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Playing Multiple Complementarity Games Simultaneously

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Author Info
Kiminori Matsuyama

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Abstract

This paper analyzes the situation, in which a continuum of identical players is engaged in more than one activity and each activity is characterized by a complementarity game. The player's intensity levels across different activities are linked in such a way that the marginal cost of increasing her intensity in one activity increases with her own intensity levels in other activities. Compared to the case where these games are played independently, a smaller degree of complementarity in each game is required to generate multiple stable Nash equilibria, which are all asymmetric in that the players operate at different levels in different activities. The implications of these and other results, which have a close connection with the Frobenius theory of positive matrices, are discussed in the context of two macroeconomic applications: endogenous inequality of nations and endogenous business cycles.

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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1240.

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Date of creation: Jan 1999
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Handle: RePEc:nwu:cmsems:1240

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Related research
Keywords: Strategic Complementarities Multiple Activities Bifurcation Analysis The Structure of the Equilibrium Set Globalization and Inequality of Nations Intertemporal Substitution and Business Cycles

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C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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  3. Krugman, Paul R & Venables, Anthony J, 1995. "Globalization and the Inequality of Nations," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 857-80, November. [Downloadable!] (restricted)
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  5. Gertler, Mark & Rogoff, Kenneth, 1990. "North-South lending and endogenous domestic capital market inefficiencies," Journal of Monetary Economics, Elsevier, vol. 26(2), pages 245-266, October. [Downloadable!] (restricted)
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  8. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-26, October. [Downloadable!] (restricted)
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  9. Cooper, Russell W. & Haltiwanger, John Jr., 1992. "Macroeconomic implications of production bunching : Factor demand linkages," Journal of Monetary Economics, Elsevier, vol. 30(1), pages 107-127, October. [Downloadable!] (restricted)
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  13. Matsuyama, Kiminori, 1992. "Agricultural productivity, comparative advantage, and economic growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 317-334, December. [Downloadable!] (restricted)
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