Convergence to no arbitrage equilibria in market games

Research output: Contribution to journalArticlepeer-review

Abstract

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
Volume39
Issue number5-6
DOIs
Publication statusPublished - Jul 2003

Keywords

  • Arbitrage
  • Law of one price
  • Multiple posts

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