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(DP 2010-02) Gatekeeper Versus Auctioneer: A Non-Tatonnement Result
UPSE Discussion Papers
View Archive Info| Field | Value | |
| Title |
(DP 2010-02) Gatekeeper Versus Auctioneer: A Non-Tatonnement Result
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| Creator |
de Dios, Emmanuel S.
Ong, Grace T. |
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| Description |
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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| Publisher |
UPSE Discussion Papers
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| Contributor |
—
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| Date |
2010-08-17
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/6
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| Source |
UPSE Discussion Papers; 2010
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| Language |
eng
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| Relation |
http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/6/6
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