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Walrasian Market

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Walrasian Market
An economic model of a market process in which orders are collected into batches of buys and sells and then analyzed to determine a clearing price that Will decide the market price. Also called "call market".
    
The NYSE uses a similar process before the opening bell in order to determine opening prices. A specialist Will look at all the collected orders for a particular Security and select the price that Will Clear the greatest number of trades. In fact, up until 1871 all trading on the NYSE was executed in this fashion.
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