Monopolistic competition and new products: a conjectural equilibrium approach |
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Authors: | Francesco Bogliacino Giorgio Rampa |
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Affiliation: | 1.Departamento de Economía,Universidad EAFIT,Medellin,Colombia;2.University of Pavia,Pavia,Italy |
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Abstract: | In this paper we generalize the heterogeneous risk adverse agents model of diffusion of new products in a multi-firm, heterogeneous and interacting agents environment. We use a model of choice under uncertainty based on Bayesian theory. We discuss the possibility of product failures, the set of equilibria, their stability and some welfare properties depending on the degree of diversification. |
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