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Trade Fragmentation and Coordination in Strategic Market Games

Author

Listed:
  • Francis Bloch

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Hélène Ferrer

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyzes the incentives to trade and the validity of the law of one price in three strategic market games with multiple trading posts. In bilateral oligopolies, where traders have corner endowments in one commodity, all agents participate in all the markets. The law of one price holds in bilateral oligopolies and in the buy-or-sell market game, where equilibrium strategies are locally unique. When traders can simultaneously buy and sell on every market, the law of one price fails and the set of equilibrium prices generically has the same dimension as the number of active markets.

Suggested Citation

  • Francis Bloch & Hélène Ferrer, 2001. "Trade Fragmentation and Coordination in Strategic Market Games," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02174875, HAL.
    • Handle: RePEc:hal:cesptp:halshs-02174875
    DOI: 10.1006/jeth.2000.2730
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