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Jonathan Donier edited figures/walras_to_continuous/caption.tex
almost 9 years ago
Commit id: 0bf80b5541bc798be15220937f90fcf158725676
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\label{fig:scheme} Top: Supply and demand curves in (left) Walrasian auctions, (center) immediately after infrequent auctions and (right) immediately after frequent auctions. Bottom: Corresponding MSD curves. When transactions occur, supply and demand cannot cross (center and right). When the market is cleared frequently, supply and demand are depleted close to the price and exhibit a characteristic V-shape (right).