English, Article, Journal or magazine article edition: An Ascending Double Auction Peters, Michael; Severinov, Sergei

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Bookmark: http://trove.nla.gov.au/version/39824
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • An Ascending Double Auction
Author
  • Peters, Michael
  • Severinov, Sergei
Physical Description
  • preprint
Notes
  • This paper studies an internet trading mechanism similar to the one described in Peters and Severinov (2000) in a market where traders values are interdependent. Conditions are given for which this mechanism has a perfect Bayesian equilibrium which supports allocations that are the same as the allocations supported by a rational expectations equilibrium. In particular, this equilibrium supports allocations that are ex post efficient. We show how to construct the rational expectations equilibrium belief function from posterior beliefs at terminal information sets of the internet trading game. The mechanism is also compared to a double auction.
  • double auctions, rational expectations
  • RePEc:ubc:pmicro:peters-03-12-16-01-57-39
Language
  • English
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