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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. (2016) Designing a strategy-proof spot market mechanism with many traders : twenty-two steps to Walrasian equilibrium. Working Paper. Coventry: Department of Economics, University of Warwick. Warwick Economics Research Paper Series (WERPS) (1108). (Unpublished)

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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: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HF Commerce
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Commodity exchanges , Pricing , Floor traders (Finance)
Series Name: Warwick Economics Research Paper Series (WERPS)
Publisher: Department of Economics, University of Warwick
Place of Publication: Coventry
ISSN: 0083-7350
Official Date: January 2016
Dates:
DateEvent
January 2016Published
Number: 1108
Number of Pages: 64
Institution: University of Warwick
Status: Not Peer Reviewed
Publication Status: Unpublished
Access rights to Published version: Open Access
Version or Related Resource: This paper also appears as CRETA Discussion Paper No: 16
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