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- W1554055750 abstract "U Shapiro's comment (1980) concerns two distinct points that arise from the recognition of heterogeneity of consumers. The first involves no change of tastes. Rather, consumers are distinguished by whether or not they have received the advertising message, with those not reached being barred from the market altogether. Reaching a new consumer thus relaxes a constraint facing him, or equivalently, lowers the price he faces from ox to a finite level p. Here Shapiro's conclusion is correct: a monopolist advertises too little. For an earlier treatment of this case, see Diamond and Rothschild (1978, p. 490). The second case involves a change of tastes, and the issue is the validity of aggregate consumer surplus diagrams. However, questioning a diagrammatic illustration is not the same as proving the result invalid. Proper algebraic analysis in fact extends our result to the many-consumer case: if advertising raises the market price, then a slight reduction in the amount of advertising below the monopolist's profit-maximizing level is socially desirable according to the welfare standard under this level of advertising. In the notation of our earlier article, let consumer h's demand be generated by the utility function," @default.
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- W1554055750 date "1980-01-01" @default.
- W1554055750 modified "2023-09-24" @default.
- W1554055750 title "Advertising and Welfare: Another Reply" @default.
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- W1554055750 doi "https://doi.org/10.2307/3003395" @default.
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