A Competitive Distribution of Auctions
In this paper, a competitive distribution of auctions is described for an economy consisting of an infinite number of buyers and sellers, all of whom differ according to their valuation for the single indivisible object being traded. A competitive distribution of auctions is such that no seller can improve his profits by deviating to any alternative direct mechanism. It is shown that the competitive distribution of auctions will have the property that each buyer and seller's best reply is independent of his beliefs about the tastes of other buyers and sellers on the market. Copyright 1997 by The Review of Economic Studies Limited.
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Volume (Year): 64 (1997)
Issue (Month): 1 (January)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Steven A. Matthews, 1983.
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560, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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999, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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469S, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Mark A. Satterthwaite & Steven R. Williams, 1991. "The Double Auction Market: Institutions," Discussion Papers 971, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
- Wilson, Robert B, 1985. "Incentive Efficiency of Double Auctions," Econometrica, Econometric Society, vol. 53(5), pages 1101-15, September.
- Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
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