Data/hora: 10/06/2024 19:14:39

Provedor de dados: 	31	
País: 	United States	
Título: 	Friction and the Multiplicity of Equilibria	
Autores: 	Karp,   Larry S.; Paul,   Thierry.	
Data: 	2006-02-06	
Ano: 	2005	
Palavras-chave: 	Indeterminacy; Multiple equilibria; Coordination games; Factor reallocation; Environmental externality; Learning-by-doing; Costs of adjustment; Research Methods/ Statistical Methods; C61; J21; O13; R23.	
Resumo: 	In familiar models, a decrease in the friction facing mobile factors (e.g., lowering their adjustment costs) increases a coordination problem, leading to more circumstances where there are multiple equilibria. We show that a decrease in friction can decrease coordination problems if, for example, a production externality arises from a changing stock of knowledge or a changing environmental stock. In general, the relation between the amount of friction that mobile factors face and the likelihood of multiple equilibria is non-monotonic.	
Tipo: 	Working or Discussion Paper	
Idioma: 	Inglês	
Identificador: 	19754

http://purl.umn.edu/25120	
Editor: 	AgEcon Search	
Relação: 	University of California, Berkeley&gt;Department of Agricultural and Resource Economics&gt;CUDARE Working Papers

CUDARE Working Paper 960R	
Formato: 	35

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