| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11437 |
| DP11437 Marketmaking Middlemen | |
| Pieter A. Gautier; Makoto Watanabe | |
| 发表日期 | 2016-08-17 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary holds inventories which he stocks from sellers for the purpose of reselling to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to trade with each other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service. We show that a marketmaking middleman, who adopts the mixture of these two intermediation modes, can emerge in a directed search equilibrium. |
| 主题 | Industrial Organization ; Labour Economics |
| 关键词 | Middlemen Marketmakers Platform Directed search |
| URL | https://cepr.org/publications/dp11437 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540251 |
| 推荐引用方式 GB/T 7714 | Pieter A. Gautier,Makoto Watanabe. DP11437 Marketmaking Middlemen. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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