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The Theory of Monopolistic Competition, Marketing's Intellectual History, and the Product Differentiation Versus Market Segmen
Journal of Macromarketing 31(1) 73-84 ª The Author(s) 2011 The Theory of Monopolistic Competition, Reprints and permission: sagepub.com/journalsPermissions.nav Marketing’s Intellectual History, and the DOI: 10.1177/0276146710382119 Product Differentiation Versus Market http://jmk.sagepub.com Segmentation Controversy Shelby D. Hunt1 Abstract Edward Chamberlin’s theory of monopolistic competition influenced greatly the development of marketing theory and thought in the 1930s to the 1960s. Indeed, marketers held the theory in such high regard that the American Marketing Association awarded Chamberlin the Paul D. Converse Award in 1953, which at the time was the AMA’s highest honor. However, the contemporary marketing literature virtually ignores Chamberlin’s theory. The author argues that the theory of monopolistic competition deserves reexamining on two grounds. First, marketing scholars should know their discipline’s intellectual history, to which Chamberlin’s theory played a significant role in developing. Second, understanding the theory of monopolistic competition can inform contemporary marketing thought. Although our analysis will point out several contributions of the theory, one in partic- ular is argued in detail: the theory of monopolistic competition can contribute to a better understanding of the ‘‘product differ- entiation versus market segmentation’’ controversy in marketing strategy. Keywords Chamberlin, marketing strategy, product differentiation, market segmentation As research specialization has increased, ... knowledge outside Despite the theory’s defeat in economics, the theory of of a person’s specialty may first be viewed as noninstrumental, monopolistic competition (hereafter, TMC) influenced greatly then as nonessential, then as nonimportant, and finally as the development of marketing theory and thought in the 1930s nonexistent. -
The Provocative Joan Robinson: the Making of a Cambridge Economist
The Provocative Joan Robinson science and cultural theory A Series Edited by Barbara Herrnstein Smith & E. Roy Weintraub MaIkhoh\Zmbo ChZgKh[bglh# Ma^FZdbg`h_Z <Zf[kb]`^>\hghfb GZab]:leZg[^b`nb@nrHZd^l =ndNgbo^klbmrIk^ll =nkaZfEhg]hg +))2 © 2009 Duke University Press All rights reserved Printed in the United States of America on acid-free paper ∞ Designed by Jennifer Hill Typeset in Carter and Cone Galliard by Achorn International Library of Congress Cataloging-in-Publication Data appear on the last printed page of this book. Photograph on previous spread: Joan Robinson. © reserved; collection Marshall Library of Economics, Cambridge. In memory of parvin aslanbeigui, m.d. 1 9 5 9 – 2 0 0 7 *) ** *+ *, *- *. */ *0 *1 *2 +) +* ++ +, +- +. +/ +0 +1 +2 ,) ,* ,+ ,, ,- ,. ,/ ,0 ,1 ,2 -) ` c o n t e n t s ` Acknowledgments ix Collage with Woman in Foreground 1 1. The Improbable Theoretician 17 Excursus: Robinson and Kahn 51 2. The Making of The Economics of Imperfect Competition 89 3. Becoming a Keynesian 161 “Who Is Joan Robinson?” 235 Notes 247 Bibliography 279 Index 295 ` acknowledgments ` Our warmest thanks to Geoff Harcourt, who read an entire draft and wrote elaborate notes, saving us, to paraphrase Joan Robinson, from our headlong errors. We are also grateful to Prue Kerr and Michele Naples, who read parts of a draft and offered helpful suggestions. Two readers for Duke University Press made valuable criticisms on which we acted. The usual caveats apply. For permission to quote unpublished copyrighted material, we ac- knowledge the following: -
Edward H. Chamberlin (1899 1967)
Munich Personal RePEc Archive Edward H. Chamberlin (1899 1967) Signorino, Rodolfo University of Palermo January 2012 Online at https://mpra.ub.uni-muenchen.de/39213/ MPRA Paper No. 39213, posted 04 Jun 2012 15:11 UTC 1 CHAMBERLIN, EDWARD HASTINGS (1899 − 1967) Rodolfo Signorino Edward Hastings Chamberlin was an American economist. He was born in La Conner, Washington, on 18 May 1899 and died in Cambridge, Mass., on 16 July 1967. His book, The Theory of Monopolistic Competition, and Joan Robinson’s The Theory of Imperfect Competition, both published in 1933, are unanimously acknowledged as the two path-breaking contributions which paved the way to the (so-called) imperfect/monopolistic competition revolution, whose basic aim was enfranchising economic analysis from the straightjacket of perfect competition theory. Insomuch as it was presented as a revolution in microeconomic theory –on a par with the almost contemporaneous Keynesian revolution in macroeconomic theory− the monopolistic competition literature of the 1930s – 1950s was a revolution that failed to dethrone perfect competition from its privileged status within economics (Tsoulfidis 2009). Yet, taking the clue from Dixit and Stiglitz (1977), a second wave of monopolistic competition literature has blossomed with much more profound impact on various quarters of economic analysis such as international trade, macroeconomics, growth theory and economic geography (Brakman and Hijdra 2004). While Joan Robinson soon lost any interest in the subject, Chamberlin devoted his entire intellectual life to i) report and rectify (what he considered to be) ‘misconceptions’ of his own theory and ii) differentiate his own contribution from that of his Cambridge (UK) counterpart. -
Trevor Swan and the Neoclassical Growth Model
NBER WORKING PAPER SERIES TREVOR SWAN AND THE NEOCLASSICAL GROWTH MODEL Robert W. Dimand Barbara J. Spencer Working Paper 13950 http://www.nber.org/papers/w13950 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2008 This paper was prepared for presentation at the conference, HOPE 2008:"Robert Solow and the Development of Growth Economics", organized by the History of Political Economy group, Duke University, April 25-27, 2008. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Robert W. Dimand and Barbara J. Spencer. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Trevor Swan And The Neoclassical Growth Model Robert W. Dimand and Barbara J. Spencer NBER Working Paper No. 13950 April 2008, Revised June 2008 JEL No. B2,B3,B4,O41 ABSTRACT Trevor Swan independently developed the neoclassical growth model. Swan (1956) was published ten months later than Solow (1956), but included a more complete analysis of technical progress, which Solow treated separately in Solow (1957). Reference is sometimes made to the "Solow-Swan growth model", but more commonly reference is made only to the "Solow growth model". This paper examines the history of Swan’s development of the growth model, the similarities and differences between the approaches of Swan and Solow and the reasons why Swan's contribution has been overshadowed. -
Market Structure and Macroeconomic Fluctuations
ROBERT E. HALL Stanford University and National Bureau of Economic Research Market Structure and MacroeconomicFluctuations MARKET STRUCTUREand macroeconomicfluctuations are relatedto each other in two differentways. First, macroeconomicfluctuations reveal a good deal about market structure. Students of industrialorganization have not generallyexploited cyclical movements in theirresearch; they have concentratedalmost entirely on cross-sectional analysis. One of my goals in this paper is to look at some standardissues in industrial organizationthrough time series variationin individualindustries as it is associated with the aggregatebusiness cycle. Second, marketstructure has an importantrole in the propagationof macroeconomicshocks. In competitive industries, there are strongforces pushingtoward equilib- rium. Hence, competitivemarket structure seems to requirean equilib- rium interpretationof fluctuations.Where sellers have marketpower, on the other hand, there is no presumptionof full, efficient resource utilization.Fluctuations may be the perverse consequence of noncom- petitive conditions. The first part of the paper looks at the experience of some fifty industriesat the two-digit standardindustrial classification (SIC) code level, covering all sectors of the U.S. economy. It reaches two basic conclusions about the marketstructure of Americanindustry. The first is that the majorityof the industriesare noncompetitivein an important way. Specifically,they choose to operate at a point where marginalcost is well below price, a policy that makes sense only if firms influence This research is part of the National Bureau of Economic Research's programon economicfluctuations. I am gratefulto MichaelKnetter and David Bizer for outstanding assistance.The NationalScience Foundationsupported this work. Datafor this studyare availablefrom the author. 285 286 Brookings Papers on Economic Activity, 2:1986 prices throughtheir volumes of production,that is, if they are noncom- petitive. -
Explanatory Value in Context the Curious Case of Hotelling's
Published version: Aydinonat, N. Emrah & Emin Köksal (2019) Explanatory value in context: the curious case of Hotelling’s location model, The European Journal of the History of Economic Thought, 26:5, 879-910, DOI: 10.1080/09672567.2019.1626460 Explanatory Value in Context The Curious Case of Hotelling’s Location Model N. Emrah Aydinonat & Emin Köksal 1 Abstract There is a striking contrast between the significance of Harold Hotelling’s contribution to industrial economics and the fact that his location model was invalid, unrealistic and non- robust. It is difficult to make sense of the explanatory value of Hotelling’s model based on philosophical accounts that emphasize logical validity, representational adequacy, and robustness as determinants of explanatory value. However, these accounts are misleading because they overlook the context within which the explanatory value added of a model is apprehensible. We present Hotelling’s model in its historical context and show why it is an important and explanatory model despite its apparent deficiencies. Keywords: Spatial competition, Harold Hotelling, Hotelling model, product differentiation, principle of minimum differentiation, explanatory value, representational adequacy, robustness, logical validity. JEL Codes: B00, B21, B31, B41, L10 Introduction In 1929, Harold Hotelling published what was to become a highly influential paper in economics: Stability in Competition, in which he presented a simple model of competition between two sellers selling an identical product in a linear and bounded market. The model, according to Hotelling, showed why “buyers are confronted everywhere with an excessive sameness” (1929, 54, emphasis added). This result is today known as the principle of minimum differentiation (also known as the Hotelling Law, Boulding 1966, 484). -
By Andrea Maneschi
HOW NEW IS THE “NEW TRADE THEORY” OF THE PAST TWO DECADES? by Andrea Maneschi Working Paper No. 00-W27 July 2000 DEPARTMENT OF ECONOMICS VANDERBILT UNIVERSITY NASHVILLE, TN 37235 www.vanderbilt.edu/econ How new is the Anew trade theory@ of the past two decades? Andrea Maneschi, Vanderbilt University This paper takes up the theme of this conference, whether there is progress in economics, by examining a paradigm known as the Anew trade theory@ that has been used by international trade theorists over the past two decades. Authors contributing to it include James Brander, Avinash Dixit, Wilfred Ethier, Gene Grossman, Elhanan Helpman, Paul Krugman, Kelvin Lancaster and Barbara Spencer. Mainstream trade theory based on the HeckscherBOhlin model posits assumptions such as constant returns to scale and the associated market structure of perfect competition, which the new trade theorists reject in favor of increasing returns to scale and imperfectly competitive or oligopolistic market structures. They claim that their models mirror more accurately the markets in which most industrial commodities are exchanged, and explain phenomena such as intraindustry trade that the HeckscherBOhlin theory could not account for. Section 1 explores in greater depth the reasons for the birth of this new paradigm some two decades ago. Compared to its mainstream alternative, the new trade theory offers fresh insights into the nature of the gains from trade, and new rationales for trade that often dispense altogether with the notion of comparative advantage. Section 2 examines its antecedents in the history of economic thought which hark back to Adam Smith. Of special relevance are Smith=s productivity theory of trade, according to which productivity rises with specialization induced by the expansion of the market, and the infant industry argument for protection popularized by J. -
Matthias Heinz
Matthias Heinz University of Cologne, Albertus-Magnus Platz, 50923 Cologne, Germany; E-mail: [email protected]; phone: +49 221 4707263; Date of birth: September 13th, 1983 Current Position and Education 10/2018 – Associate Professor for Strategy (tenured), University of Cologne 01/2019 – Member ECONtribute Cluster of Excellence: Markets & Public Policy; Representative for Equal Opportunity; Universities of Bonn and Cologne 09/2018 – Research Affiliate: Max Planck Institute for Research on Collective Goods, Bonn 04/2017 – Research Affiliate: Reinhard Selten Institute, Bonn and Cologne 06/2015 – Research Affiliate: Centre for Economic Policy Research (CEPR), London 04/2014 – 09/2018 Junior-Professor for Personnel Economics, University of Cologne 09/2008 – 03/2014 Dissertation (summa cum laude); supervisors: G. Friebel and M. Kosfeld; Goethe-University, Frankfurt 03/2004 – 08/2008 Diploma in Business Administration, Goethe-University, Frankfurt Research Agenda First, I study the causal effects of management practices (e.g., bonus schemes, employee referral programs or managerial attention) on firm performance in field experiments in firms. Secondly, I study the effects of downsizing. I analyze downsizing from different perspectives, applying different empirical methods and datasets. Using large hand-collected and accounting datasets, I study how media report on downsizing and how firms perform after downsizing. I utilize detailed internal data from one firm to investigate how workplaces perform after downsizing announcement, and analyse, using field and lab experiments, how non-fired workers perform after witnessing a co-worker’s layoff. Publications “Team Incentives and Performance: Evidence from a Retail Chain” (with G. Friebel, M. Krüger, N. Zubanov), American Economic Review 107(8), 2017: 2168-2203 “Signaling Cooperation” (with H. -
Matthias Heinz
Matthias Heinz University of Cologne, Albertus-Magnus Platz, 50923 Cologne, Germany; E-mail: [email protected]; phone: +49 221 4707263; Date of birth: September 13th, 1983 Current Position and Education 10/2018 – Associate Professor for Strategy (tenured), University of Cologne 09/2018 – Research Affiliate: Max Planck Institute for Research on Collective Goods, Bonn 04/2017 – Research Affiliate: Reinhard Selten Institute, Cologne 06/2015 – Research Affiliate: Centre for Economic Policy Research (CEPR), London 04/2014 – 09/2018 Junior-Professor for Personnel Economics, University of Cologne 09/2008 – 03/2014 Dissertation (summa cum laude); supervisors: G. Friebel and M. Kosfeld; Goethe-University, Frankfurt 03/2004 – 08/2008 Diploma in Business Administration, Goethe-University, Frankfurt Research Agenda First, I study the causal effects of management practices (e.g., bonus schemes, employee referral programs or managerial attention) on firm performance in field experiments in firms. Second, I study the effects of downsizing. I analyze downsizing from different perspectives, applying different empirical methods and datasets. Using large hand-collected and accounting datasets, I study how media report on downsizing and how firms perform after downsizing. I utilize detailed internal data from one firm to investigate how workplaces perform after downsizing announcement, and analyze using field and lab experiments how non-fired workers perform after witnessing a co-worker’s layoff. Publications “Team Incentives and Performance: Evidence from a Retail Chain” (with G. Friebel, M. Krüger, N. Zubanov), American Economic Review 107(8), 2017: 2168-2203 “Signaling Cooperation” (with H. Schumacher), European Economic Review 98, 2017: 199-216 “In Good Times and Bad – Reciprocal Behavior at the Workplace in Times of Economic Crises” (with L. -
1 EH Chamberlin: Oligopoly, and Oligopolistic Interdependence
E H Chamberlin: Oligopoly, and Oligopolistic Interdependence: The Issue of Space I INTRODUCTION The late 1920s and early 1930s saw considerable activity amongst economists concerned with competitive structures and the "firm". Much of this work may be interpreted as an attack on Marshall's treatment of the subject with a view to replacing it by a more "rigorous" and formal analysis. But E H Chamberlin to a very large extent stands apart from these developments, as he makes plain in the "Origin and Early Development of Monopolistic Competition Theory" (1961). Serious work on his thesis apparently began in 1924, was largely completed in 1926, and the study filed in the following year. This means, for example, that Chamberlin's "discovery" of the curves of marginal cost and marginal revenue was made quite independently of his English and German colleagues. Further, as Chamberlin himself made clear, "Nor did the Book itself attack Marshall...on any of the issues involved" (ibid, p 532). Indeed, he always insisted that his work was an attack "not on Marshall but on the theory of perfect competition" (ibid, p 540). He might have added that Monopolistic Competition is essentially Marshallian both in its style of reasoning and in the pre-occupation with realism; a pre-occupation which led Chamberlin to play down the operational significance of the marginal curves while recognising their importance in a technical sense (1957, p 274-6). In contrast to the origins of Joan Robinson's Imperfect Competition, Chamberlin cited three empirical sources of inspiration. First, the "Taussig-Pigou controversy as to whether charging what the market will bear in railway rates was to be explained in terms of monopolistic discrimination or in terms of joint costs" (1961, p 517). -
Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications Author(S): Jean-Pascal Bénassy Source: Journal of Economic Literature, Vol
American Economic Association Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications Author(s): Jean-Pascal Bénassy Source: Journal of Economic Literature, Vol. 31, No. 2 (Jun., 1993), pp. 732-761 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/2728514 . Accessed: 11/06/2011 18:49 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at . http://www.jstor.org/action/showPublisher?publisherCode=aea. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to Journal of Economic Literature. http://www.jstor.org Journal of Economic Literature Vol. XXXI (June 1993), pp. -
Legal Realism and the Separation of Law and Ecnomics Herbert Hovenkamp
University of Minnesota Law School Scholarship Repository Minnesota Law Review 2000 Knowledge about Welfare: Legal Realism and the Separation of Law and Ecnomics Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.umn.edu/mlr Part of the Law Commons Recommended Citation Hovenkamp, Herbert, "Knowledge about Welfare: Legal Realism and the Separation of Law and Ecnomics" (2000). Minnesota Law Review. 1490. https://scholarship.law.umn.edu/mlr/1490 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Law Review collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Knowledge About Welfare: Legal Realism and the Separation of Law and Economics Herbert Hovenkampt I. INTRODUCTION The modern welfare state could hardly function without making judgments about how well off or happy its citizens are. Society's public and even many of its private institutions make such judgments all the time. Governments devise progressive income taxes, which are designed to capture more wealth from those who are well off and less from the impecunious. The ra- tionale is that taxes do less damage to the welfare of those who have more to spare. Governments also have explicit "welfare" programs, designed to provide a minimum standard of living to persons who are unable to provide such support for themselves because of disabilities or family circumstances. We have social security to guarantee our retired and elderly a certain amount of income. Both public and private colleges provide financial assistance to less wealthy students.