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Equivalence of Auctions and Posted Prices with Many Sellers in a Location

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Author Info
Klaus Kultti () (Department of Economics, University of Helsinki, Finland)
Juha Virrankoski () (Research Unit on Economic Structures and Growth, Department of Economics, University of Helsinki, Finland)

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Abstract

We consider an economy with symmetric buyers and symmetric sellers. Sellers are in locations and post prices, and buyers observe the prices and visit one location per period. If there are several sellers in a location, a uniform price is not a Nash equilibrium. We derive a pricing scheme with a non-degenerate distribution of prices that is utilitywise the same as auction.

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File URL: http://www.taloustieteellinenyhdistys.fi/images/stories/fep/fep22004_kultti.pdf
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Publisher Info
Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

Volume (Year): 17 (2004)
Issue (Month): 2 (Autumn)
Pages: 79-89
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Handle: RePEc:fep:journl:v:17:y:2004:i:2:p:79-89

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Web page: http://www.taloustieteellinenyhdistys.fi
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Find related papers by JEL classification:
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D40 - Microeconomics - - Market Structure and Pricing - - - General
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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This page was last updated on 2009-11-27.

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