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Complementarities and macroeconomics: Poisson games

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  • Makris, Miltiadis

Abstract

In many situations in macroeconomics strategic complementarities arise, and agents face a coordination problem. An important issue, from both a theoretical and a policy perspective, is equilibrium uniqueness. We contribute to this literature by focusing on the macroeconomic aspect of the problem: the number of potential innovators, speculators e.t.c. is large. In particular, we follow Myerson (1998, 2000) that in large games “a more realistic model should admit some uncertainty about the number of players in the game”. In more detail, we model the coordination problem as a Poisson game, and investigate the conditions under which unique equilibrium selection is obtained.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 62 (2008)
Issue (Month): 1 (January)
Pages: 180-189

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Handle: RePEc:eee:gamebe:v:62:y:2008:i:1:p:180-189

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. In Ho Lee & Robin Mason, 2003. "Coordination in the Static and the Dynamic," Levine's Working Paper Archive 506439000000000161, David K. Levine.
  2. Frankel, David M. & Burdzy, Krzysztof & Pauzner, Ady, 2001. "Fast Equilibrium Selection by Rational Players Living in a Changing World," Staff General Research Papers 11923, Iowa State University, Department of Economics.
  3. Roger B. Myerson, 1998. "Population uncertainty and Poisson games," International Journal of Game Theory, Springer, vol. 27(3), pages 375-392.
  4. Carlsson, H. & Van Damme, E., 1990. "Global Games And Equilibrium Selection," Papers 9052, Tilburg - Center for Economic Research.
  5. Myerson, Roger B., 2000. "Large Poisson Games," Journal of Economic Theory, Elsevier, vol. 94(1), pages 7-45, September.
  6. Frankel, David M. & Pauzner, Ady, 2000. "Resolving Indeterminacy in Dynamic Settings: The Role of Shocks," Staff General Research Papers 11924, Iowa State University, Department of Economics.
  7. Mason, Robin & Valentinyi, Akos, 2003. "Independence and heterogeneity in games of incomplete information," Discussion Paper Series In Economics And Econometrics 0307, Economics Division, School of Social Sciences, University of Southampton.
  8. Sandeep Baliga & Tomas Sj–str–m, 2004. "Arms Races and Negotiations," Review of Economic Studies, Wiley Blackwell, vol. 71(2), pages 351-369, 04.
  9. Stephen Morris & Hyun Song Shin, 2000. "Global Games: Theory and Applications," Cowles Foundation Discussion Papers 1275, Cowles Foundation for Research in Economics, Yale University.
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Citations

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Cited by:
  1. Makris, Miltiadis, 2009. "Private provision of discrete public goods," Games and Economic Behavior, Elsevier, vol. 67(1), pages 292-299, September.
  2. Ioannou, Christos A. & Makris, Miltiadis, 2014. "An Experimental Study Of Uncertainty In Coordination Games," Discussion Paper Series In Economics And Econometrics 1401, Economics Division, School of Social Sciences, University of Southampton.
  3. Francesco De Sinopoli & Claudia Meroni & Carlos Pimienta, 2014. "Strategic Stability in Poisson Games," Discussion Papers 2014-09, School of Economics, The University of New South Wales.
  4. Francesco De Sionopoli & Carlos Gonzalez Pimienta, 2007. "Undominated (and) perfect equilibria in Poisson games," Economics Working Papers we073117, Universidad Carlos III, Departamento de Economía.

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