Abstract
Abstract We model a Hotelling market with multidimensional product differentiation in an evolutionary framework. Both evolutionary stability (in the sense of Schaffer, 1989) and stochastic stability (following Kandori et al., 1993; Young, 1993) are analyzed. It is shown that firms move towards the center in product space, i.e. a “principle of minimum differentiation” on all dimensions of the product space applies.
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