Trading Uncertainty and Market Form

Yannis M Ionnides
Authors registered in the RePEc Author Service: Yannis M. Ioannides

International Economic Review, 1990, vol. 31, issue 3, 619-38

Abstract: This paper examines purely random multilateral matching among a large number of informationally isolated individuals who desire to trade. The structure of links among traders is characterized by means of random graphs, defined by a parameter that is chosen by prospective traders. Trading groups of all sizes (including pairs as a special case) result, but the size distribution may contain a mass point at infinity. That is, within a certain subset of the entire economy, trading uncertainty is entirely eliminated. The equilibrium price distribution consists of a mass point and of a mixture of densities. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1990
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