Competitive Equilibrium

(Auction Theory)

Tech

sciences
Auction Theory
Link to Dbpedia

What is Competitive equilibrium?

Competitive equilibrium (also called: Walrasian equilibrium) is the traditional concept of economic equilibrium, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. Competitive markets are an ideal standard by which other market structures are evaluated.

Technology Types

auction theorycompetition (economicsmarket (economics

Synonyms

Walrasian equilibrium

Tech Info


Source: [object Object]
 — Date merged: 11/6/2021, 1:32:50 PM
 — Date scraped: 5/20/2021, 5:53:37 PM