Equivalence of Auctions and Posted Prices with Many Sellers in a Location
AbstractWe 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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Bibliographic InfoArticle provided by Finnish Economic Association in its journal Finnish Economic Papers.
Volume (Year): 17 (2004)
Issue (Month): 2 (Autumn)
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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