Fuzzy products |
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| Institution: | 1. Department of Economics, University of Ottawa, Canada;2. Department of Economics, University of Sussex, England;1. Toulouse School of Economics, Esplanade de l’Université 1, Toulouse 31080, France;3. Department of Economics and Business, University of Catania, C.so Italia 55, Catania 95129, Italy;4. Department of Economics and Related Studies, University of York, Heslington, York YO10 5DD, UK;5. Department of Economics/NIPE, University of Minho, Campus de Gualtar, Braga 4710-057, Portugal;6. Department of Economics, University of Bergen, Norway;1. Mitsubishi Electric Research Laboratories, Cambridge, MA, USA;2. Naver Labs Europe, Grenoble, France;3. NTT Media Intelligence Laboratories, NTT Corporation, 1-1 Hikarinooka, Yokosuka, 239-0847 Japan;4. Facebook AI Research, New York, USA;5. Graduate School of Information Sciences, Hiroshima City University, 3-4-1 Ozukahigashi, Asaminami-ku, Hiroshima, 731-3194, Japan;6. Service Development Group, NTT DOCOMO, INC. 4-5 Akasaka 2-chome, Minato-ku, Tokyo, 107-9992, Japan;7. AI Deployment Project, Fujitsu Laboratories LTD., 4-1-1 Kamikodanaka, Nakahara-ku, Kawasaki, 211-8588, Japan;8. Nara Institute of Science and Technology, Ikoma, Nara, Japan;9. Adobe Research, San Jose, CA, USA;1. School of Science and Technology, Nottingham Trent University, NG8 11NS Nottingham, UK;2. Faculty of Computing and Information Technology, King AbdulAziz University, P.O. Box 13154, Jeddah, Saudi Arabia;3. School of Computer Science and Electronic Engineering, University of Essex, CO4 3SQ Colchester, UK;4. Department of Computer Science, University of Salerno, Fisciano, Salerno 84084, Italy |
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| Abstract: | A fuzzy product (FP) has characteristics specified only imprecisely at time of sale. Building fuzziness into its product gives a firm flexibility to exploit favorable supply opportunities that arise between sale and delivery, and so reduce expected costs. While increased competition reduces price, the effect on fuzziness is ambiguous. Socially-optimal fuzziness is characterized. Firms provide goods that are too fuzzy compared to first-best, though entry serves to correct this inefficiency for certain types of goods. Considering competition with a niche good, a FP sells for a lower price, although it captures a larger market share and is more profitable. |
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