Equivalence of Auctions and Posted Prices with Many Sellers in a Location
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.
Volume (Year): 17 (2004)
Issue (Month): 2 (Autumn)
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