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• W1501467704 abstract "A conventional wisdom in economics is that a model dealing frictionless markets with a large number of agents always yields a Walrasian outcome. In this paper we assess the above argument in a dynamic framework by modeling centralized auction markets, and show that in such markets the outcomes are not necessarily Walrasian; the set of stationary equilibria in our model is a continuum which includes the Walrasian equilibrium. Moreover, we also buildamodelondecentralized auction markets and obtain similar results." @default.
• W1501467704 created "2016-06-24" @default.
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• W1501467704 date "2006-04-01" @default.
• W1501467704 modified "2023-10-01" @default.
• W1501467704 title "A Dynamic General Equilibrium Model with Centralized Auction Markets" @default.
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