Equivalence of Auctions and Posted Prices
| Autor: | Kultti, K.K. |
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| Jazyk: | angličtina |
| Rok vydání: | 1997 |
| Předmět: | |
| Popis: | We determine the equilibrium in two transaction mechanisms: auctions and posted prices. Agents choose whether to participate in markets where trades are consummated by auctions or in markets where sellers post prices. We show that the selling mechanisms are practically equivalent. Previous studies have shown that auction markets emerge as a unique evolutionary stable equilibrium when compared to bargaining markets. Posted price market dominate bargaining markets similarly. |
| Databáze: | OpenAIRE |
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