Comparison of auctions and posted prices in a finite random matching model

被引:4
|
作者
Kultti, K [1 ]
机构
[1] Univ Helsinki, Dept Econ, FIN-00014 Helsinki, Finland
关键词
D O I
10.1628/0932456032954783
中图分类号
F [经济];
学科分类号
02 ;
摘要
I determine the steady state equilibrium in a random matching model with a finite number of buyers and sellers. Two trading mechanisms, namely, auctions and posted prices are compared. Auctions depict a situation where the sellers are unable to commit to a reserve price, whereas posted prices depict a situation where the sellers commit to a publicly announced price. In the corresponding infinite agent model the two mechanisms are equivalent, while in the finite case posted prices are preferred by sellers and auctions by buyers.
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页码:457 / 467
页数:11
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