Bogliacino, F and Rampa, G (2009): Monopolistic Competition and New Products: A Conjectural Equilibrium Approach.
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In this paper we generalize the heterogeneous risk adverse agents model of diffusion of new products in a multi-firm, heterogeneous and interacting agents environment. We use a model of choice under uncertainty based on Bayesian theory. We discuss the possibility of product failures, the set of equilibria, their stability and some welfare properties.
|Item Type:||MPRA Paper|
|Original Title:||Monopolistic Competition and New Products: A Conjectural Equilibrium Approach|
|Keywords:||Product diffusion, Risk aversion, Lock-in, Monopolistic competition, Multiple equilibria|
|Subjects:||D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences; Diffusion Processes
L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L15 - Information and Product Quality; Standardization and Compatibility
|Date Deposited:||09. May 2009 18:05|
|Last Modified:||20. Feb 2013 08:20|
L15, D81, O33