Are Markets More Competitive if Commodities are Closer Substitutes?
证明，在潜在买家购买前需付出信息成本了解商品特性的情况下，差异化商品的变体越接近替代品，其均衡价格反而可能上升，而非下降。
Equilibrium prices of the variants of a differentiated commodity are shown to increase, if the variants become closer substitutes, under a set of circumstances which is by no means pathological. Rather, the underlying argument has a bearing on market prices, whenever a potential buyer does not know with certainty the characteristics of the variants which are for sale before inspecting them and, therefore, has to incur some information costs before the final purchase decision. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.