Coordinating Thoughts on Coordination Failures

P. Jean-Jacques Herings ()

No 18, Research Memoranda from Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization

Abstract: Coordination failures constitute an alternative explanation for underemployment that complements the Keynesian and neo-classical views. The paper proposes to distinguish three classes of models with coordination failures. The classes are formed by strategic models with or without a coordinating role for prices, and general equilibrium models. The main insights resulting for each class of models are exhibited. It is argued that coordination failures are likely to arise in a decentralized economy, even under conditions where perfect competition could prevail. The paper concludes by pointing out several promising directions for future research.

Keywords: microeconomics (search for similar items in EconPapers)
Date: 2001
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