Complementarity, instability and multiplicity

Research output: Contribution to journalArticlepeer-review

9 Scopus citations

Abstract

A multiplicity of equilibria, steady states, cycles, etc., feature prominently in models with complementarities. Multiplicity suggests the instability of an economic system and the sensitive dependence of the equilibrium behaviour on the environment. In this paper 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.

Original languageEnglish (US)
Pages (from-to)240-265
Number of pages26
JournalJapanese Economic Review
Volume48
Issue number3
DOIs
StatePublished - Sep 1997

ASJC Scopus subject areas

  • Economics and Econometrics

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