Equilibrium Selection in Games with Macroeconomic Complementarities
Oddvar Kaarboe and
Norway; Department of Economics, University of Bergen from Department of Economics, University of Bergen
We apply the stochastic evolutionary approach of equilibrium selection to macroeconomic models in which a complementarity at the macro level is present. These models often exhibit multile Pareto-ranked Nash equilibria , and the best response-correspondence of an individual increases with a measure of the aggregate state of the economy.
Keywords: GAME THEORY; MACROECONOMICS; MATHEMATICAL ANALYSIS (search for similar items in EconPapers)
JEL-codes: C63 C72 C73 L16 (search for similar items in EconPapers)
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