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Robust comparative statics of non-monotone shocks in large aggregative games

Author

Listed:
  • Carmen Camacho

    (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Takashi Kamihigashi

    (RIEB, Kobe University - Kobe University)

  • Cagri Saglam

    (Bilkent University [Ankara])

Abstract
A policy change that involves a redistribution of income or wealth is typically controversial, affecting some people positively but others negatively. In this paper we extend "the robust comparative statics" result for large aggregative games established by Acemoglu and Jensen (2010, 49th IEEE Conference on Decision and Control, 3133-3139) to possibly controversial policy changes. In particular, we show that both the smallest and the largest equilibrium values of an aggregate variable increase in response to a policy change to which individuals' reactions may be mixed but the overall aggregate response is positive. We provide sufficient conditions for such a policy change in terms of distributional changes in parameters.
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Suggested Citation

  • Carmen Camacho & Takashi Kamihigashi & Cagri Saglam, 2018. "Robust comparative statics of non-monotone shocks in large aggregative games," PSE-Ecole d'économie de Paris (Postprint) halshs-01883907, HAL.
    • Handle: RePEc:hal:pseptp:halshs-01883907
    DOI: 10.1016/j.jet.2017.12.003
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    References listed on IDEAS

    as
    1. Łukasz Balbus & Paweł Dziewulski & Kevin Reffett & Łukasz Woźny, 2015. "Differential information in large games with strategic complementarities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(1), pages 201-243, May.
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    Cited by:

    1. Camacho, Carmen & Kamihigashi, Takashi & Sağlam, Çağrı, 2018. "Robust comparative statics for non-monotone shocks in large aggregative games," Journal of Economic Theory, Elsevier, vol. 174(C), pages 288-299.
    2. Andreas Hefti & Julian Teichgräber, 2021. "Inequality in models with a competition for market shares," ECON - Working Papers 375, Department of Economics - University of Zurich.

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    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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