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e325lect06
Course: E 325, Fall 2009School: Sveriges...
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Wearegoingtotacklethreedifferentcasesofamonopolistchoosingquality VarietyandQualityChoice Beforeaformalanalysis,somedefinitionsareneeded: SupposeeverybodyagreesthatacertainmodificationAofagoodisbetter(ofhigherquality) thananothermodification,B,ofthegood(eventhoughpeopledodisagreeonthepremiumany ofthemwouldbewillingtopayinordertoobtainahigherqualityunit).Wewillrefertothisas verticalqualitydifferentiation. o...
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Wearegoingtotacklethreedifferentcasesofamonopolistchoosingquality VarietyandQualityChoice Beforeaformalanalysis,somedefinitionsareneeded: SupposeeverybodyagreesthatacertainmodificationAofagoodisbetter(ofhigherquality) thananothermodification,B,ofthegood(eventhoughpeopledodisagreeonthepremiumany ofthemwouldbewillingtopayinordertoobtainahigherqualityunit).Wewillrefertothisas verticalqualitydifferentiation. o Ex:AdidasrunningshoesvsAthleticWorksrunningshoes SupposesomeconsumersconsideracertainmodificationAofagoodbetterthanmodification B,whileothersconsidermodificationBofagoodbetterthanmodificationA.Wewillreferto thisashorizontalqualitydifferentiation. o Ex:CanadianbeervsAmericanbeer
Nowamonopolistmayneedtochooseavarietyforahorizontallydifferentiatedproduct,anextentof verticaldifferentiation,andcorrespondingpricingschemes.Oramonopolistmayhavetostickwitha singlequalitylevelbutthatlevelstillhastobechosen. VerticalDifferentiation:SecondDegreePriceDiscrimination Theseconddegreepricedifferentiationschemegivesagoodideaaboutverticalqualitydifferentiation justthinkofquantityQinthosepackagesasalevelofservicesprovidedbyagood(ex:about800Kto runinAdidasrunningshoesvsabout400KinAthleticWorksrunningshoes)youcannowhavealotof funspottinginterestingexamplesaroundyou(suboptimalqualityinthelowdemandpackageinorder torepelthehighdemandcustomersfromlowdemandpackages). HorizontalDifferentiation:Spatial(Hotelling)Model Themodelexplicitlyanalyzesachoiceofshoplocationsbutitismostusefullyappliedtoconsidera choiceofvarietyofcharacteristicsofagood Assumptions: Ncustomersalongasinglestreet Customersuniformlydistributedalongthestreet Eachcustomerbuys1unitprovidedfullpricedoesnotexceedreservationprice EachcustomerhassamereservationpriceV Fullpriceisapriceatalocationplustransportationcost Shopsareidentical Transportationcostisflatt/(lengthofthestreet) EachshopcostsfixedFtoestablish Eachshopcanproduceagoodatflatc/unit
1
Theseassumptionsleadto(thedetailsworkedoutinclass)anequilibriumchoiceofthenumberof shopsbyamonopolist: Profitmaximizingnumberofshopsn*isthesmallestnthatsatisfies n(n+1)>tN/2F Maximizingtotal(social)surplusinthemarketrequireschoosingthesmallestnthatsatisfies n(n+1)>tN/4F Thatimpliesthataprofitmaximizingmonopolistchoosestogreat(inefficientlygreat)varietyofa product ChoiceofUniformQualityLevel Makeanoteofseveralthingsyoualreadyknow: Monopolistattemptstomaximizetheprofits=thedifferencebetweentherevenueandcost Efficiencyrequiresmaximizingthesurplus=thedifferencebetweenthevalueandcost
Almostimmediatelyonemayconcludethat: Ifanimprovementofaproductproducesgreatervaluethantherevenue,amonopolistisnot likelytomakeefficientleveloftheimprovement(willofferinefficientlylowquality) Ifanimprovementofaproductproducesgreaterrevenuethanthevalue,amonopolistislikely tomakeinefficientlymanyimprovemen...
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Allan Hancock College - INFO - 5991
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UVA - ASTR - 553
UVA - ASTR - 553
UVA - ASTR - 553
UVA - ASTR - 553
UVA - ASTR - 553
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UVA - ASTR - 553
UVA - ASTR - 553
UVA - ASTR - 553
UVA - ASTR - 553
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%!PS-Adobe-2.0 %Creator: dvipsk 5.58f Copyright 1986, 1994 Radical Eye Software %Title: final.dvi %Pages: 2 %PageOrder: Ascend %BoundingBox: 0 0 612 792 %DocumentPaperSizes: Letter %EndComments %DVIPSCommandLine: dvips final.dvi -o final.ps %DVIPSPar
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