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| Tekijä: | Shevchenko, A. |
| Otsikko: | Middlemen |
| Lehti: | International Economic Review
2004 : FEB, VOL. 45:1, p. 1-24 |
| Asiasana: | Equilibrium analysis |
| Vapaa asiasana: | Intermediaries Search theory |
| Kieli: | eng |
| Tiivistelmä: | An equilibrium model of intermediation based on search theory is provided in this paper. Intermediaries, like retailers, buy goods from producers and sell them to consumers. The number of intermediaries is endogenously determined by free entry. The size and composition of their inventories is also endogenous. Larger inventories make it more likely that a random customer will find something he likes, but are more costly to store. The distribution of prices is characterized. |
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