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Title:Gatekeeper versus auctioneer: A non-tatonnement result PDF Logo
Authors:de Dios, Emmanuel S.
Ong, Grace T.
Issue Date:2010
Series/Report no.:Discussion paper // School of Economics, University of the Philippines 2010,02
Abstract:A non-tatonnement process is described using the simplest demandand-supply model, involving the following: uniformly distributed agents; random matching of buyers and sellers; and a universal permission to engage in mutually acceptable trade at nonequilibrium prices. A sufficient condition is then stated where expected welfare gains are paradoxically greater when the number of market agents is restricted, compared to when all traders are allowed to participate.
Document Type:Working Paper
Appears in Collections:UPSE Discussion Papers, University of the Philippines

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