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Firm competition in a probabilistic framework of consumer choice

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arxiv 1312.3826 v1 pith:XLKHEHC6 submitted 2013-12-13 q-fin.TR physics.soc-phq-fin.GN

Firm competition in a probabilistic framework of consumer choice

Hao Liao , Rui Xiao , Duanbing Chen , Matus Medo , Yi-Cheng Zhang This is my paper
classification q-fin.TR physics.soc-phq-fin.GN
keywords firmscompetitionframeworkchoiceconsumermarketprobabilisticasymmetry
verification ladder T0 review T1 audit T2 compute T3 formal T4 reserved
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We develop a probabilistic consumer choice framework based on information asymmetry between consumers and firms. This framework makes it possible to study market competition of several firms by both quality and price of their products. We find Nash market equilibria and other optimal strategies in various situations ranging from competition of two identical firms to firms of different sizes and firms which improve their efficiency.

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