an industry in which a set of heterogeneous firms produce differentiated products; consumers have a preference for variety, and therefore firms enjoy an imperfect monopolistic position in the market. We explore the system dynamics, focusing on how selection processes operate depending on the monopolistic intensity of the market and the heterogeneity of firms.

Keywords: Variable Cost; Demand Curve; Homogeneous Product; Selective Characteristic; Capital Depreciation (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-642-02956-1_6

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DOI: 10.1007/978-3-642-02956-1_6

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