A Theory of Value With Auction Prices

C.D. Aliprantis, R., Tourky and N.C. Yannelis

No 670, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: This paper introduces, within a general equilibrium setting, an alternate theory of value that provides a value-based characterization of the most important notions of allocative equilibria even in cases where the (Walrasian) uniform price-based characterizations need not be applicable. The value is calculated in terms of the maximum revenue outcome of a discriminatory price auction for divisible goods.

Keywords: AUCTIONS; GENERAL EQUILIBRIUM; MATHEMATICAL ANALYSIS (search for similar items in EconPapers)
JEL-codes: C62 D81 (search for similar items in EconPapers)
Pages: 37 pages
Date: 1998
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Citations: View citations in EconPapers (3)

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