A Walrasian auction is a theoretical concept in economics that stems from the work of Léon Walras, a French economist known for his contributions to general equilibrium theory. The Walrasian auction is not an auction in the traditional sense but rather a method used to achieve market equilibrium where supply equals demand. In a Walrasian auction, a hypothetical auctioneer plays a crucial role in the market. The auctioneer announces prices for goods and allows buyers and sellers to respond to these prices.
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