By John Eatwell, Murray Milgate, Peter Newman (eds.)
This is an extract from the 4-volume dictionary of economics, a reference booklet which goals to outline the topic of economics at the present time. 1300 topic entries within the whole paintings hide the extensive topics of financial thought. This quantity concentrates with regards to allocation details and markets.
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Additional info for Allocation, Information and Markets
An award to a book bidder is made at one price interval or unit above the floor bid, or the second highest book bid, whichever is the largest. If the auctioneer has two book bids he starts the bidding at a unit interval above the second highest of the book bids. If the bid is not raised on the floor he declares it sold to the highest book bidder at this (approximately) second highest bid price. The multiple unit extension of the second price sealed bid auction is called a competitive (or uniform price auction).
Each consumer lives for a finite time and has a consumption set and preferences like the consumers in a finite horizon model. A model with overlapping 24 Efficient Allocation generations of consumers presents the fundamental difficulty that consumers cannot trade with future consumers as yet unborn. This difficulty can appear even in a finite horizon model if there are too few markets. The economy is closed in the sense that there are no nonproduced resources; the von Neumann growth model is an example of such a model.
1959. On the existence of general equilibrium for a competitive market. Econometrica 27(1), January, 54-71. Majumdar, M. 1970. Some approximation theorems on efficiency prices for infinite programs. Journal of Economic Theory 2, 399-410. Majumdar, M. 1972. Some general theorems of efficiency prices with an infinite dimensional commodity space. Journal of Economic Theory 5,1-13. Majumdar, M. 1974. Efficient programs in infinite dimensional spaces: a complete characterization. Journal of Economic Theory 7, 355-69.