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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/75356

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Title:	Hotelling was right with decreasing returns to scale and a coalition-proof refinement
Authors:	Sun, C.-H.;Lai, Fu-Chuan 賴孚權
Contributors:	財政系
Keywords:	agglomeration;competition (economics);market conditions;modeling;price dynamics;production cost;returns to scale;spatial analysis
Date:	2013-06
Issue Date:	2015-05-28 17:39:34 (UTC+8)
Abstract:	This paper provides a simple, realistic, and very slightly modified version of the production technology in Hotelling`s (Econ J 39:41-57, 1929) spatial model with linear transportation costs to overcome the nonexistence problem of equilibrium-decreasing returns to scale. It is shown that a pure strategy Nash equilibrium in price competition always exists for all location pairs and guarantees uniqueness if we utilize a coalition-proof refinement introduced by Bernheim et al. (J Econ Theory 42:1-12, 1987). Decreasing returns to scale reduce the profit a firm can capture through price undercutting and stabilize the price equilibrium due to the increasing average production cost of firms. As a consequence, duopoly firms agglomerating at the center of a line are shown to be at the unique location equilibrium. This paper confers a new validity to the so-called principle of minimum differentiation, in some sense, with the least deviation from the original Hotelling (Econ J 39:41-57, 1929) model. © 2012 Springer-Verlag.
Relation:	Annals of Regional Science, 50(3), 953-971
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s00168-012-0528-y
DOI:	10.1007/s00168-012-0528-y
Appears in Collections:	[財政學系] 期刊論文

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