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UID:58bee8198b542434aa3e9c98c160b4c2
CATEGORIES:Seminars
CREATED:20150105T151940
SUMMARY:Matthieu Parenti - Universitè Catholique de Louvain
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Toward a ‘General’ Model of Monopolistic Competition\nAbstract:\nWe propose
  a general model of monopolistic competition, which encompasses existing mo
 dels while being flexible enough to take into account new demand and compet
 ition features. Using the concept of Frechet differentiability, we determin
 e a general demand system. The basic tool we use to study the market outcom
 e is the elasticity of substitution at a symmetric consumption pattern, whi
 ch depends on both the per capita consumption and the total mass of varieti
 es. We impose intuitive conditions on this function to guarantee the existe
 nce and uniqueness of a free-entry equilibrium. Our model is able to mimic 
 oligopolistic behavior and to replicate partial equilibrium results within 
 a general equilibrium framework. For example, an increase in per capita inc
 ome or in population size shifts prices (outputs) downwards (up- wards). Wh
 en firms face the same productivity shock, they adopt an incomplete pass-th
 rough policy, except when preferences are homothetic. Finally, we show how 
 our approach can be generalized to the case of a multisector economy and ex
 tended to cope with heterogeneous firms and consumers.\n
DTSTAMP:20260406T135354Z
DTSTART:20140324T173000Z
DTEND:20140324T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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