A Theory of Money and Financial Institutions. Part XV. A Trading Model to Avoid Tatonnement Metaphysics,
Abstract
The article is devoted to examining some of the problems involved in specifying an explicit trading mechanism which enables one to consider price formation in a non-tatonnement context. In other words, this is where offers to buy or sell which are accepted are contracted regardless of what happens to the rest of the market. The traders live with and pay for their errors. A simple two-sided market is examined. It is sufficiently simple that it can be examined experimentally.
Document Details
- Document Type
- Technical Report
- Publication Date
- Feb 13, 1974
- Accession Number
- AD0774928
Entities
People
- Martin Shubik
Organizations
- Yale University