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Gatekeeper Versus Auctioneer : A Non-Tatonnement Result


  • Emmanuel S. de Dios

    () (School of Economics, University of the Philippines Diliman)

  • Grace T. Ong


A non-tatonnement process is described using the simplest demand-and-supply model, involving the following : uniformly distributed agents; random matching of buyers and sellers; and a universal permission to engage in mutually acceptable trade at non-equilibrium prices. A sufficient condition is then stated where expected welfare gains are paradoxically greater when the number of market agents is restricted, compared to when all traders are allowed to participate.

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  • Emmanuel S. de Dios & Grace T. Ong, 2010. "Gatekeeper Versus Auctioneer : A Non-Tatonnement Result," UP School of Economics Discussion Papers 201002, University of the Philippines School of Economics.
  • Handle: RePEc:phs:dpaper:201002

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