Large market games with demand uncertainty
نویسنده
چکیده
We consider a market game with a continuum of consumers, where the measure of each type is stochastic. Nature selects the set of active consumers, who make bids and o¤ers on ` ¡ 1 spot market trading posts. Existence of type-symmetric Nash equilibrium is proven. When facing price uncertainty, best responses are unique, and a Nash equilibrium to the sell-all game is typically not a Nash equilibrium to the original game. Under plausible circumstances, consumers strictly prefer to be on one side of the market. Journal of Economic Literature Classi...cation Numbers: C7, D4, D8.
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 109 شماره
صفحات -
تاریخ انتشار 2003