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Competition and Product Variety

Kelvin Lancaster
The Journal of Business
Vol. 53, No. 3, Part 2: Interfaces Between Marketing and Economics (Jul., 1980), pp. S79-S103
Stable URL: http://www.jstor.org/stable/2352214
Page Count: 25
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Competition and Product Variety
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Abstract

This paper is an analysis of the economic consequences of infinitely variable product specification in the presence of diverse consumer preferences and some minimal degree of economies of scale near the origin and thus might be considered a study of the contemporary high-technology economy. The study covers both the welfare economics and the market structures associated with such an economy. The emphasis throughout is on the degree of product variety which is optimal (in the welfare economics sections) or will be generated by the market and on how the degree of variety differs between different market structures and between the market and the optimum.

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