Convergence to Efficiency in a Simple Market with Incomplete Information
From MaRDI portal
Publication:4316533
DOI10.2307/2951506zbMath0820.90031OpenAlexW1973591521WikidataQ56803972 ScholiaQ56803972MaRDI QIDQ4316533
Steven R. Williams, Aldo Rustichini, Mark Allen Satterthwaite
Publication date: 14 September 1995
Published in: Econometrica (Search for Journal in Brave)
Full work available at URL: https://doi.org/10.2307/2951506
asymmetric informationdouble auctionbargainingmarket microstructureinefficiencyBayesian Nash equilibrium
Related Items (47)
Optimal market thickness ⋮ The relationship between the allocation of goods and a seller's revenue ⋮ Efficient allocations in economies with asymmetric information when the realized frequency of types is common knowledge ⋮ Large strategic dynamic interactions ⋮ Optimal mechanism for land acquisition ⋮ Existence of equilibrium in large double auctions ⋮ Informational robustness of competitive equilibria. ⋮ The modified Vickrey double auction ⋮ On nondegenerate equilibria of double auctions with several buyers and a price floor ⋮ Convergence of VCG mechanism to ex-post budget balance in a model of land acquisition ⋮ Incentives in the probabilistic serial mechanism ⋮ Multilateral Deferred-Acceptance Mechanisms ⋮ Internet auctions with many traders ⋮ Matching in the large: an experimental study ⋮ Stability in Large Matching Markets with Complementarities ⋮ Asymptotically optimal prior-free clock auctions ⋮ (Almost) efficient mechanisms for bilateral trading ⋮ Modularity and greed in double auctions ⋮ Optimal information structures in bilateral trade ⋮ Learning equilibrium in bilateral bargaining games ⋮ The effectiveness of English auctions. ⋮ Information and strategic behavior ⋮ Strategic market games: an introduction. ⋮ Combinatorial reallocation mechanisms ⋮ Approximating Gains-from-Trade in Bilateral Trading ⋮ Approximate Bayesian implementation and exact maxmin implementation: an equivalence ⋮ Competitive rational expectations equilibria without apology ⋮ Minimax regret and failure to converge to efficiency in large markets ⋮ Information precision and asymptotic efficiency of industrial markets ⋮ Convergence to perfect competition of a dynamic matching and bargaining market with two-sided incomplete information and exogenous exit rate ⋮ An ascending double auction ⋮ The efficiency of competitive mechanisms under private information ⋮ Large auctions with risk-averse bidders ⋮ The participatory Vickrey-Clarke-Groves mechanism ⋮ Optimal trading mechanisms with ex ante unidentified traders ⋮ Ex post efficiency in the buyer's bid double auction when demand can be arbitrarily larger than supply ⋮ The rate of convergence to perfect competition of matching and bargaining mechanisms ⋮ Stochastic stability in a double auction ⋮ Almost-dominant strategy implementation: exchange economies ⋮ Optimality versus practicality in market design: a comparison of two double auctions ⋮ A double auction based mathematical market model and heuristics for Internet-based secondhand durable good markets ⋮ Equilibrium in the two-player, \(k\)-double auction with affiliated private values ⋮ Entry-deterring agency ⋮ Markups in double auction markets ⋮ Price discovery using a double auction ⋮ Tail expectation and imperfect competition in limit order book markets ⋮ Decentralized information and the Walrasian outcome: A pairwise meetings market with private values.
This page was built for publication: Convergence to Efficiency in a Simple Market with Incomplete Information