Convergence of Double Auctions to Pareto Optimal Allocations in the Edgeworth Box

Double auctions with profit-motivated human traders as well as quot;zero-intelligencequot; programmed traders have previously been shown to converge to Pareto optimal allocations in partial equilibrium settings. We show that these results remain robust in two-good general equilibrium settings and elucidate how market structure, not optimization by traders, guides efficient resource allocation

MoreLess

Year of publication:	[2008]
Authors:	Gode, Dhananjay (Dan) K.
Other Persons:	Sunder, Shyam (contributor) ; Spear, Stephen (contributor)
Publisher:	[2008]: [S.l.] : SSRN

Extent:	1 Online-Ressource (25 p)
Type of publication:	Book / Working Paper
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 7, 2004 erstellt
Classification:	C63 - Computational Techniques ; C68 - Computable General Equilibrium Models ; D44 - Auctions ; D51 - Exchange and Production Economies ; D58 - Computable and Other Applied General Equilibrium Models ; D61 - Allocative Efficiency; Cost-Benefit Analysis
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012774491