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Price Dynamics and the Market for Access to Trading Partners

  • Michael Sattinger

At each point in time, price dynamics in a market are determined by a market for access to trading partners, implemented by competitive profit-maximizing brokers. This mechanism is applied to a market in which the value of a good declines over time and buyers decide optimally when to reenter the market and buy a new unit. Price adjustment paths in response to increases and decreases in demand are then derived using the differential equations generated by the model.

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Paper provided by University at Albany, SUNY, Department of Economics in its series Discussion Papers with number 03-10.

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Date of creation: 2003
Date of revision:
Handle: RePEc:nya:albaec:03-10
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Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.

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  1. Wooders, John, 1994. "Equilibrium in a market with intermediation is Walrasian," UC3M Working papers. Economics 2981, Universidad Carlos III de Madrid. Departamento de Economía.
  2. John Wooders & Diego Moreno, 2001. "Prices, Delay, and the Dynamics of Trade," Economics Bulletin, AccessEcon, vol. 28(7), pages A0.
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  8. Sattinger, Michael, 1990. "Unemployment, the Market for Interviews, and Wage Employment," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 356-71, April.
  9. Yavas, Abdullah, 1994. "Middlemen in Bilateral Search Markets," Journal of Labor Economics, University of Chicago Press, vol. 12(3), pages 406-29, July.
  10. Ariel Rubinstein & Asher Wolinsky, 1987. "Middlemen," The Quarterly Journal of Economics, Oxford University Press, vol. 102(3), pages 581-593.
  11. Douglas Gale, 1992. "A Walrasian Theory of Markets with Adverse Selection," Review of Economic Studies, Oxford University Press, vol. 59(2), pages 229-255.
  12. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
  13. Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
  14. Arthur J. Hosios, 1990. "On The Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 279-298.
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