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Trade rules for uncleared markets

Author

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  • Kibris, Ozgur
  • Kucuksenel, Serkan

Abstract

We analyze markets in which the price of a traded commodity is such that the supply and the demand are unequal. Under standard assumptions, the agents then have single peaked preferences on their consumption or production choices. For such markets, we propose a class of Uniform Trade rules each of which determines the volume of trade as the median of total demand, total supply, and an exogenous constant. Then these rules allocate this volume 'uniformly' on either side of the market. We evaluate these 'trade rules' on the basis of some standard axioms in the literature. We show that they uniquely satisfy Pareto optimality, strategy proofness, no-envy, and an informational simplicity axiom that we introduce. We also analyze the implications of anonymity, renegotiation proofness, and voluntary trade on this domain.
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Suggested Citation

  • Kibris, Ozgur & Kucuksenel, Serkan, 2005. "Trade rules for uncleared markets," Working Papers 1232, California Institute of Technology, Division of the Humanities and Social Sciences.
    • Handle: RePEc:clt:sswopa:1232
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    File URL: http://www.hss.caltech.edu/SSPapers/wp1232.pdf
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    1. is not listed on IDEAS
    2. World Bank, 2009. "Land Reform, Rural Development, and Poverty in the Philippines : Revisiting the Agenda," World Bank Publications - Reports 18545, The World Bank Group.
    3. Kokko, Ari & Gustavsson Tingvall, Patrik & Videnord, Josefin, 2017. "Which Antidumping Cases Reach the WTO?," Ratio Working Papers 286, The Ratio Institute.
    4. Mennicken, Andrea, 2010. "From inspection to auditing: Audit and markets as linked ecologies," Accounting, Organizations and Society, Elsevier, vol. 35(3), pages 334-359, April.
    5. Priebe, Stefan & Bogic, Marija & Ashcroft, Richard & Franciskovic, Tanja & Galeazzi, Gian Maria & Kucukalic, Abdulah & Lecic-Tosevski, Dusica & Morina, Nexhmedin & Popovski, Mihajlo & Roughton, Michae, 2010. "Experience of human rights violations and subsequent mental disorders - A study following the war in the Balkans," Social Science & Medicine, Elsevier, vol. 71(12), pages 2170-2177, December.

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    Keywords

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    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D6 - Microeconomics - - Welfare Economics
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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