registrieren | anmelden | FAQ      [?] 
CiteULike is a free online bibliography manager. Register and you can start organising your references online.
Recent | Unread | Search | Authors | Tags | Export

What Makes Markets Allocationally Efficient?

by: Dhananjay K Gode, Shyam Sunder
The Quarterly Journal of Economics, Vol. 112, No. 2. (1997), pp. 603-630.

View FullText article


X Reviews [Write a review of this article]

There are no reviews of this article

X Find related articles from these CiteULike users

X Find related articles with these CiteULike tags

X Abstract

What determines the allocative efficiency of markets? Why are double auctions, even with untrained human traders, allocationally efficient? We provide a simple explanation for these complex phenomena by showing how externally observable rules that define a market cause high allocative efficiency when individuals remain within the confines of these rules. We also show how the oft-ignored shape of extramarginal demand and supply affects efficiency by influencing the inverse relationship between the magnitude of efficiency loss and its probability.


X BibTeX record

X RIS record



RIS BibTeX
CiteULike organises scholarly (or academic) papers or literature and provides bibliographic (which means it makes bibliographies) for universities and higher education establishments. It helps undergraduates and postgraduates. People studying for PhDs or in postdoctoral (postdoc) positions. The service is similar in scope to EndNote or RefWorks or any other reference manager like BibTeX, but it is a social bookmarking service for scientists and humanities researchers.