Dynamic Markets with Randomly Arriving Agents
We develop a model of a dynamic market with randomly arriving participants. Both buyers and sellers arrive probabilistically over time. The valuation of each buyer for each object is independently distributed and private information to each buyer. Equilibrium prices are determined by a sequence of second-price auctions. We examine the manner in which equilibrium behavior and payoffs are influenced by both current market conditions and anticipated future dynamics.
|Date of creation:||05 Aug 2008|
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- Katharina Sailer, 2006.
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CESifo Working Paper Series
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