Efficiency and equilibrium with dynamic increasing aggregate returns due to demand complementarities.
When do dynamic nonconvexities at the disaggregate level translate into dynamic nonconvexities at the aggregate level? We address this question in a framework where the production of differentiated intermediate inputs is subject to dynamic nonconvexities, and we show that the answer depends on the...
| Publicado en: | Econometrica Vol. 67; no. 3; pp. 499 - 526 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
May 1999
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512830908&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512830908 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00129682 ECN jtl: Econometrica issn: 00129682 maglogo: N pubinfo: dt: May 1999 vid: 67 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 512830908 10.1111/1468-0262.00034 ppf: 499 ppct: 27 formats: tig: atl: Efficiency and equilibrium with dynamic increasing aggregate returns due to demand complementarities. aug: au: Ciccone, Antonio Matsuyama, Kiminori su: Economic equilibrium Substitution (Economics) Mathematical models Intermediate goods Resource allocation -- Mathematical models sug: subj: Economic equilibrium Substitution (Economics) Mathematical models Intermediate goods Resource allocation -- Mathematical models ab: When do dynamic nonconvexities at the disaggregate level translate into dynamic nonconvexities at the aggregate level? We address this question in a framework where the production of differentiated intermediate inputs is subject to dynamic nonconvexities, and we show that the answer depends on the degree of Hicks-Allen complementarily (substitutability) between differentiated inputs. In our simplest model, a generalization of Judd (1985) and Grossman and Helpman (1991) among many others, there are dynamic nonconvexities at the aggregate level if and only if differentiated inputs are Hicks-Allen complements. We also compare dynamic equilibrium and optimal allocations in the presence of aggregate dynamic nonconvexities due to Hicks-Allen complementarities between differentiated inputs. Reprinted by permission of the Econometric society. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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