文章基本信息

标题：The Principle of Minimum Differentiation Revisited: Return of the Median Voter
作者：Nobuyuki Hanaki ; Emily Tanimura ; Nicolaas J. Vriend 等
期刊名称：Documents de Travail du Centre d'Economie de la Sorbonne
印刷版ISSN：1955-611X
出版年度：2016
出版社：Centre d'Economie de la Sorbonne
摘要：We study a linear location model (Hotelling, 1929) in which n (with n ≥ 2) boundedly rational players follow (noisy) myopic best-reply behavior. We show through numerical and mathematical analysis that such players spend almost all the time clustered together near the center, re-establishing the “Principle of Minimum Differentiation” that had been discredited by equilibrium analyses. Thus, our analysis of the best-response dynamics shows that when considering market dynamics as well as their policy and welfare implications, it may be important to look beyond equilibrium analyses.
关键词：Hotelling location model; Principle of Minimum Differentiation; Nash equilibrium; Best-response dynamics; Stochastic stability; Invariant measures