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A Theory of Value With Auction Prices

Author

Listed:
  • Aliprantis, C.D.
  • R.
  • Tourky
  • Yannelis, N.C.

Abstract

This paper introduces, within a general equilibrium setting, an alternate theory of value that provides a value-based characterization of the most important notions of allocative equilibria even in cases where the (Walrasian) uniform price-based characterizations need not be applicable. The value is calculated in terms of the maximum revenue outcome of a discriminatory price auction for divisible goods.

Suggested Citation

  • Aliprantis, C.D. & R. & Tourky & Yannelis, N.C., 1998. "A Theory of Value With Auction Prices," Department of Economics - Working Papers Series 670, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:670
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    Citations

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    Cited by:

    1. Fischer, Sven & Guth, Werner & Kaplan, Todd & Zultan, Roi, 2014. "Auctions and Leaks: A Theoretical and Experimental Investigation," MPRA Paper 58940, University Library of Munich, Germany.
    2. Monique Florenzano & Valeri Marakulin, 2000. "Production Equilibria in Vector Lattices," Econometric Society World Congress 2000 Contributed Papers 1396, Econometric Society.
    3. Fischer, Sven & Guth, Werner & Kaplan, Todd & Zultan, Roi, 2014. "Auctions and Leaks: A Theoretical and Experimental Investigation," MPRA Paper 58940, University Library of Munich, Germany.
    4. Kanev, Dimitar, 2012. "Социално-Ефективният Резултат: В Търсене На Благосъстояние, Свобода, Справедливост И Равенство
      [Effective social result: In search of utility, freedom, justice, and equality]
      ," MPRA Paper 77295, University Library of Munich, Germany, revised 2017.

    More about this item

    Keywords

    AUCTIONS ; GENERAL EQUILIBRIUM ; MATHEMATICAL ANALYSIS;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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