Journal Article

A Competitive Distribution of Auctions

Michael Peters

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 64, issue 1, pages 97-123
Published in print January 1997 | ISSN: 0034-6527
Published online January 1997 | e-ISSN: 1467-937X | DOI:
A Competitive Distribution of Auctions

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In this paper a competitive distribution of auctions is described for an economy consisting of an infinite number of buyers and sellers, all of whom differ according to their valuation for the single indivisible object being traded. A competitive distribution of auctions is such that no seller can improve his profits by deviating to any alternative direct mechanism. It is shown that the competitive distribution of auctions will have the property that each buyer and seller's best reply is independent of his beliefs about the tastes of other buyers and sellers on the market.

Journal Article.  0 words. 

Subjects: Economics

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