Comment on McLennan and Sonnenschein

Oscar Volij, Roberto Serrano () and Nir Dagan ()

Staff General Research Papers from Iowa State University, Department of Economics

Abstract: Two important articles in the literature on decentralized strategic markets are Gale (1986) and McLennan and Sonnenschein (1991). McLennan and Sonnenschein (1991) claim to have generalized Gale (1986) in several respects. In doing so, they introduce mainly two modifications: 1. unbounded short sales are allowed, and 2. agents do not observe their trading partner's characteristics.

Date: 2002-03-01

Published in Econometrica, 1998, Vol. 66, pp. 1231-1233.

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