Comparative Statics, Stability, and Uniqueness

On Uniqueness and Stability of symmetric equilibria in differentiable symmetric games∗

Higher-dimensional symmetric games become of more and more importance for applied microand macroeconomic research. Standard approaches to uniqueness of equilibria have the drawback that they are restrictive or not easy to evaluate analytically. In this paper I provide some general but comparably simple tools to verify whether a symmetric game has a unique symmetric equilibrium or not. I disting...

Some Consequences of the Unknottedness of the Walras Correspondence

Two basic properties concerning the dynamic behavior of competitive equilibria of exchange economies with complete markets are derived essentially from the fact that the Walras correspondence has no knots. I. One can view the work of Debreu, E. and H. Dierker, Balasko and others that introduced the notions of regular economy and regular equilibrium, and studied the local uniqueness and other mo...

Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets

This paper studies the extent to which qualitative features of Walrasian equilibria are refutable given a nite data set. In particular, we consider the hypothesis that the observed data are Walrasian equilibria in which each price vector is locally stable under tâtonnement. Our main result shows that a nite set of observations of prices, individual incomes and aggregate consumption vectors is r...

Economics 201B–Second Half Lecture 9, 4/13/10, Revised 4/13/10 Generic Local Uniqueness of Equilibrium Comparative Statics: In what direction does the equilibrium move if the underlying parameters of the economy change? A Foundation for Comparative Statics:

¢ cient Use of Information and Social Value of Information

In this document we motivate the restriction < 1 used in the paper (where UkK=Ukk is the slope of the best response). We …rst explain why this restriction is essentially equivalent to uniqueness of equilibrium under complete information (Section A1). We then discuss the role of this restriction for comparative statics (Section A2).