Title: Dynamic product repositioning in differentiated product markets
Description: "The ability of firms to reposition their products can determine the effects of demand shocks, mergers and policy interventions in differentiated product markets.  This paper estimates a dynamic oligopoly model to measure repositioning costs in the commercial radio industry.  Based on a set of markets where industry revenues were around $88 billion, I find that stations may have spent as much as $6 billion on repositioning.  However, repositioning costs are not large enough to prevent radio markets adapting quite quickly to demand shocks"--National Bureau of Economic Research web site.