About Market Structure

Klaus Kultti ()

Review of Economic Dynamics, 2003, vol. 6, issue 1, 240-251

Abstract: I study an economy where sellers choose locations, and buyers choose which location to visit. All sellers in one location correspond to the Walrasian market while each seller in a separate location corresponds to the standard random matching model. Trades are consummated in auctions, and it turns out that the Walrasian market is not an equilibrium market structure. Rather, the sellers choose to distribute themselves in several locations endogenously creating the imperfectness of markets. I determine the number of sellers per location in equilibrium as a function of the ratio of buyers to sellers. (Copyright: Elsevier)

Keywords: Market structure; Matching; Auctions (search for similar items in EconPapers)
JEL-codes: C78 D40 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (1)

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DOI: 10.1016/S1094-2025(02)00016-9

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