Supermodularity And Complementarity
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Supermodularity And Complementarity
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Author : Donald M. Topkis
language : en
Publisher: Princeton University Press
Release Date : 1998-05-03
Supermodularity And Complementarity written by Donald M. Topkis and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-05-03 with Business & Economics categories.
This is a compact presentation of a large body of research that has been published over the last several decades. The material is almost entirely self-contained, so that a reader with the proper mathematical background can have access to virtually all of the technical results in this field in a compact and organized framework.
Supermodularity And Complementarity In Economics
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Author : Rabah Amir
language : en
Publisher:
Release Date : 2007
Supermodularity And Complementarity In Economics written by Rabah Amir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The literature on supermodular optimization and games is surveyed from the perspective of potential users in economics. This methodology provides a new approach for comparative statics based only on critical assumptions, and allows a general analysis of games with strategic complementarities. The results are presented in a simplified yet rigourous manner, without reference to lattice theory, for the special case of onedimensional parameter and actions sets, with the emphasis being on wide accessibility. Detailed applications are presented for well-known models of consumer behavior, monopoly pass-through, Bertrand and Cournot competition, strategic R&D, search and matching. Wherever appropriate, useful tricks for applications and comparative comments are inserted.
Special Issue Supermodularity And Complementarity In Economic Theory
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Author : Rabah Amir
language : en
Publisher:
Release Date : 2019
Special Issue Supermodularity And Complementarity In Economic Theory written by Rabah Amir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Supermodularity And Complementarity
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Author : Donald M. Topkis
language : en
Publisher: Princeton University Press
Release Date : 2011-02-11
Supermodularity And Complementarity written by Donald M. Topkis and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-11 with Business & Economics categories.
The economics literature is replete with examples of monotone comparative statics; that is, scenarios where optimal decisions or equilibria in a parameterized collection of models vary monotonically with the parameter. Most of these examples are manifestations of complementarity, with a common explicit or implicit theoretical basis in properties of a super-modular function on a lattice. Supermodular functions yield a characterization for complementarity and extend the notion of complementarity to a general setting that is a natural mathematical context for studying complementarity and monotone comparative statics. Concepts and results related to supermodularity and monotone comparative statics constitute a new and important formal step in the long line of economics literature on complementarity. This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.
Complementarity Improvement Programs And Queuing Technology
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Author : Phillip J. Lederer
language : en
Publisher:
Release Date : 2011
Complementarity Improvement Programs And Queuing Technology written by Phillip J. Lederer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
During the past two decades firms have adopted many types of functional improvement programs. A goal of this paper is to study interactions of operations programs with improvement programs in other functions. An important issue is whether these programs are complements (or substitutes): that is, whether implementation of a pair of programs adds more value (or loses value) than the sum of the individual programs. Recent advances based upon Topkis's (1998) theory of supermodularity have created a framework to establish sufficient conditions to guarantee that two interacting activities or programs are complementary. But not all programs can be characterized by supermodularity. In particular, I show that programs that involve uncertainty reduction do not fit the supermodularity framework with respect to other programs. In the absence of supermodularity, complementarity properties can sometimes be established, but some assumption about the production function must be assumed. Assuming that production is based upon queuing technology, three programs are studied and I show that complement/substitute properties can be established. The three programs are uncertainty reduction about a key demand parameter, elimination of biased estimates of cost and direct cost savings. I show that uncertainty reduction and bias removal can be complements or substitutes; but, uncertainty reduction and cost estimation bias elimination are both complementary to direct cost savings. Also, several operations improvement programs are shown to be complementary to each other. The fact that the operations improvement programs are complementary to all other programs is significant for the organizational design of capital budgeting, as this assures that the true project value is higher than its standalone net present value. Results are generalized by presenting conditions that assure the complementarity or substitutability of these three types of programs. Because batching/lot sizing and any fixed charge problem (such as facility location) have cost structures similar to queuing, the results are shown to apply to a broad range of technologies.
Complementarities In Innovation Policy
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Author : Pierre A. Mohnen
language : en
Publisher: CIRANO
Release Date : 2001
Complementarities In Innovation Policy written by Pierre A. Mohnen and has been published by CIRANO this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Human capital categories.
Oligopoly Pricing
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Author : Xavier Vives
language : en
Publisher: MIT Press (MA)
Release Date : 1999
Oligopoly Pricing written by Xavier Vives and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Applies a modern game-theoretic approach to develop a theory of oligopoly pricing. The text relates classic contributions to the field of modern game theory and discusses basic game-theoretic tools and equilibrium, paying particular attention to developments in the theory of supermodular games.
Matching With Transfers
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Author : Pierre-André Chiappori
language : en
Publisher: Princeton University Press
Release Date : 2020-05-26
Matching With Transfers written by Pierre-André Chiappori and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-26 with Business & Economics categories.
Over the past few decades, matching models, which use mathematical frameworks to analyze allocation mechanisms for heterogeneous products and individuals, have attracted renewed attention in both theoretical and applied economics. These models have been used in many contexts, from labor markets to organ donations, but recent work has tended to focus on "nontransferable" cases rather than matching models with transfers. In this important book, Pierre-André Chiappori fills a gap in the literature by presenting a clear and elegant overview of matching with transfers and provides a set of tools that enable the analysis of matching patterns in equilibrium, as well as a series of extensions. He then applies these tools to the field of family economics and shows how analysis of matching patterns and of the incentives thus generated can contribute to our understanding of long-term economic trends, including inequality and the demand for higher education.
Network Goods Information And Identification Complementarities And Strategic Behavior
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Author : Natalia Lazzati
language : en
Publisher:
Release Date : 2011
Network Goods Information And Identification Complementarities And Strategic Behavior written by Natalia Lazzati and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The notion of complementarity is fundamental to economics, as reflected in the large and growing number of studies that invoke alternate conceptions of this idea. Though complementarity has been studied for many years, its connection with theory of supermodularity is far more recent. Taking advantage of these techniques, the first three chapters of this dissertation study aspects of interest in network markets; endogenous information acquisition; and some insights into the comparison of player's equilibrium strategies. The last chapter applies this methodology to econometric identification. Chapter one provides a thorough analysis of oligopolistic markets with positive demand-side network externalities and perfect compatibility. With a general complementarity structure on the model primitives allowing for products with low or high stand-alone values, a nontrivial fulfilled-expectations equilibrium exists. We formalize the concept of industry viability, investigate its determinants, and show that viability is always enhanced by having more firms in the market and/or by technological progress. The second chapter studies covert information acquisition in common value Bayesian games of strategic complementarities. Using the supermodular stochastic order to arrange the structures of information increasingly in terms of preferences, we provide novel, easily interpretable conditions under which the value of information is globally convex, and study the implications in terms of the equilibrium configuration. Our analysis also enlightens the effect of information on players' behavior. Chapter three proposes a simple approach to compare players' equilibrium choices in asymmetric games with strategic complementarities. We offer three applications of our idea to industrial organization and behavioral economics. The last chapter studies (nonparametric) partial identification of treatment response with social interactions. It imposes economically driven monotone conditions to the primitives of the model, i.e., the structural equations, and shows that they imply shape restrictions on the distribution of potential outcomes by means of monotone comparative statics. We propose precise conditions that validate counterfactual predictions in models with multiple equilibria. Under three sets of assumptions, we identify sharp distributional bounds (in terms of stochastic dominance) on the potential outcomes given observable data. We illustrate our results by studying the effect of police per-capita on crime rates in New York state.
Putting Auction Theory To Work
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Author : Paul Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12
Putting Auction Theory To Work written by Paul Milgrom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-12 with Business & Economics categories.
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.