Convergence of price processes under two dynamic double auctions
oleh: Jinpeng Ma, Qiongling Li
| Format: | Article |
|---|---|
| Diterbitkan: | Society for the Promotion of Mechanism and Institution Design 2016-12-01 |
Deskripsi
We study the convergence of two price processes generated by two dynamic double auctions (DA) and provide conditions under which the two price processes converge to a Walrasian equilibrium in the underlying economy. When the conditions are not satisfied, the price processes may result in a bubble or crash.