In this paper we analyze the Ancona wholesale fish market (MERITAN) where transactions take place in three simultaneous Dutch auctions. Our objective is to characterize the behavior of market participants and, in particular, that of buyers in such a market structure. Our analysis shows that...

In this paper we analyze the Ancona wholesale fish market (MERITAN) where transactions take place in three simultaneous Dutch auctions. Our objective is to characterize the behavior of market participants and, in particular, buyers in such a market structure. Our analysis of the data shows that...

This challenging book extends standard economic theory to take into account the presence of heterogeneity among economic agents. It argues for an approach to economic analysis which regards the economy as an interactive system with heterogeneous agents and not simply a system which treats...