市价中间商

IF 2.8 3区经济学 Q1 ECONOMICS

Rand Journal of Economics Pub Date : 2023-02-06 DOI:10.1111/1756-2171.12431

Pieter Gautier, Bo Hu, Makoto Watanabe

{"title":"市价中间商","authors":"Pieter Gautier, Bo Hu, Makoto Watanabe","doi":"10.1111/1756-2171.12431","DOIUrl":null,"url":null,"abstract":"This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman, who adopts a mixture of these two intermediation modes, can emerge in a directed search equilibrium and discuss implications for the market structure.","PeriodicalId":51342,"journal":{"name":"Rand Journal of Economics","volume":"2 1","pages":"0"},"PeriodicalIF":2.8000,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Marketmaking Middlemen\",\"authors\":\"Pieter Gautier, Bo Hu, Makoto Watanabe\",\"doi\":\"10.1111/1756-2171.12431\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman, who adopts a mixture of these two intermediation modes, can emerge in a directed search equilibrium and discuss implications for the market structure.\",\"PeriodicalId\":51342,\"journal\":{\"name\":\"Rand Journal of Economics\",\"volume\":\"2 1\",\"pages\":\"0\"},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2023-02-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Rand Journal of Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/1756-2171.12431\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Rand Journal of Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/1756-2171.12431","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文建立了一个市场结构由中介模式的选择内生决定的模型。在现实市场中广泛使用的中介模式有两种:一种是中间商模式，中间商从批发市场购买库存并转售给买家;另一种是做市模式，中介机构为买卖双方提供会面和交易的平台。我们证明了采用这两种中介模式混合的做市中间商可以出现在定向搜索均衡中，并讨论了对市场结构的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Marketmaking Middlemen

This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman, who adopts a mixture of these two intermediation modes, can emerge in a directed search equilibrium and discuss implications for the market structure.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Rand Journal of Economics ECONOMICS-

CiteScore

4.60

自引率

4.30%

发文量

期刊介绍： The RAND Journal of Economics publishes theoretical and empirical research on industrial organization and closely related topics, including contracts, organizations, law and economics, and regulation. The RAND Journal of Economics, formerly the Bell Journal of Economics, is published quarterly by The RAND Corporation, in conjunction with Blackwell Publishing.