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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2261/2692
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| タイトル: | A Dynamic General Equilibrium Model with Centralized Auction Markets |
| 著者: | Kamiya, Kazuya
Shimizu, Takazhi |
| キーワード: | Dynamic General Equilibrium
Auction
Walrasian Market
Real Indeterminacy of Stationary Equilibria
JEL Classification Numbers: C72, C78, D44, D51, D83, E40 |
| Issue Date: | Apr-2006 |
| 出版者: | 日本経済国際共同センター |
| 抄録: | 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. |
| URI: | http://hdl.handle.net/2261/2692 |
| その他の識別子: | CIRJE-F-417 |
| Appears in Collections: | 061 ディスカッションペーパー
Discussion Paper F series (in English)
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