Convergence to no arbitrage equilibria in market games

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For market games which feature multiple posts for each commodity we show the following: (i) the 'law of one price' obtains asymptotically as the number of market participants becomes infinite, irrespectively of the characteristics of market participants; (ii) as the number of markets increases the set of equilibria is nested upwards. © 2003 Elsevier Science B.V. All rights reserved.
Original languageEnglish
Pages (from-to)401-420
Number of pages19
JournalJournal of Mathematical Economics
Issue number5-6
Publication statusPublished - Jul 2003


  • Arbitrage
  • Law of one price
  • Multiple posts


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