| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14014 |
| DP14014 Heterogeneity in Decentralized Asset Markets | |
| Julien Hugonnier; Ben Lester; Pierre-Olivier Weill | |
| 发表日期 | 2019-09-20 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study a search and bargaining model of asset markets in which investors’ heterogeneous valuations for the asset are drawn from an arbitrary distribution. We present a solution technique that makes the model fully tractable, and allows us to provide a complete characterization of the unique equilibrium, in closed-form, both in and out of steady-state. Using this characterization, we derive several novel implications that highlight the important of heterogeneity. In particular, we show how some investors endogenously emerge as intermediaries, even though they have no advantage in contacting other agents or holding inventory; and we show how heterogeneity magnifies the impact of search frictions on asset prices, misallocation, and welfare. |
| 主题 | Financial Economics |
| 关键词 | Search frictions Bargaining Heterogeneity Price dispersion |
| URL | https://cepr.org/publications/dp14014 |
| 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/542898 |
| 推荐引用方式 GB/T 7714 | Julien Hugonnier,Ben Lester,Pierre-Olivier Weill. DP14014 Heterogeneity in Decentralized Asset Markets. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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