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Ordinarily people do not make special purpose trips to acquire goods like gasoline or groceries, but instead buy them as the need arises in the course of their daily lives. Such goods are commonly called convenience goods. We modify Hotelling's model of spatial competition so that we can analyze...
Persistent link: https://www.econbiz.de/10008854778
Ordinarily people do not make special purpose trips to acquire goods like gasoline or groceries but instead buy them as the need arises in the course of their daily lives. Such goods are commonly called convenience goods. We modify Hotelling’s model of spatial competition so that we can...
Persistent link: https://www.econbiz.de/10010593373
Persistent link: https://www.econbiz.de/10005467148
In their efforts to create and maintain a position in a market, firms make positioning investments of various sorts, in R&D, plant, advertising, and location, or more generally, in product development and maintenance. In an environment where the success of positioning investments is stochastic,...
Persistent link: https://www.econbiz.de/10011104455
This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory.
Persistent link: https://www.econbiz.de/10011181693
In their efforts to create a position in a market, and to maintain that position, firms make positioning investments of various sorts, in R&D, plant, advertising, and location, or more generally, in product development and maintenance. The heart of this paper is the hypothesis that the success...
Persistent link: https://www.econbiz.de/10010776354
The happiness literature has established that, in the developed countries, increasing affluence has not increased well-being in recent decades. We seek an explanation for this in terms of conspicuous consumption, a phenomenon originally identified by Veblen. We develop some simple general...
Persistent link: https://www.econbiz.de/10004994560
Persistent link: https://www.econbiz.de/10005107207
When agents make their choices simultaneously, network effects often give rise to a selection problem involving perfectly coordinated, Pareto-optimal equilibria. We characterize this selection problem, and introduce a generalized sequential choice model to address it. In this model, we show how...
Persistent link: https://www.econbiz.de/10005082661
Persistent link: https://www.econbiz.de/10005653005