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Monopolistic Competition Without Apology

Jacques Thisse () and Philip Ushchev ()

No WP BRP 141/EC/2016, HSE Working papers from National Research University Higher School of Economics

Abstract: We provide a selective survey of what has been accomplished under the heading of monopolistic competition in industrial organization and other economic elds. Among other things, we argue that monopolistic competition is a market structure in its own right, which encompasses a much broader set-up than the celebrated constant elasticity of substitution (CES) model. Although oligopolistic and monopolistic competition compete for adherents within the economics profession, we show that this dichotomy is, to a large extend, unwarranted.

Keywords: monopolistic competition; oligopoly; product dierentiation; the negligibility hypothesis (search for similar items in EconPapers)
JEL-codes: D43 L11 L13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-ind and nep-net
Date: 2016
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Published in WP BRP Series: Economics / EC, June 2016, pages 1-52

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