In their seminal paper Grossman and Shapiro (1984) find that informative advertising is socially excessive in an oligopoly (entry is also socially excessive). However, the analysis assumed that all consumers receive at least one advertisement. Christou and Vettas (2008), among others, present...

In their seminal paper, Grossman and Shapiro (1984) find that informative advertising is socially excessive in an oligopoly pure-strategy symmetric equilibrium (PSSE). However, their analysis assumed that every consumer receives at least one advertisement. Christou and Vettas (2008) present...

Department: Business.

The emergence, from the 1960s on, of a new spatial division of labor – with the old task-based division of labor within a firm taking on a spatial dimension, and comparative advantage increasingly shaping patterns of specialization by function/process as well as by sector/product – reflected...