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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

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