TRADE RULES FOR UNCLEARED MARKETS WITH A VARIBLE POPULATION

İpek GÜRSEL TAPKI

Makale detayları

TRADE RULES FOR UNCLEARED MARKETS WITH A VARIBLE POPULATION

Yazarlar:

İpek GÜRSEL TAPKI

Yayıncı:

Gökhan ÖZER

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

International Review of Economics and Management 2017 Vol.5 Issue 1, pp.18-33

Belge Tipi:

Makale

Yayın Tarihi:

7/2017

Belge Dili:

Türkçe

Document ID (Org No.):

2000477672

Sıklık:

İki Yıllık

pISSN:

2148-3493

Özet:

 


 We analyze markets in open
economies in which the price of a traded commodity is fixed and as a result of
this stickiness, the demand and the supply are possibly unequal. In our model,
the agents have single peaked preferences on their consumption and production
choices. For such markets, we analyze the implications of population changes as
formalized by the well-known “consistency”
property. We first characterize the subclass of “Uniform trade rules”
that satisfies Pareto optimality,
no-envy, and consistency.
Next, we add an informational simplicity property which is called “independence of trade volume” and we
show that among the “Uniform trade rules” that satisfy Pareto optimality, no-envy, and consistency, only the one that clear either the short or long
side of the market satisfies independence
of trade volume.


.

 


We analyze markets in open economies in
which the price of a traded commodity is fixed and as a result of this
stickiness, the demand and the supply are possibly unequal. In our model, the
agents have single peaked preferences on their consumption and production
choices. For such markets, we analyze the implications of population changes as
formalized by the well-known “consistency”
property. We first characterize the subclass of “Uniform trade rules”
that satisfies Pareto optimality,
no-envy, and consistency.
Next, we add an informational simplicity property which is called “independence of trade volume” and we
show that among the “Uniform trade rules” that satisfy Pareto optimality, no-envy, and consistency, only the one that clear either the short or long
side of the market satisfies independence
of trade volume.


.

Makale detayları

TRADE RULES FOR UNCLEARED MARKETS WITH A VARIBLE POPULATION

Yazarlar: İpek GÜRSEL TAPKI

Yayıncı: Gökhan ÖZER

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: International Review of Economics and Management 2017 Vol.5 Issue 1, pp.18-33

Belge Tipi: Makale

Yayın Tarihi: 7/2017

Belge Dili: Türkçe

Document ID (Org No.): 2000477672

Sıklık: İki Yıllık

pISSN: 2148-3493

Sayı

Yazarlar:

İpek GÜRSEL TAPKI

Yayıncı:

Gökhan ÖZER

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

International Review of Economics and Management 2017 Vol.5 Issue 1, pp.18-33

Belge Tipi:

Makale

Yayın Tarihi:

7/2017

Belge Dili:

Türkçe

Document ID (Org No.):

2000477672

Sıklık:

İki Yıllık

pISSN:

2148-3493