Discussion Paper Details

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Title: Strategic Complementarities in Multi-Stage Games

Author(s): Xavier Vives

Publication Date: March 2006

Keyword(s): adjustment costs, learning curve, Markov game, supermodularity and two-stage game

Programme Area(s): Industrial Organization

Abstract: We provide sufficient conditions in finite-horizon multi-stage games for the value function of each player, associated to extremal Markov perfect equilibria, to display strategic complementarities and for the contemporaneous equilibrium to be increasing in the state variables.

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Bibliographic Reference

Vives, X. 2006. 'Strategic Complementarities in Multi-Stage Games'. London, Centre for Economic Policy Research.