Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 28, 2019 erstellt
Beschreibung:
We study the dynamics of price discovery in decentralized two-sided markets. There exist memoryless dynamics that converge to the core in which agents' actions depend only on their current payoff. However, we show that for any such dynamic the convergence time can grow exponentially in the population size. We present a natural dynamic in which a player's reservation value provides a summary of her past information and show that this dynamic converges to the core in polynomial time in homogeneous markets