|
Archive@NYU >
Stern School of Business >
Accounting Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/27486
|
| Title: | Convergence of Double Auctions to Pareto Optimal Allocations in the
Edgeworth Box |
| Authors: | Gode, Dhananjay (Dan) K.
Sunder, Shyam |
| Keywords: | Pareto optimal allocations
Edgeworth Box
Double auction
Zero-intelligence traders |
| Issue Date: | May-2004 |
| Series/Report no.: | Dhananjay (Dan) K. Gode-09 |
| Abstract: | Double auctions with profit-motivated human traders as well as
"zero-intelligence" programmed traders have previously been
shown to converge to Pareto optimal allocations in partial equilibrium
settings. We show that these results remain robust in two-good general
equilibrium settings and elucidate how market structure, not
optimization by traders, guides efficient resource allocation. |
| URI: | http://hdl.handle.net/2451/27486 |
| Appears in Collections: | Accounting Working Papers
|
All items in Faculty Digital Archive are protected by copyright, with all rights reserved.
|
