Inefficiencies in Networked Markets
Inefficiencies in Networked Markets
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DOI：
10.2139/ssrn.2445658
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发表时间：
2014-06
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影响因子：
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通讯作者：
M. Elliott
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文献类型：
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作者：
M. Elliott
在许多市场中，特定于关系的投资是贸易所必需的。这些形成的关系构成了一个网络化的市场，在这个市场中，并非所有的买方都能与所有的卖方进行交易。我们表明，网络化的市场可以分解，以确定替代交易机会如何影响谁与谁交易，以什么价格。这揭示了代理人投资关系的动机。投资效率低下可能会抵消贸易带来的所有收益，但原因因投资方式而异。三个应用程序被认为是详细的：高技能劳动力市场，合并市场时，行业整合，和天然气的国际市场。(JEL C78、D85、D86）
In many markets, relationship specific investments are necessary for trade. These formed relationships constitute a networked market in which not all buyers can trade with all sellers. We show that networked markets can be decomposed to identify how alternative trading opportunities affect who trades with whom and at what price. This uncovers agents' incentives to invest in relationships. Investment inefficiencies can eliminate all the gains from trade, but for reasons that differ depending on how investments are made. Three applications are considered in detail: high-skill labor markets, merger markets when industries are consolidating, and the international market for natural gas. (JEL C78, D85, D86)