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| Author: | Kultti, K. |
| Title: | Equivalence of auctions and posted prices |
| Journal: | Games and Economic Behavior
1999 : APR, VOL. 27:1, p. 106-113 |
| Index terms: | GAMES ECONOMIC BEHAVIOUR PRICING |
| Language: | eng |
| Abstract: | The authors determine the equilibrium in two transaction mechanisms: auctions and posted prices. Agents choose whether to participate in markets where traders are consummated by auctions or in markets where sellers post prices. The authors show that the selling mechanisms are practically equivalent. Previous studies have shown that auction markets emerge as a unique evolutionary stable equilibrium when compared to bargaining markets. Posted price markets dominate bargaining markets similarly. |
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