Discrete choice theory of product differentiation

著者

書誌事項

Discrete choice theory of product differentiation

Simon P. Anderson, André de Palma, and Jacques-François Thisse

MIT Press, c1992

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注記

Includes bibliographical references (p. [401]-416) and index

内容説明・目次

内容説明

This important study shows that an understanding of product differentiation is crucial to understanding how modern market economies function and that differentiated markets can be analyzed using discrete choice models of consumer behavior. Product differentiation - in quality, packaging, design, color, and style - has an important impact on consumer choice. It also provides a rich source of data that has been largely unexplored because there has been no generally accepted way to model the information available. This important study shows that an understanding of product differentiation is crucial to understanding how modern market economies function and that differentiated markets can be analyzed using discrete choice models of consumer behavior. It provides a valuable synthesis of existing, often highly technical work in both differentiated markets and discrete choice models and extends this work to establish a coherent theoretical underpinning for research in imperfect competition.The discrete choice approach provides an ideal framework for describing the demands for differentiated products and can be used for studying most product differentiation models in the literature. By introducing extra dimensions of product heterogeneity, the framework also provides richer models of firm location. Discrete Choice Theory of Product Differentiation introduces students and researchers to the field, starting at the beginning and moving through to frontier research. The first four chapters detail the consumer-theoretic foundations underlying choice probability systems (including an overview of the main models used in the psychological theory of choice), while the next four chapters apply the probabilistic choice approach to oligopoly models of product differentiation, product selection, and location choice. The final chapter suggests various extensions of the models presented as well topics for further research.

目次

  • Part 1 Introduction: product differentiation and discrete choice models
  • some basic themes
  • organization of the book. Part 2 Review of discrete choice models: models with discrete responses
  • foundations of discrete choice models
  • models with stochastic decision roles
  • models with stochastic utility
  • the multinomial logit
  • generalizations of the multinomial logit
  • stochastic dependency among alternatives. Part 3 The representative consumer approach: discrete choice models and the demand for differentiated products
  • reinterpretation of demand with a continuum of consumers
  • a representative consumer theorem for discrete choice models
  • the multinomial logit representative consumer
  • the logit representative consumer with endogenous total consumption
  • the CES representative consumer model. Part 4 The address approach: description of the address model
  • an address theorem for discrete choice models
  • some applications
  • the CES as an address model. Part 5 A synthesis of alternative preference foundations of product differentiations: a three-way synthesis
  • the alternative interpretation of the hotelling model
  • the Logit and CES models
  • comparison of parameters - a synthesis of the alternative approaches for the logit and CES. Part 6 Oligopoly with product differentiation: models of product differentiation
  • existence of a price equilibrium
  • properties of short-run and long-run equilibria
  • market equilibrium and optimum product diversity. Part 7 Oligopoly and the Logit model: the basic Logit oligopoly model
  • optimum and equilibrium product diversity - the Logit and the CES
  • the Logit with an outside alternative
  • the logit and quality choice
  • a Logit model with Search
  • multiproduct oligopoly - a nested Logit approach
  • network externalities with differentiated products. Part 8 Product selection, location choice, and spatial pricing: locational competition
  • product selection and price competition
  • spatial price policies and location. Part 9 Spatial competition and the logit model: probabilistic discrete choice approach and spatial competition
  • competition over locations
  • location choice under mill pricing
  • market equilibrium and optimum under alternative spatial price policies.

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