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The deficit on each trade in a Vickrey double auction is at least as large as the Walrasian price gap
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Loertscher, Simon and Mezzetti, Claudio (2019) The deficit on each trade in a Vickrey double auction is at least as large as the Walrasian price gap. Journal of Mathematical Economics, 84 . pp. 101-106. doi:10.1016/j.jmateco.2019.07.004
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WRAP-deficit-each-trade-Vickrey-double-auction-least-large-Walrasian-price-gap-Mezzetti-2019.pdf - Accepted Version - Requires a PDF viewer. Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0. Download (690Kb) | Preview |
Official URL: http://dx.doi.org/10.1016/j.jmateco.2019.07.004
Abstract
We prove that the de cit on each trade in a Vickrey double auction for a homogeneous good with multi-unit traders with multi-dimensional types is at least as large as the Walrasian price gap. We also show that as the number of traders grows large the aggregate de cit is bounded below by the ratio of the Walrasian price and the elasticity of excess supply at the Walrasian price.
| Item Type: | Journal Article | |||||||||
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| Subjects: | H Social Sciences > HF Commerce H Social Sciences > HJ Public Finance |
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| Divisions: | Faculty of Social Sciences > Economics | |||||||||
| Library of Congress Subject Headings (LCSH): | Deficit financing, Auctions | |||||||||
| Journal or Publication Title: | Journal of Mathematical Economics | |||||||||
| Publisher: | Elsevier | |||||||||
| ISSN: | 0304-4068 | |||||||||
| Official Date: | October 2019 | |||||||||
| Dates: |
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| Volume: | 84 | |||||||||
| Page Range: | pp. 101-106 | |||||||||
| DOI: | 10.1016/j.jmateco.2019.07.004 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Access rights to Published version: | Restricted or Subscription Access | |||||||||
| RIOXX Funder/Project Grant: |
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