Trust or robustness? An ecological approach to the study of auction and bilateral markets
Résumé
Centralized markets are often considered more efficient than bilateral exchanges because
information is public and the same for all the agents. On decentralized markets, where the
information is private, the influence of trust on the market outcome has been underlined by
many authors. We present an empirical study of the distinctive Boulogne-sur-Mer Fish Market
(where both buyers and sellers can choose to trade by either bidding or bargaining),
focused on the interactions between agents. Our approach is inspired by studies of mutualistic
ecosystems, where the agents are of two different types (as in plant-pollinator networks)
and the interactions only take place between agents of different kinds, naturally
providing benefits to both. In our context, where the two kinds of agents are buyers and sellers,
our study shows that not only do their interactions bring economic benefits for the
agents directly involved, but they also contribute to the stability of the market. Our results
help to explain the surprising coexistence of the two forms of market in the distinctive Boulogne
sur Mer Fish Market.
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