Complementarity with complete but P-acyclic preferences
This paper extends the formulation of complementarity in Milgrom and Shannon (1994) to the case of complete but P-acyclic preferences. In such a case, quasi-supermodularity and the single-crossing property on their own do not guarantee monotone comparative statics or equilibrium existence: an additional condition, monotone closure, is required.
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- Wayne Shafer & Hugo Sonnenschein, 1974.
"Equilibrium in Abstract Economies Without Ordered Preferences,"
94, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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- Milgrom, Paul & Shannon, Chris, 1994.
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UFAE and IAE Working Papers
107-88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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