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Complementarity

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  • Kiminori Matsuyama

Abstract

A 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 Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1183.

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Date of creation: Mar 1997
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Handle: RePEc:nwu:cmsems:1183

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Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014
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Web page: http://www.kellogg.northwestern.edu/research/math/
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Cited by:
  1. Antonio Ciccone & Kiminori Matsuyama, 1995. "Start-up costs and pecuniary externalities as barriers to economic development," Economics Working Papers 142, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Yannis M. Ioannides, 1999. "Neighborhood Interactions in Local Communities and Intergenerational Transmission of Human Capital," Discussion Papers Series, Department of Economics, Tufts University 9911, Department of Economics, Tufts University.
  3. Maria João Thompson, 2007. "Complementarities and Costly Investment in a One-Sector Growth Model," NIPE Working Papers 8/2007, NIPE - Universidade do Minho.
  4. M. Scarlato & M. Cenci, 2004. "Innovazione tecnologica e offerta di skills:una simulazione," Computational Economics 0401003, EconWPA.
  5. Nirvikar Singh, 2004. "Information Technology and India’s Economic Development," Development and Comp Systems 0412007, EconWPA.

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