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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. Mason, Robin & Valentinyi, Akos, 2004. "Independence and Heterogeneity in Games of Incomplete Information," CEPR Discussion Papers 4177, C.E.P.R. Discussion Papers.
  2. David Frankel & Ady Pauzner, 2000. "Resolving Indeterminacy In Dynamic Settings: The Role Of Shocks," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 285-304, February.
  3. Morris, Stephen & Shin, Hyun Song, 1998. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," American Economic Review, American Economic Association, vol. 88(3), pages 587-97, June.
  4. Carlsson, H. & Damme, E.E.C. van, 1993. "Global games and equilibrium selection," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154416, Tilburg University.
  5. Roger B. Myerson, 1994. "Population Uncertainty and Poisson Games," Discussion Papers 1102R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Sandeep Baliga & Tomas Sjostrom, 2001. "Arms Races and Negotiations," Economics Working Papers 0007, Institute for Advanced Study, School of Social Science.
  7. 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.
  8. Myerson, Roger B., 2000. "Large Poisson Games," Journal of Economic Theory, Elsevier, vol. 94(1), pages 7-45, September.
  9. Stephen Morris & Hyun Song Shin, 2000. "Global Games: Theory and Applications," Cowles Foundation Discussion Papers 1275R, Cowles Foundation for Research in Economics, Yale University, revised Aug 2001.
  10. In-Ho Lee & Robin Mason, 2002. "Coordination in the static and the dynamic," Levine's Working Paper Archive 391749000000000503, David K. Levine.
  11. Herrendorf, Berthold & Valentinyi, Akos & Waldmann, Robert, 2000. "Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity," Review of Economic Studies, Wiley Blackwell, vol. 67(2), pages 295-307, April.
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Cited by:
  1. De Sinopoli, Francesco & Pimienta, Carlos, 2009. "Undominated (and) perfect equilibria in Poisson games," Games and Economic Behavior, Elsevier, vol. 66(2), pages 775-784, July.
  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. Makris, Miltiadis, 2009. "Private provision of discrete public goods," Games and Economic Behavior, Elsevier, vol. 67(1), pages 292-299, September.

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