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Hotelling competition and the gamma distribution

Abstract:
I show that in any symmetric Nash equilibrium of Hotelling's pure location game, as the number of firms becomes large, the limiting distribution of market shares converges to a Gamma() distribution. Remarkably, this is true regardless of the distribution of consumers. The proof for the invariance of the limiting market share distribution builds on results from the theory of statistical spacings.
Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.geb.2018.06.009

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Institution:
University of Oxford
Oxford college:
Merton College
Role:
Author
Publisher:
Elsevier Publisher's website
Journal:
Games and Economic Behavior Journal website
Volume:
111
Pages:
222-240
Publication date:
2018-07-17
Acceptance date:
2018-07-12
DOI:
ISSN:
0899-8256
Source identifiers:
833710
Keywords:
Pubs id:
pubs:833710
UUID:
uuid:d05e4eff-e098-40cb-aa1b-6c5ef83d2d63
Local pid:
pubs:833710
Deposit date:
2018-08-10

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