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Inefficiency caused by random matching and heterogeneity
Authors:Klaus Kultti
Institution:(1) Department of Economics, University of Helsinki, P.O. Box 17, 00014 Helsinki, Finland;(2) Helsinki Center of Economic Research (HECER), University of Helsinki, P.O. Box 17, 00014 Helsinki, Finland
Abstract:I study an economy with sellers and buyers with unit supplies and unit demands. Both parties have valuations uniformly distributed on a unit interval. I quantify the inefficiency, compared to the Walrasian markets, when the agents meet randomly. There are several causes of inefficiency that I deal with separately. First, even if there is perfect information about valuations it makes a difference whether all agents participate in the markets or whether only those who would trade in the Walrasian market participate. The same applies when there is private information about valuations.
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