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Estrutura Estratégica De Um Simples Mercado De Compra E Venda

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Abstract

We consider the cooperative market game studied in Sotomayor (1999-a), where identical and indivisible items are to be sold by only one seller to potential buyers. Agents' preferences are described by a reservation value and all buyers can buy up to their quota of objects. The buying and selling mechanism is a sealed bid auction. Suhmitted bids determine an interval (...) from where a market-c1earing price can be selected. The price (...), where each choice of (...) and of a matching rule define a different mechanism. Each of these mechanisms induces a non-cooperative game whose strategic structure is then analysed. Under reasonable assumptions we show that these non-cooperative games can be regarded as a competitive process for achieving a cooperative outcome: every equilibrium payoff is a competitive equilibrium for the cooperative market game. Precise answers can be given to the strategic questions raised.

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  • Sotomayor, Marilda, 1999. "Estrutura Estratégica De Um Simples Mercado De Compra E Venda," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 19(2), November.
    • Handle: RePEc:sbe:breart:v:19:y:1999:i:2:a:2781
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