Market Microstructure and Intermediation
Market Microstructure and Intermediation
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DOI：
10.1257/jep.10.3.135
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发表时间：
1996
影响因子：
8.4
通讯作者：
Daniel F. Spulber
中科院分区：
文献类型：
--
作者：
Daniel F. Spulber
本文强调了中介机构在经济中发挥的重要作用，包括批发商、零售商和金融公司。该论文将中介机构定义为从供应商处采购并转售给买家或帮助买家和卖家会面和交易的经济代理人。中介机构协调交易并提供构成市场微观结构的交换机构。中介机构设定价格、管理库存、协调交换，并通过担保和委托监控提供信息。这些关键活动有助于解释市场如何达到均衡价格和数量。本文建议中介研究应纳入主流经济分析。
This paper emphasizes the important role played by intermediaries in the economy, including wholesalers, retailers, and financial firms. The paper defines an intermediary as an economic agent that purchases from suppliers for resale to buyers or that helps buyers and sellers meet and transact. Intermediaries coordinate transactions and provide the institutions of exchange that constitute market microstructure. Intermediaries set prices, manage inventories, coordinate exchange, and provide information through guarantees and delegated monitoring. These crucial activities help to explain how markets attain equilibrium prices and quantities. The paper suggests that the study of intermediation should be incorporated into mainstream economic analysis.