Markets and Product Variety Management

  • Kelvin Lancaster
Part of the International Series in Operations Research & Management Science book series (ISOR, volume 10)


Does product variety need managing? Even a person skeptical of efficient market theories and other articles of faith in the perfection of markets, will find himself asking two questions when he contemplates this question: If there is too much or too little product variety, why isn’t the market adjusting it? And if the market is tolerating it, in what sense is there really a mismatch? The main purpose of this paper is to answer these two questions, with special emphasis on the role of incomplete information.


Fixed Cost Demand Elasticity Virtual Space Potential Entrant Entry Decision 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media New York 1998

Authors and Affiliations

  • Kelvin Lancaster
    • 1
  1. 1.Columbia UniversityUSA

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