This paper studies the conditions under which two competing and otherwise identical markets or auction sites of different sizes can coexist in equilibrium, without the larger one attracting all of the smaller oneâ€™s patrons. We find that the range of equilibrium market sizes depends on the aggregate buyer-seller ratio, and also whether the markets are especially "thin. "
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Web page: http://www.economics.harvard.edu/journals/hier
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- Burguet, Roberto & Sakovics, Jozsef, 1999. "Imperfect Competition in Auction Designs," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(1), pages 231-47, February.
- Gehrig, Thomas, 1998. "Competing markets," European Economic Review, Elsevier, vol. 42(2), pages 277-310, February.
- Gresik, Thomas A. & Satterthwaite, Mark A., 1989. "The rate at which a simple market converges to efficiency as the number of traders increases: An asymptotic result for optimal trading mechanisms," Journal of Economic Theory, Elsevier, vol. 48(1), pages 304-332, June.
- Caillaud, Bernard & Jullien, Bruno, 2001. "Competing cybermediaries," European Economic Review, Elsevier, vol. 45(4-6), pages 797-808, May.
- Peters, Michael & Severinov, Sergei, 1997.
"Competition among Sellers Who Offer Auctions Instead of Prices,"
Journal of Economic Theory,
Elsevier, vol. 75(1), pages 141-179, July.
- Michael Peters & Sergei Severinov, 1995. "Competition Among Sellers who offer Auctions Instead of Prices," Working Papers peters-95-02, University of Toronto, Department of Economics.
- Tymon Tatur, 2000. "Asymptotically Optimal Market Mechanisms," Discussion Papers 1315, Northwestern University, Center for Mathematical Studies in Economics and Management Science, revised Jan 2001.
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