Optimal Prices and Optimal Products: A Continuum of Goods Approach

Roger Ware (ware@econ.queensu.ca)

Working Paper from Economics Department, Queen's University

Abstract: This paper examines market failure in a monopolistically competitive industry with differentiated products. The set of products sold and prices are compared between monopolistic competition and a social optimum. The industry is asymmetric as products differ in their objective characteristics. The optimal product set does not coincide with that produced by the market. A Ramsey pricing rule is derived. A numerical example is provided

Pages: 28
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:376

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