Asymmetric information in a bilateral monopoly
نویسندگان
چکیده
منابع مشابه
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. In particular, Nash equilibria are Walrasian even in a bilateral monopoly.
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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. In particular, Nash equilibria are Walrasian even in a bilateral monopoly.
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ژورنال
عنوان ژورنال: Journal of Dynamics and Games
سال: 2016
ISSN: 2164-6066
DOI: 10.3934/jdg.2016009