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Designing a strategy-proof spot market mechanism with many traders : twenty-two steps to Walrasian equilibrium
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Hammond, Peter J. (2017) Designing a strategy-proof spot market mechanism with many traders : twenty-two steps to Walrasian equilibrium. Economic Theory, 63 (1). doi:10.1007/s00199-016-0970-7 ISSN 0938-2259.
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Official URL: http://dx.doi.org/10.1007/s00199-016-0970-7
Abstract
To prove their Walrasian equilibrium existence theorem, Arrow and Debreu (1954) devised an abstract economy that Shapley and Shubik (1977) cricitized as a market game because, especially with untrustworthy traders, it fails to determine a credible outcome away from equilibrium. All this earlier work also postulated a Walrasian auctioneer with complete information about traders’ preferences and endowments. To ensure credible outcomes, even in disequilibrium, warehousing is introduced into a multi-stage market game. To achieve Walrasian outcomes in a large economy with incomplete information, even about traders’ endowments, a strategy-proof demand revelation mechanism is considered, and then extended to include warehousing.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Equilibrium (Economics) | ||||||||
Journal or Publication Title: | Economic Theory | ||||||||
Publisher: | Springer | ||||||||
ISSN: | 0938-2259 | ||||||||
Official Date: | January 2017 | ||||||||
Dates: |
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Volume: | 63 | ||||||||
Number: | 1 | ||||||||
DOI: | 10.1007/s00199-016-0970-7 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 4 April 2016 | ||||||||
Date of first compliant Open Access: | 2 August 2016 |
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