The authors 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 for existence and uniqueness of a pure-strategy price equilibrium given any number of firms producing...

A celebrated result of D. Black (1948) demonstrates the existence of a simple-majority winner when preferences are single-peaked. This paper provides a multidimensional analog of Black's median voter result. The authors provide conditions under which the mean voter's most preferred outcome is...

The literature on the aggregation of (S,s) policies has generally ignored the impact of aggregates on individual decisions. In the case of pricing, the feedback effects are clear. Not only do pricing strategies determine the evolution of the price level, the evolution of the price level...