Can Irrelevant Product Differentiation Matter ?

Luigi Ventura

No 1995077, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: In the framework of consumer theory ala Lancaster, in which preferences are defined over bundles of characteristics embodied in goods rather than over goods themselves, a concept of "irrelevant" product differentiation is introduced and its relevance at equilibrium is analyzed. It is also argued that the results obtained can be used to gain some additional insight into the issue of "sunspot" relevance in a particular case of general equilibrium with financial market incompleteness.

Keywords: Product Differentiation; Hedonic Prices; Sunspots (search for similar items in EconPapers)
JEL-codes: D11 D52 M30 (search for similar items in EconPapers)
Date: 1995-12-01
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:1995077

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