Arbeitspapier
Perfect Competition in a Bilateral Monopoly
We show that if limit orders are required to vary smoothly, then strategic (Nash) equilibria of the double auction mechanism yield competitive (Walras) allocations. It is not necessary to have competitors on any side of any market: smooth trading is a substitute for price wars. Inparticular, Nash equilibria are Walrasian even in a bilateral monopoly.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bonn Econ Discussion Papers ; No. 26/2003
- Klassifikation
-
Wirtschaft
Market Structure, Pricing, and Design: Perfect Competition
Noncooperative Games
Auctions
Market Structure, Pricing, and Design: Monopoly
Allocative Efficiency; Cost-Benefit Analysis
- Thema
-
Limit orders
double auction
Nash equilibria
Walras equilibria
perfect competition
bilateral monopoly
mechanism design
Auktionstheorie
Nash-Gleichgewicht
Allgemeines Gleichgewicht
Bilaterales Monopol
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dubey, Pradeep
Sondermann, Dieter
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bonn, Bonn Graduate School of Economics (BGSE)
- (wo)
-
Bonn
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Dubey, Pradeep
- Sondermann, Dieter
- University of Bonn, Bonn Graduate School of Economics (BGSE)
Entstanden
- 2003
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