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Comment on Mclennan and Sonnenschein

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  • Volij, Oscar
  • Serrano, Roberto

Abstract

Two important articles in the literature on decentralized strategic markets are Gale (1986) and McLennan and Sonnenschein (1991). McLennan and Sonnenschein (1991) claim to have generalized Gale (1986) in several respects. In doing so, they introduce mainly two modifications: 1. unbounded short sales are allowed, and 2. agents do not observe their trading partner's characteristics.

Suggested Citation

  • Volij, Oscar & Serrano, Roberto, 1998. "Comment on Mclennan and Sonnenschein," Staff General Research Papers Archive 5099, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:5099
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    Cited by:

    1. Dipjyoti Majumdar & Artyom Shneyerov & Huan Xie, 2010. "How Optimism Leads to Price Discovery and Efficiency in a Dynamic Matching Market," Working Papers 10004, Concordia University, Department of Economics.
    2. Serrano, Roberto, 2002. "Decentralized information and the Walrasian outcome: a pairwise meetings market with private values," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 65-89, September.
    3. Kunimoto, Takashi & Serrano, Roberto, 2004. "Bargaining and competition revisited," Journal of Economic Theory, Elsevier, vol. 115(1), pages 78-88, March.
    4. Serrano, Roberto & Volij, Oscar, 2000. "Walrasian Allocations without Price-Taking Behavior," Journal of Economic Theory, Elsevier, vol. 95(1), pages 79-106, November.
    5. Dipjyoti Majumdar & Artyom Shneyerov & Huan Xie, 2016. "An optimistic search equilibrium," Review of Economic Design, Springer;Society for Economic Design, vol. 20(2), pages 89-114, June.

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