Walras Retrouvé: Decentralized Trading Mechanisms and the Competitive Price
扩展了去中心化市场的标准分析，允许交易者同时与多个对手方互动，证明在特定匹配技术下，市场摩擦消失时均衡价格趋近于瓦尔拉斯竞争均衡，强调了局部市场条件对价格决定的重要性。
We extend the standard analysis of decentralized markets to allow for the possibility that traders interact simultaneously with more than one trader on the opposite side of the market. In contrast with the literature, we reconcile the Walrasian equilibrium with the outcome of decentralized strategic trade: we show that there exist generic matching technologies that determine local market conditions such that, as market frictions vanish, the equilibrium price is the one that would result in the static Walrasian market. Our analysis highlights the importance of local market conditions for the determination of equilibrium prices.