多对一市场中的搜索摩擦*

IF 1.7 4区 经济学 Q3 BUSINESS, FINANCE
Menghan Xu
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引用次数: 0

摘要

本文研究了搜索摩擦如何影响多对一贷款市场的竞争和匹配效率,在多对一贷款市场中,借款人需要多个投资者的支持,并且需要协调但缺乏协调。我们建立了一个动态搜索模型,并证明借款人在报价利率时会采用混合策略。更重要的是,我们发现在多对一市场中,搜索摩擦导致的利率离散有利于协调,从而相对于无摩擦环境提高了分配效率。此外,我们还根据经验提出了与理论预测一致的典型事实,并从结构上估计了搜索摩擦对匹配效率的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Search Frictions in Many-to-one Markets*

This article studies how search frictions affect competition and matching efficiency in many-to-one loan markets where a borrower requires support from multiple investors and coordination is desired but absent. We develop a dynamic search model and show that borrowers employ mixed strategies in quoting interest rates. More importantly, we find that in many-to-one markets, the rate dispersion caused by search frictions facilitates coordination and hence improves allocation efficiency relative to a no friction environment. Further, we empirically present stylized facts consistent with the theoretical predictions and structurally estimate the impact of search frictions on matching efficiency.

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来源期刊
CiteScore
1.60
自引率
0.00%
发文量
27
期刊介绍: First published in 1952, the Journal of Industrial Economics has a wide international circulation and is recognised as a leading journal in the field. It was founded to promote the analysis of modern industry, particularly the behaviour of firms and the functioning of markets. Contributions are welcomed in all areas of industrial economics including: - organization of industry - applied oligopoly theory - product differentiation and technical change - theory of the firm and internal organization - regulation - monopoly - merger and technology policy Necessarily, these subjects will often draw on adjacent areas such as international economics, labour economics and law.
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