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Equivalence of Auctions and Posted Prices

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  • Kultti, Klaus

Abstract

We determine the equilibrium in two transaction mechanisms: auctions and posted prices. Agents choose whether to participate in markets where trades are consummated by auctions or in markets where sellers post prices. We show that the selling mechanisms are practically equivalent. Previous studies have shown that auction markets emerge as a unique evolutionary stable equilibrium when compared to bargaining markets. Posted price market dominate bargaining markets similarly.

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File URL: http://www.sciencedirect.com/science/article/B6WFW-45JC974-F/2/f0d064310db80a60ddb516164d845fd6
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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 27 (1999)
Issue (Month): 1 (April)
Pages: 106-113

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Handle: RePEc:eee:gamebe:v:27:y:1999:i:1:p:106-113

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Web page: http://www.elsevier.com/locate/inca/622836

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  1. Lu, Xiaohua & McAfee, R. Preston, 1996. "The Evolutionary Stability of Auctions over Bargaining," Games and Economic Behavior, Elsevier, vol. 15(2), pages 228-254, August.
  2. Wang, Ruqu, 1995. "Bargaining versus posted-price selling," European Economic Review, Elsevier, vol. 39(9), pages 1747-1764, December.
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