Munich Personal RePEc Archive

Dynamic Markets with Randomly Arriving Agents

Said, Maher (2008): Dynamic Markets with Randomly Arriving Agents.

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Abstract

We develop a model of a dynamic market with randomly arriving participants. Both buyers and sellers arrive probabilistically over time. The valuation of each buyer for each object is independently distributed and private information to each buyer. Equilibrium prices are determined by a sequence of second-price auctions. We examine the manner in which equilibrium behavior and payoffs are influenced by both current market conditions and anticipated future dynamics.

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