Address Models of Value Theory

G.C. Archibald, B. Eaton (eaton@ucalgary.ca) and Richard Lipsey (rlipsey@sfu.ca)

Working Paper from Economics Department, Queen's University

Abstract: We argue that small group competition among overlapping oligopolies is the predominate market form in modern society applicable whenever goods are located by their address in some relevant space: characteristic space for monopolistic competition and geographic space for spatial competition. Predictions from models where there are a continuum of possible goods are radically different from those with a finite number of goods. In address models, competition is localized; there is a range of free entry equilibria which include zero profits at one extreme and very large profits at the other.

Pages: 64
Date: 1982
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:495

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