Complementarity

Kiminori Matsuyama

No 1183, Discussion Papers from Northwestern University, Center for Mathematical Studies in Economics and Management Science

Abstract: A multiplicity of equilibria, steady states, cycles, etc., are prominent features of models with complementarities. Multiplicity suggests the instability of an economic system and the sensitive dependence of the equilibrium behavior on the environment. In this lecture, I discuss some methodological questions concerning the economics of complementarity, with special emphasis on instability and multiplicity. A series of monopolistic competition models are developed to illustrate the argument.

JEL-codes: B41 E32 O00 (search for similar items in EconPapers)
Date: 1997-03
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