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Multiproduct Firms and Market Structure

Avner Shaked and John Sutton
The RAND Journal of Economics
Vol. 21, No. 1 (Spring, 1990), pp. 45-62
Published by: Wiley on behalf of RAND Corporation
Stable URL: http://www.jstor.org/stable/2555492
Page Count: 18
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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.
Multiproduct Firms and Market Structure
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Abstract

Models of (horizontal) product differentiation generally admit many equilibria. These include concentrated equilibria, in which few firms each offer many products, and fragmented equilibria, in which many firms each offer one product. Since these outcomes depend in a delicate way on features of the models that are hard to identify or proxy empirically, these models may seem empirically empty in regard to predictions about industrial structure. This article proposes a simple and natural reparameterization of such models in terms of empirically observable market characteristics, thereby generating testable predictions about the relationship between market size and market structure (concentration).

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