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Complementarities and macroeconomics: Poisson games

  • Makris, Miltiadis

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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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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  1. 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.
  2. Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521570176, October.
  3. Sandeep Baliga & Tomas Sj–str–m, 2004. "Arms Races and Negotiations," Review of Economic Studies, Wiley Blackwell, vol. 71(2), pages 351-369, 04.
  4. In Ho Lee & Robin Mason, 2003. "Coordination in the Static and the Dynamic," Levine's Working Paper Archive 506439000000000161, David K. Levine.
  5. 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.
  6. Stephen Morris & Hyun Song Shin, 2000. "Global Games: Theory and Applications," Cowles Foundation Discussion Papers 1275, Cowles Foundation for Research in Economics, Yale University.
  7. Mason, Robin & Valentinyi, Akos, 2004. "Independence and Heterogeneity in Games of Incomplete Information," CEPR Discussion Papers 4177, C.E.P.R. Discussion Papers.
  8. Roger B. Myerson, 1997. "Large Poisson Games," Discussion Papers 1189, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
  10. Burdzy, Krzysztof & Frankel, David M & Pauzner, Ady, 2001. "Fast Equilibrium Selection by Rational Players Living in a Changing World," Econometrica, Econometric Society, vol. 69(1), pages 163-89, January.
  11. Roger B. Myerson, 1994. "Population Uncertainty and Poisson Games," Discussion Papers 1102, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  12. Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521578967, October.
  13. 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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