Working paper
Competitive equilibrium and the double auction
- Abstract:
-
In this paper, we revisit the common claim that double auctions necessarily generate competitive equilibria. We begin by observing that competitive equilibrium has some counterintuitive implications: specifically, it predicts that monotone shifts in the value distribution can leave prices unchanged. Using experiments, we then test whether these implications are borne out by the data. We find that in double auctions with stationary value distributions, the resulting prices can be far from comp...
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- Publication status:
- Published
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(Version of record, 896.5KB)
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- Publication website:
- https://www.economics.ox.ac.uk/publication/1266705/hyrax
Authors
Bibliographic Details
- Publisher:
- University of Oxford Publisher's website
- Series:
- Department of Economics Discussion Paper Series
- Place of publication:
- Oxford
- Publication date:
- 2022-07-03
- ISSN:
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1471-0498
- Paper number:
- 974
Item Description
- Language:
- English
- Keywords:
- Pubs id:
-
1266705
- Local pid:
- pubs:1266705
- Deposit date:
- 2022-07-06
Terms of use
- Copyright holder:
- Itzhak Rasooly
- Copyright date:
- 2022
- Rights statement:
- © 2022 The Author(s).
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