search query: @author Fraja, G. de / total: 5
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| Author: | Fraja, G. de Sakovics, J. |
| Title: | Walras retrouve: decentralized trading mechanisms and the competitive price |
| Journal: | Journal of Political Economy
2001 : AUG, VOL. 109:4, p. 842-863 |
| Index terms: | COMPETITIVENESS DECENTRALISATION PRICES TRADING |
| Language: | eng |
| Abstract: | The authors extend the standard analysis of decentralized markets to allow for the possibility that traders interact simultaneously with more than one trader on the opposite side of the market. In contrast with the literature, they reconcile the Walrasian equilibrium with the outcome of decentralized strategic trade: they show that there exist generic matching technologies that determine local market conditions such that, as market frictions vanish, the equilibrium price is one that would result in the static Walrasian market. |
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