... rules governing open-outcry double auctions, converged endogenously, in three to four periods of repeat interaction, to an efficient outcome. These observations contradicted the widely believed thought and taught necessity for perfect information, large numbers, and price-taking behavior. However...

...Sebastian Edwards Abstract This article investigates how Milton Friedman's views on exchange rates in emerging nations evolved through time. Early on he supported flexible exchange rates for most less developed countries. He endorsed several forms of flexibility, including auctions...

... for research support. Copyright 2013 by Duke University Press 2013 References Armantier Olivier Holt Charles Plott Charles . 2011 . “A Procurement Auction for Toxic Assets with Asymmetric Information.” CalTech Social Science Working Paper 1330R . Ausubel Lawrence Cramton...

... and behavior in English, Dutch and sealed-bid auctions. Economic Inquiry 18 : 1 -22. Crain , Mark , and R. B. Ekelund Jr 1976 . Chadwick and Demsetz on competition and regulation. Journal of Law and Economics 19 : 149 -62. De Vany , A. S. 1975 . Capacity utilization under alternative...

...Shyam Sunder Duke University Press 2006 Bosch-Domènech, Antoni, and Shyam Sunder. 2000 . Tracking the Invisible Hand: Convergence of Double Auctions to Competitive Equilibrium. Computational Economics 16.3 : 257 -84. Chamberlin, Edward H. 1948 . An Experimental Imperfect Market...

...) and the nonexistence of demand and supply equilibrium. In the second edition of his book Thornton (1870) replied to Mill, however, that what he meant by his fish auction example is not that equilibrium is multiple when demand does not increase with cheapness, but that goods are sold in an English auction...

... in developing a disequilibrium model of markets-a model which has recently been extensively studied, for example, so as to give micro- economic foundations to macroeconomics. In Section I1 we start with Thornton 1869’s example of fish auctions and Mill 1967’s interpretation of it, on which...

...Maarten Pieter Schinkel Duke University Press 2006 Albin, P., and D. K. Foley. 1992 . Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study. Journal of Economic Behavior and Organization 18.1 : 27 -51. Arrow, K. J. 1959 . Toward a Theory of Price Adjustment...

.... Plott Charles R. 1981 . “ Price Controls and the Behavior of Auction Markets: An Experimental Examination .” American Economic Review 71 ( 3 ): 448 – 59 . Kahn Alfred E. 1971 . The Economics of Regulation: Principles and Institutions , vol. 2 . New York : Wiley . Kilian...

... of the Social Sciences with Special Reference to Economics . New York: New York University Press. Milford , Karl 1990 . Menger's Methodology. In Caldwell 1990. Milgrom , P. 1989 . Auctions and Bidding: A Primer. Journal of Economic Perspectives 3 . 2 : 3 -22. Morgenstern , Oskar...

... of Alfred Marshall . Edited by A. C. Pigou. London: Macmillan. McAfee , R. Preston , and McMillan. John 1987 . Auctions and Bidding. Journal of Economic Literature 25 . 2 : 699 -738. Milgrom , Paul 1989 . Auctions and Bidding: A Primer. Journal of Economic Perspectives 3 . 3 : 3 -22...

... economy constitutes a single centralized market, encompass- ing every agent and every good and service. The auctioneer, though not explicitly introduced by Walras in the Elements of Pure Economics,is the cornerstone of the Walrasian trade technology (De Vroey 1998). His main task consists of using...

..., John P., with John C. Harsanyi, Herbert E. Scarf, and Reinhard Selten. 1992 . Game-Theoretic Models of Conflict and Cooperation . Boulder, Colo.: Westview. McAfee, Preston, and John McMillan. 1987 . Auctions and Bidding. Journal of Economic Literature 25.2 : 699 -738. McMillan, John. 1994...

... . The English Print, 1688–1802 . New Haven, Conn.: Yale University Press. De Marchi , Neil . 1995 . The Role of Dutch Auctions and Lotteries in Shaping the Art Market(s) of Seventeenth-Century Holland. Journal of Economic Behavior and Organization 28 : 203 -21. De Marchi , Neil , and Hans J...

..., Multiperson Business Game. Journal of the Operations Research Society of America 5 ( August ): 469 -503. Belovicz , Meyer W. 1967 . The Sealed Bid Auction: Experimental Studies. Ph.D. thesis, Purdue University. Bowley , A. L. 1928 . On Bilateral Monopoly. The Economic Journal 38...

... by the fact that we have only auction prices to go by. Although thus far only two art markets have been studied closely, I begin to suspect that hammer-price deviations from presale estimates may not be describable by a normal curve. To the extent that this is so, extreme hammer prices will occur...

... of Economics: An Introductory Volume . 8th ed. London: Macmillan. Mas-Colell, A., M. D. Whinston, and J. R. Green. 1995 . Microeconomic Theory . Oxford: Oxford University Press. Maskin, E., and J. Riley. 1989 . Optimal Multi-unit Auctions. In The Economics of Missing Markets, Information, and Games...

... . Copyright © 2019 Duke University Press 2019 Craufurd Goodwin antiques auctions collecting economics of art ...

...). The producers of engravings relied on painters and picture-dealers to supply them with their basic piece of input beyond skill, paper, and ink. They paid these agents sums above the ordinary auction prices paid for paintings. This raises the questions that form the main focus here. An entrepreneur could...

... and purchase” (108, emphasis mine), and they discuss “the ingenious world of his greatest ideal Book Reviews 561 creations, the general system of auctions, tdtonnement, and the auctioneer” (112). Actually, Walras assumed that written pledges...