Middle Men: The Visible Market-Makers

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2017-12-01 DOI:10.1111/jere.12168

Makoto Watanabe

引用次数: 18

Abstract

This paper presents a framework in which middlemen emerge to intermediate between ex-ante homogeneous buyers and sellers in the presence of search frictions. Middlemen announce prices, and hold an inventory to provide more sure services. Middlemen can mitigate trade imbalances with price competition. Using this framework I illustrate how the frictionless limit can emerge and how middlemen can implement the short-side principle for the market price to be Walrasian. The recent progress in the literature on intermediation will also be discussed.

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中间商:看得见的做市商

本文提出了在搜索摩擦存在的情况下，中间商作为事前同质买卖双方的中介出现的框架。中间商公布价格，并持有库存，以提供更可靠的服务。中间商可以通过价格竞争来缓解贸易不平衡。使用这个框架，我说明了无摩擦限制是如何出现的，以及中间商如何实现瓦尔拉斯式市场价格的短面原则。本文还将讨论调解文献的最新进展。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.