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Monopolistic Competition and New Products: A Conjectural Equilibrium Approach

Bogliacino, F and Rampa, G (2009): Monopolistic Competition and New Products: A Conjectural Equilibrium Approach.

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Abstract

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.

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