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We present a new approach to the theory of imperfect competition and apply it to study price competition among differentiated products. The central result provides general conditions under which there exists a pure strategy price equilibrium for any number of firms producing any set of products....
Persistent link: https://www.econbiz.de/10005249202
A celebrated result of Black (1984a) demonstrates the existence of a simple majority winner when preferences are single-peaked. The social choice follows the preferences of the median voter's most preferred outcome beats any alternative. However, this conclusion does not extend to elections in...
Persistent link: https://www.econbiz.de/10005593158