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- W3125195860 abstract "This paper studies the monopolist choice of the number of varieties (n) in a quality differentiation model, when developing varieties is costly. We do not model the marginal cost of developing varieties but concentrate on the marginal benefit side. We prove that the marginal benefit of adding one more variety is decreasing in n, and it converges to zero at an extremely fast rate, namely the cubic rate O(1/n^3). It suggests that the marginal benefit is small for moderate number of varieties offered. Furthermore, examples and numerical simulations suggest that the marginal benefit is small even for very small n. Therefore, a short menu can be optimal even when the marginal cost of adding varieties is small. The technique developed here is readily extended to other mechanism design problems, such as nonlinear pricing and optimal taxation problem. Therefore, simple mechanisms are justified against the theoretical complicated mechanisms." @default.
- W3125195860 created "2021-02-01" @default.
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- W3125195860 date "2009-01-01" @default.
- W3125195860 modified "2023-10-03" @default.
- W3125195860 title "The Choice of the Number of Varieties: Justifying Simple Mechanisms" @default.
- W3125195860 doi "https://doi.org/10.2139/ssrn.1366228" @default.
- W3125195860 hasPublicationYear "2009" @default.
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