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IT revolution and product markets. Consider the product market model of Burdett and Judd(1983). The buyers' utility from consuming a unit of the good isu=

IT revolution and product markets. Consider the product market model of Burdett and Judd(1983). The buyers' utility from consuming a unit of the good isu= 1 and the disutility from payingpdollars for the good isp. The sellers can produce the good at the unit costc, wherec= 1/2. Eachbuyer meets one seller with probability>0 and two sellers with probability>0

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