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Complementarity with complete but P-acyclic preferences
Authors:Sayantan Ghosal
Institution:aUniversity of Warwick, United Kingdom
Abstract:This paper extends the formulation of complementarity in Milgrom and Shannon (1994) to the case of complete but P-acyclic preferences. In such a case, quasi-supermodularity and the single-crossing property on their own do not guarantee monotone comparative statics or equilibrium existence: an additional condition, monotone closure, is required.
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