Perfect competition in an oligopoly (including bilateral monopoly)
نویسندگان
چکیده
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.
منابع مشابه
Perfect competition in an oligopoly ( including bilateral
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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ورودعنوان ژورنال:
- Games and Economic Behavior
دوره 65 شماره
صفحات -
تاریخ انتشار 2009