. Utilizing a first order approach, the asymptotic properties of symmetric equilibria in discriminatory and uniform price auctions …

of PFE, which turn out to be the only kind of equilibria occurring in this model. We also find that when a PFE exists …, either (i) it is unique, or (ii) there is a continuum of equilibria: in fact, every Pareto optimal allocation is supported as … on transactions in financial markets. Portfolio constraints however may give rise other types of equilibria, in addition …