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In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). [1]
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. [ further explanation needed ] Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. [ 1 ]
The main goal of the new model is to re-frame economic problems and set new goals. In this context, the model is also referred to as a "wake-up call to transform our capitalist worldview". [5] In this model, an economy is considered prosperous when all twelve social foundations are met without overshooting any of the nine ecological ceilings ...
The theory was originally proposed in the nineteenth century by Antoine Augustin Cournot. [1] This can be seen in private toll roads where more than one operator controls a different section of the road. The solution is for one agent to purchase all sections of the road. Complementary goods are a less extreme form of this effect. In this case ...
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics.
Mechanism design (sometimes implementation theory or institution design) [1] is a branch of economics and game theory. It studies how to construct rules—called mechanisms or institutions—that produce good outcomes according to some predefined metric, even when the designer does not know the players' true preferences or what information they ...
In mathematics, a supermodular function is a function on a lattice that, informally, has the property of being characterized by "increasing differences." Seen from the point of set functions, this can also be viewed as a relationship of "increasing returns", where adding more elements to a subset increases its valuation.
Lange, O (1936). "On the Economic Theory of Socialism I". The Review of Economic Studies. 4 (1): 53– 71. doi:10.2307/2967660. JSTOR 2967660. Lange, O 1937 On the Economic Theory of Socialism II The Review of Economic Studies V4 N 123-142; Lange, O 1938 On the Economic Theory of Socialism B Lippincott ed. University of Minnesota Press