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Henceforth, the variable n is referred to as the size of a firm f .27 Finally, the product quality portfolio of firm f is given by
Namely, At = F V (qf )df , where V (qf ) denotes the net present value of the whole future expected stream of profits for a monopolist f who owns the (intrinsic) quality portfolio qf at time t.
Such equilibrium size advantages exist at the firm level as well (Equation (18)): for a given portfolio of goods, firm-level extrinsic quality is higher for larger firms, but when advancing the quality portfolio
The second one is invariant to the firm's intrinsic quality portfolio, but is increasing and concave in firm size.
The value function for a typical incumbent firm with intrinsic quality portfolio q and n
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