AbstractA multiplicity of equilibria, steady states, cycles, etc., are prominent features of models with complementarities. Multiplicity suggests the instability of an economic system and the sensitive dependence of the equilibrium behavior on the environment. In this lecture, I discuss some methodological questions concerning the economics of complementarity, with special emphasis on instability and multiplicity. A series of monopolistic competition models are developed to illustrate the argument.
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Bibliographic InfoPaper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1183.
Date of creation: Mar 1997
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- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O00 - Economic Development, Technological Change, and Growth - - General - - - General
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