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Medientyp:
E-Artikel
Titel:
Monopolistic competition with generalized additively separable preferences
Beteiligte:
Bertoletti, Paolo;
Etro, Federico
Erschienen:
Oxford University Press (OUP), 2021
Erschienen in:
Oxford Economic Papers, 73 (2021) 2, Seite 927-952
Sprache:
Englisch
DOI:
10.1093/oep/gpaa016
ISSN:
0030-7653;
1464-3812
Entstehung:
Anmerkungen:
Beschreibung:
Abstract We study monopolistic competition equilibria with free entry and social planner solutions under symmetric generalized additively separable preferences, which encompass known cases such as additive, homothetic, translog and other preferences. This setting can jointly produce competition and selection effects of entry, incomplete pass-through of cost changes and pricing to market. We discuss the inefficiencies of the market equilibrium under Gorman-Pollak preferences and show its optimality under implicit constant elasticity of substitution preferences. We propose a new specification of generalized translated power preferences, and discuss applications to trade and macroeconomics.