Definition: A Walrasian auctioneer is a hypothetical market-maker who matches suppliers and demanders to get a
single price for a good. One imagines such a market-maker when modeling a
market as having a single price at which all parties can trade.
Such an auctioneer makes the process of finding trading opportunities perfect and cost free; consider by contrast a "search problem" in which there is a stochastic cost of finding a partner to trade with and transactions costs when one does meet such a partner.
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