| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20620 |
| 来源ID | Working Paper 20620 |
| Benchmarks in Search Markets | |
| Darrell Duffie; Piotr Dworczak; Haoxiang Zhu | |
| 发表日期 | 2014-10-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under conditions, raise social surplus by increasing the volume of beneficial trade, facilitating more efficient matching between dealers and customers, and reducing search costs. Although the market transparency promoted by benchmarks reduces dealers' profit margins, dealers may nonetheless introduce a benchmark to encourage greater market participation by investors. Low-cost dealers may also introduce a benchmark to increase their market share relative to high-cost dealers. We construct a revelation mechanism that maximizes welfare subject to search frictions, and show conditions under which it coincides with announcing the benchmark. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w20620 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578294 |
| 推荐引用方式 GB/T 7714 | Darrell Duffie,Piotr Dworczak,Haoxiang Zhu. Benchmarks in Search Markets. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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