Complementarities and Games: New Developments

Complementarities and Games: New Developments Abstract The theory of monotone comparative statics and supermodular games is presented as the appropriate tool to model complementarities. The approach, which has not yet been fully incorporated into the standard toolbox of researchers, makes the analysis intuitive and simple, helps in deriving new results and in casting new light on old ones. The paper takes stock of recent contributions and develops applications to industrial organization (oligopoly, R&D, and dynamics), finance (currency and banking crisis) and macroeconomics (adjustment and menu costs). Particular attention is devoted to Markov games and to games of incomplete information (including global games). http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Literature American Economic Association

Complementarities and Games: New Developments

Journal of Economic Literature, Volume 43 (2) – Jun 1, 2005

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Publisher
American Economic Association
Copyright
Copyright © 2005 by the American Economic Association
ISSN
0022-0515
DOI
10.1257/0022051054661558
Publisher site
See Article on Publisher Site

Abstract

Abstract The theory of monotone comparative statics and supermodular games is presented as the appropriate tool to model complementarities. The approach, which has not yet been fully incorporated into the standard toolbox of researchers, makes the analysis intuitive and simple, helps in deriving new results and in casting new light on old ones. The paper takes stock of recent contributions and develops applications to industrial organization (oligopoly, R&D, and dynamics), finance (currency and banking crisis) and macroeconomics (adjustment and menu costs). Particular attention is devoted to Markov games and to games of incomplete information (including global games).

Journal

Journal of Economic LiteratureAmerican Economic Association

Published: Jun 1, 2005

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