{"id":"https://openalex.org/W1595736992","doi":"https://doi.org/10.1007/978-1-349-07239-2_11","title":"On Equilibria of Bid-Ask Markets","display_name":"On Equilibria of Bid-Ask Markets","publication_year":1987,"publication_date":"1987-01-01","ids":{"openalex":"https://openalex.org/W1595736992","doi":"https://doi.org/10.1007/978-1-349-07239-2_11","mag":"1595736992"},"language":"en","primary_location":{"id":"doi:10.1007/978-1-349-07239-2_11","doi":"https://doi.org/10.1007/978-1-349-07239-2_11","is_oa":false,"landing_page_url":"https://doi.org/10.1007/978-1-349-07239-2_11","pdf_url":null,"source":{"id":"https://openalex.org/S4306463716","display_name":"Palgrave Macmillan UK eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Arrow and the Ascent of Modern Economic Theory","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W409640996","display_name":"Arrow and the Ascent of Modern Economic Theory"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103241693","display_name":"Robert B Wilson","orcid":"https://orcid.org/0009-0007-7172-4961","observed_orcids":["https://orcid.org/0009-0007-7172-4961","https://orcid.org/0000-0001-6059-9762"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Robert B. Wilson","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5103241693"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.5098,"has_fulltext":false,"cited_by_count":66,"citation_normalized_percentile":{"value":0.94209957,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":null,"issue":null,"first_page":"375","last_page":"414"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.003000000026077032,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10991","display_name":"Game Theory and Voting Systems","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-equilibrium","display_name":"market equilibrium","score":0.7549999952316284},{"id":"https://openalex.org/keywords/competitive-equilibrium","display_name":"competitive equilibrium","score":0.7200000286102295},{"id":"https://openalex.org/keywords/competitive-markets","display_name":"competitive markets","score":0.5799999833106995},{"id":"https://openalex.org/keywords/market-clearing-price","display_name":"market clearing price","score":0.656000018119812},{"id":"https://openalex.org/keywords/distributed-resource-allocation","display_name":"distributed resource allocation","score":0.7289999723434448},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.4440000057220459},{"id":"https://openalex.org/keywords/incomplete-markets","display_name":"incomplete markets","score":0.6840000152587891},{"id":"https://openalex.org/keywords/imperfect-competition","display_name":"imperfect competition","score":0.8539999723434448}],"concepts":[{"id":"https://openalex.org/C2780339515","wikidata":"https://www.wikidata.org/wiki/Q3074698","display_name":"Arrow","level":2,"score":0.8876034021377563},{"id":"https://openalex.org/C2780616401","wikidata":"https://www.wikidata.org/wiki/Q1133673","display_name":"Cornerstone","level":2,"score":0.7053754925727844},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6710124015808105},{"id":"https://openalex.org/C2780964549","wikidata":"https://www.wikidata.org/wiki/Q5156353","display_name":"Competitive equilibrium","level":2,"score":0.6289501190185547},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.6085061430931091},{"id":"https://openalex.org/C14981831","wikidata":"https://www.wikidata.org/wiki/Q1713661","display_name":"Market clearing","level":2,"score":0.602037787437439},{"id":"https://openalex.org/C90329073","wikidata":"https://www.wikidata.org/wiki/Q914232","display_name":"Ask price","level":2,"score":0.5959156155586243},{"id":"https://openalex.org/C26578527","wikidata":"https://www.wikidata.org/wiki/Q183384","display_name":"Perfect competition","level":2,"score":0.5496507883071899},{"id":"https://openalex.org/C134697681","wikidata":"https://www.wikidata.org/wiki/Q1609677","display_name":"Clearing","level":2,"score":0.49452683329582214},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4452369511127472},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.3768025040626526},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.34457719326019287},{"id":"https://openalex.org/C136264566","wikidata":"https://www.wikidata.org/wiki/Q159810","display_name":"Economy","level":1,"score":0.20462828874588013},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.11223754286766052},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.06306150555610657},{"id":"https://openalex.org/C142362112","wikidata":"https://www.wikidata.org/wiki/Q735","display_name":"Art","level":0,"score":0.0},{"id":"https://openalex.org/C153349607","wikidata":"https://www.wikidata.org/wiki/Q36649","display_name":"Visual arts","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1007/978-1-349-07239-2_11","doi":"https://doi.org/10.1007/978-1-349-07239-2_11","is_oa":false,"landing_page_url":"https://doi.org/10.1007/978-1-349-07239-2_11","pdf_url":null,"source":{"id":"https://openalex.org/S4306463716","display_name":"Palgrave Macmillan UK eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Arrow and the Ascent of Modern Economic Theory","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.4399999976158142,"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":14,"referenced_works":["https://openalex.org/W647734413","https://openalex.org/W1494498837","https://openalex.org/W1510461978","https://openalex.org/W1592475685","https://openalex.org/W2018695448","https://openalex.org/W2045528147","https://openalex.org/W2072960660","https://openalex.org/W2112374372","https://openalex.org/W2135949932","https://openalex.org/W2150027906","https://openalex.org/W4248083116","https://openalex.org/W4298863114","https://openalex.org/W4301724175","https://openalex.org/W6631862332"],"related_works":["https://openalex.org/W4230289593","https://openalex.org/W1577496849","https://openalex.org/W1528714948","https://openalex.org/W1854783843","https://openalex.org/W1010140455","https://openalex.org/W2492477926","https://openalex.org/W2473104471","https://openalex.org/W4210726774","https://openalex.org/W4248914512","https://openalex.org/W1444965053"],"abstract_inverted_index":{"Among":[0],"his":[1],"many":[2],"contributions":[3],"to":[4,16,111],"economic":[5],"theory,":[6],"Kenneth":[7],"Arrow\u2019s":[8],"studies":[9,99],"of":[10,20,24,30,47,87,90,100,115],"general":[11],"equilibrium":[12],"are":[13,106],"especially":[14],"important":[15],"the":[17,21,40,44,85,88,94,113],"continuing":[18,116],"development":[19],"fine":[22],"structure":[23],"market-mediated":[25],"allocation":[26,33,83],"processes.":[27,120],"The":[28,60],"paradigm":[29],"efficient":[31,82],"decentralized":[32],"via":[34],"market":[35],"clearing":[36],"prices":[37],"developed":[38],"from":[39],"Walrasian":[41],"model":[42],"in":[43,73],"long":[45],"line":[46],"research":[48,117],"given":[49],"its":[50],"greatest":[51],"impetus":[52],"by":[53,68],"Arrow,":[54],"Gerard":[55],"Debreu,":[56],"and":[57,77,103],"their":[58],"colleagues.":[59],"demonstration":[61],"that":[62],"\u2018perfectly\u2019":[63],"competitive":[64,102,119],"complete":[65],"markets,":[66],"characterized":[67],"universal":[69],"price-taking":[70],"behaviour,":[71],"can":[72],"principle":[74],"(absent":[75],"non-convexities,":[76],"so":[78],"on)":[79],"attain":[80],"an":[81],"set":[84],"cornerstone":[86],"theory":[89],"markets.":[91],"By":[92],"establishing":[93],"standard":[95],"against":[96],"which":[97],"further":[98],"imperfectly":[101],"incomplete":[104],"markets":[105],"compared,":[107],"this":[108],"accomplishment":[109],"continues":[110],"shape":[112],"agenda":[114],"on":[118]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}