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| Title: | | Gatekeeper versus auctioneer: A non-tatonnement result  |
| 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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