文章基本信息

标题：Friction and the Multiplicity of Equilibria
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作者：Karp, Larry S. ; Paul, Thierry
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2005
期号：suppl
出版社：Journal of Agribusiness
摘要：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.
关键词：indeterminacy;multiple equilibria;coordination games;factor reallocation;environmental externality;learning-by-doing;costs of adjustment