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A Dynamic General Equilibrium Model with Centralized Auction Markets

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Author Info
Kazuya Kamiya (Faculty of Economics, University of Tokyo)
Takashi Shimizu (Department of Economics, Kansai University)
Abstract

A conventional wisdom in economics is that a model dealing frictionless markets with a large number of agents always yields a Walrasian outcome. In this paper we assess the above argument in a dynamic framework by modeling centralized auction markets, and show that in such markets the outcomes are not necessarily Walrasian; the set of stationary equilibria in our model is a continuum which includes the Walrasian equilibrium. Moreover, we also buildamodelondecentralized auction markets and obtain similar results.

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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-417.

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Length: 28pages
Date of creation: Apr 2006
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Handle: RePEc:tky:fseres:2006cf417

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  14. Kazuya Kamiya & Takashi Sato, 2004. "Equilibrium Price Dispersion in a Matching Model with Divisible Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(2), pages 413-430, 05. [Downloadable!] (restricted)
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