Product Differentiation and Oligopoly: A Network Approach
提出一种基于可扩展享乐需求系统的新寡头理论，利用美国上市公司数据估计消费者剩余是利润的近三倍，并分解企业加成率以分析1995-2021年间垄断势力的演变。
I present a new theory of oligopoly and markups in general equilibrium, based on an innovative, scalable hedonic demand system, which I take to the data for the universe of US public firms. In my model, firms compete in a network of product market rivalries that emerge endogenously out of the characteristics of the products they supply. I estimate that consumer surplus is almost three times as large as profits; decompose firm-level markups into metrics of quality-adjusted productivity and market centrality; and analyze the extent, evolution, and drivers of monopoly power in the United States between 1995 and 2021.