On Equilibria of Bid-Ask Markets
On Equilibria of Bid-Ask Markets
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论买卖市场的均衡
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发表时间：
1987
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影响因子：
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通讯作者：
Robert B. Wilson
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作者：
Robert B. Wilson
在肯尼斯·阿罗对经济理论的诸多贡献中，他对一般均衡的研究对市场中介分配过程的精细结构的持续发展尤为重要。通过市场清算价格进行有效分散配置的范式是从瓦尔拉斯模型发展而来的，在阿罗、杰拉德·德布鲁及其同事的长期研究中，瓦尔拉斯模型得到了最大的推动。以普遍价格接受行为为特征的“完全”竞争的完全市场原则上（不存在非凸性等）可以实现有效配置的证明，奠定了市场理论的基石。通过建立标准，对不完全竞争和不完全市场的进一步研究进行比较，这一成就继续塑造竞争过程的持续研究议程。
Among his many contributions to economic theory, Kenneth Arrow’s studies of general equilibrium are especially important to the continuing development of the fine structure of market-mediated allocation processes. The paradigm of efficient decentralized allocation via market clearing prices developed from the Walrasian model in the long line of research given its greatest impetus by Arrow, Gerard Debreu, and their colleagues. The demonstration that ‘perfectly’ competitive complete markets, characterized by universal price-taking behaviour, can in principle (absent non-convexities, and so on) attain an efficient allocation set the cornerstone of the theory of markets. By establishing the standard against which further studies of imperfectly competitive and incomplete markets are compared, this accomplishment continues to shape the agenda of continuing research on competitive processes.