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UID:20251028T134331EDT-80055K3T02@132.216.98.100
DTSTAMP:20251028T174331Z
DESCRIPTION:'Vertical Differentiation in Frictional Product Markets'\n\nGui
 do Menzio (NYU)\n	February 17\, 2023\, 3:30 to 5:00 PM\n	Leacock 927\n\nHost
 : Fabian Lange\n	Field: Micro/Macro\n\nAbstract:\n	We consider a version of 
 the imperfect competition model of Butters (1977)\, Varian (1980) and Burd
 ett and Judd (1983) in which sellers make an ex-ante investment in the qua
 lity of their variety of the product. Equilibrium exists\, is unique and i
 s efficient. In equilibrium\, search frictions not only cause sellers to o
 ffer different surpluses to buyers but also cause sellers to choose differ
 ent qualities for their varieties. That is\, equilibrium involves endogeno
 us vertical differentiation. As search frictions decline\, the market beco
 mes more and more unequal as a smaller and smaller fraction of sellers pro
 duces varieties of increasing quality\, offers increasing surplus to their
  customers\, and captures an increasing share of the market\, while a grow
 ing fraction of sellers produces varieties of decreasing quality. Gains fr
 om trade and welfare grow. Under some conditions\, the growth rate of gain
 s from trade and welfare is constant.\n
DTSTART:20230217T203000Z
DTEND:20230217T220000Z
LOCATION:Room 927\, Leacock Building\, CA\, QC\, Montreal\, H3A 2T7\, 855 r
 ue Sherbrooke Ouest
SUMMARY:Guido Menzio (NYU)\, 'Vertical Differentiation in Frictional Produc
 t Markets'
URL:/economics/channels/event/guido-menzio-nyu-vertica
 l-differentiation-frictional-product-markets-340871
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