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Complementarities and Macroeconomics: Poisson Games

  • Miltiadis Makris

    (Department of Economics, University of Exeter, CMPO, University of Bristol and IMOP, Athens University of Economics and Business)

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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File URL: http://people.exeter.ac.uk/cc371/RePEc/dpapers/DP0602.pdf
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Paper provided by Exeter University, Department of Economics in its series Discussion Papers with number 0602.

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Date of creation: Jan 2006
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Handle: RePEc:exe:wpaper:0602
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  1. Carlsson, H. & van Damme, E.E.C., 1993. "Global games and equilibrium selection," Other publications TiSEM 49a54f00-dcec-4fc1-9488-4, Tilburg University, School of Economics and Management.
  2. Stephen Morris & Hyun Song Shin, 2000. "Global Games: Theory and Applications," Cowles Foundation Discussion Papers 1275, Cowles Foundation for Research in Economics, Yale University.
  3. 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.
  4. Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers.
  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. In Ho Lee & Robin Mason, 2003. "Coordination in the Static and the Dynamic," Levine's Working Paper Archive 506439000000000161, David K. Levine.
  7. Frankel, David M. & Burdzy, Krzysztof & Pauzner, Ady, 2001. "Fast Equilibrium Selection by Rational Players Living in a Changing World," Staff General Research Papers 11923, Iowa State University, Department of Economics.
  8. Roger B. Myerson, 1997. "Large Poisson Games," Discussion Papers 1189, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Mason, Robin & Valentinyi, Akos, 2003. "Independence and heterogeneity in games of incomplete information," Discussion Paper Series In Economics And Econometrics 0307, Economics Division, School of Social Sciences, University of Southampton.
  10. Roger B. Myerson, 1994. "Population Uncertainty and Poisson Games," Discussion Papers 1102R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. repec:ner:tilbur:urn:nbn:nl:ui:12-154416 is not listed on IDEAS
  12. Sandeep Baliga & Tomas Sjostrom, 2003. "Arms Races and Negotiations," Levine's Working Paper Archive 618897000000000766, David K. Levine.
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