On Auctions and Posted prices

• Autores: Pekka Aarnisalo, Klaus Kultti
• Localización: Abstracts of the Fifth Spanish Meeting on Game Theory and Applications / coord. por Jesús Mario Bilbao Arrese , Francisco Ramón Fernández García , 2002, ISBN 84-472-0733-1, pág. 97
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Kultti (1999 GEB) studies auctions and posted prices in a general equilibrium model of an urn-ball type or many-to-one matching. In the model sellers have unit supplies and buyers unit demands. All the sellers are alike and all the buyers are alike. The former value the good for sale at zero and the latter at unity. Consummating trades using auctions turns out to be utilitywise equivalent to a model where sellers post prices, and buyers decide which seller to visit based on the observed prices.