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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/96171


    Title: Non-Price Competition in a Modular Economy. An Agent-Based Computational Model
    Authors: Chie, Bin-Tzong;Chen, Shu-Heng
    Contributors: 淡江大學產業經濟學系
    Date: 2013-12-01
    Issue Date: 2014-03-05 14:23:08 (UTC+8)
    Publisher: Societa Editrice Il Mulino
    Abstract: While it has been well acknowledged by economists for a long time that competition is not just about price, the conventional quantity-based economic models have had difficulties integrating price competition and quality competition into a coherent framework. In this paper, motivated by Herbert Simon's view of near decomposability or modularity, we propose a quality-based economic model called the modular economy. In this modular economy, quality is manifested by the evolutionary design of more sophisticated and customized products that can satisfy consumers' satisfaction to a higher degree. Two essential features of the modular economy are founded through the agent-based simulation of a duopolistic competition. First, market competition tends to be self-annihilating; the competition will eventually end up with a dominant or a monopoly firm (conglomerate). Second, the high-markup firm has a better chance to be the only survivor than its low-markup competitor. We analyze these features through the complex cyclical dynamics of prices, profits, dividends, investment, working capital, and quality.
    Relation: Economia Politica 30(3), pp.273-300
    DOI: 10.1428/75294
    Appears in Collections:[Graduate Institute & Department of Industrial Economics] Journal Article

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