search query: @author Williams, S. R. / total: 4
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| Author: | Williams, S. R. |
| Title: | The transition from bargaining to a competitive market |
| Journal: | American Economic Review
1990 : MAY, VOL. 80:2, p. 227-231 |
| Index terms: | GAME THEORY BARGAINING INFORMATION MARKETS COMPETITION |
| Language: | eng |
| Abstract: | Analysis of bargaining using noncooperative game theory has been a research topic over the past ten years. However, the formalization of perfectly competitive markets using a continuum of traders is now several decades old. A line of research is discussed that studies the transition between these two theories. In particular, results of recent papers are presented showing how a bargaining problem is transformed into a market as the number of traders increase. Incomplete information is shown to be an essential feature of the model discussed. A market with any finite number of traders on each side is modelled, rather than one with a continuum of traders. |
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