More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets;
More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets;
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有关中间商的更多信息：中间市场的均衡进入和效率；
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Yiting Li
中科院分区：
文献类型：
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作者：
G. Menzio;B. Julien;A. Masters;D. Mortensen;A. Wolinsky;G. Rocheteau;Yiting Li
本文推广了鲁宾斯坦和沃林斯基的中间商（中介）模型，将生产和搜索成本，加上更一般的匹配和讨价还价。这使我们能够研究许多新问题，包括进入，效率和动态。在基准模型中，均衡是唯一存在的，并且涉及某些参数的生产和中介，而不是其他参数。有时，中介是必不可少的：只要中间商活跃，市场就能运作。如果议价能力设置正确，均衡就是有效的;如果设置不正确，经济活动可能过多或过少。这是新颖的，相比原来的鲁宾斯坦-沃林斯基模型，其中均衡总是有效的。
This paper generalizes Rubinstein and Wolinsky’s model of middlemen (intermediation) by incorporating production and search costs, plus more general matching and bargaining. This allows us to study many new issues, including entry, efficiency and dynamics. In the benchmark model, equilibrium exists uniquely, and involves production and intermediation for some parameters but not others. Sometimes intermediation is essential: the market operates iff middlemen are active. If bargaining powers are set correctly equilibrium is efficient; if not there can be too much or too little economic activity. This is novel, compared to the original Rubinstein-Wolinsky model, where equilibrium is always efficient.