Monotone Comparative Statics 1 1 Overview

  title={Monotone Comparative Statics 1 1 Overview},
  author={John Nachbar},
Given an optimization problem indexed by some parameter θ, comparative statics seeks a qualitative understanding of how the solution changes with θ. If, for example, wages decrease, does a firm hire more labor? One way to obtain results of this type is to assume (or use the Implicit Function theorem to establish the existence of) a differentiable solution function, and then, having substituted the solution function into the first order condition, apply the Chain Rule to the first order… CONTINUE READING
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