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This paper extends the formulation of complementarity in Milgrom and Shannon (1994) to the case of complete but P-acyclic preferences. In such a case, quasi-supermodularity and the single-crossing property on their own do not guarantee monotone comparative statics or equilibrium existence: an additional condition, monotone closure, is required.
|Glasgow Author(s) Enlighten ID:||Ghosal, Professor Sayantan|
|College/School:||College of Social Sciences > Adam Smith Business School > Economics|
|Journal Name:||Mathematical Social Sciences|
|Published Online:||26 June 2011|