Vertical Differentiation in Frictional Product Markets
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We consider a version of the imperfect competition model of Butters (1977), Varian (1980) and Burdett and Judd (1983) in which sellers make an ex-ante investment in the quality of their variety of the product. Equilibrium exists, is unique and is efficient. In equilibrium, search frictions not only
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美国国家经济研究局创建时间：
2022-01-01
