Prices, delay and the dynamics of trade

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dc.contributor.author Moreno, Diego
dc.contributor.author Wooders, John
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned 2010-03-10T11:07:35Z
dc.date.available 2010-03-10T11:07:35Z
dc.date.issued 1999-05
dc.identifier.issn 2340-5031
dc.identifier.uri http://hdl.handle.net/10016/7217
dc.description.abstract We characterize trading patterns and their dynamics in a market in which trade is bilateral, finding a trading partner is costly, prices are determined by bargaining, and preferences are private information. We also determine how the trading pattern depends on the market composition. Our analysis reveals that market equilibria may be inefficient and may exhibit delay. As the market becomes frictionless the welfare loss due to inefficiency vanishes; delay persists, however, and in this respect frictionless markets are not competitive.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries UC3M Working papers. Economics
dc.relation.ispartofseries 1999-32-14
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Trade dynamics
dc.subject.other Matching
dc.subject.other Bargaining
dc.subject.other Delay
dc.subject.other Asymmetric information
dc.subject.other Decentralized trade
dc.title Prices, delay and the dynamics of trade
dc.type workingPaper
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
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