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Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn >
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http://hdl.handle.net/10419/22874
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| Title: | | Perfect Competition in a Bilateral Monopoly  |
| Authors: | | Dubey, Pradeep Sondermann, Dieter |
| Issue Date: | | 2003 |
| Series/Report no.: | | Bonn econ discussion papers 2003,26 |
| Abstract: | | We show that if limit orders are required to vary smoothly, then strategic (Nash) equilibria of the double auction mechanism yield competitive (Walras) allocations. It is not necessary to have competitors on any side of any market: smooth trading is a substitute for price wars. In particular, Nash equilibria are Walrasian even in a bilateral monopoly. |
| Subjects: | | Limit orders double auction Nash equilibria Walras equilibria perfect competition bilateral monopoly mechanism design |
| JEL: | | D41 C72 D44 D42 D61 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn
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