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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 (Unpublished)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 |
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| 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: |
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| 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| Status: | Not Peer Reviewed | ||||
| Publication Status: | Unpublished | ||||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 | ||||
| Related URLs: |
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