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| Author: | Gehrig, T. |
| Title: | Intermediation in search markets |
| Journal: | Journal of Economics & Management Strategy
1993 : SPRING, VOL. 2:1, p. 97-120 |
| Index terms: | MANAGEMENT STRATEGY ECONOMICS |
| Language: | eng |
| Abstract: | In markets, in which exchange requires costly search for trading partners, intermediaries can help to reduce the trading frictions. This institution is modeled in a framework with heterogeneous agents, who have the choice between intermediated exchange and search accompanied by some bargaining procedure. The equilibria of such a game are characterized. In the case of a monopolistic intermediary, the tradeoff between the bid-ask spread and the costs of delay during private search determine the intermediary's clientele. |
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