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Output Diffusion of the Monopolist over Time and Space
Hyungho Youn,Patrick De Leenheer,Victor Tremblay 한국재정학회 2015 한국재정학회 학술대회 논문집 Vol.2015 No.3
In this paper, we develop an output diffusion model in which a monopoly firm faces a cost of adjusting output over time and across geographic regions. First, we investigate a dynamic monopoly model and a simple spatial model with only regional adjustment costs. Then, we explore how the firm maximizes profits over time and space, a problem of calculus of variation. The Euler equation yields a partial differential equation, the output diffusion model. It extends the traditional inter-temporal output path into output diffusion over time and space. As long as regional adjustment costs exist, steady-state output in the diffusion model is less than the static monopoly output level. This model suggests that a policy designed to lower regional adjustment costs can increase supply in all geographic regions.