منابع مشابه
Dealer Intermediation Between Markets
We develop a dynamic model of dealer intermediation between a monopolistic customerdealer (B2C) market and a competitive inter-dealer (B2B) market. Dealers face inventory constraints and adverse selection. We characterize the optimal quote setting and inventory management behavior for both markets in closed form and reveal how price setting in one market segment influences quote behavior in the...
متن کاملIntermediation, Compensation and Collusion in Insurance Markets
Recent events involving major insurance companies and insurance brokerage firms highlight substantial incentive problems in commercial and reinsurance markets where intermediation takes place. We show that in markets with informed as well as uninformed consumers and heterogeneous risk profiles intermediation has the potential to improve social welfare. However, since intermediation reduces insu...
متن کاملComplete Markets , Enforcement Constraints and Intermediation ∗
Alvarez and Jermann (2000) show that the constrained efficient allocations of endowment economies with complete markets and limited commitment can be decentralized with endogenous borrowing limits on the Arrow securities. In a model with capital accumulation, aggregate risk and competitive intermediaries, we show that such a decentralization is not possible unless one imposes an upper limit on ...
متن کاملFinancial Intermediation, Markets, and Alternative Financial Sectors
We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external sources. We argue that while traditional financing channels, including financial markets and banks, provide significant sources of funds for firms in developed countries, alt...
متن کاملEndogenous Intermediation in a Model of Search
This paper develops a minimal model of an economy with intermediation. The focus is on the endogenous choice of homogeneous agents between specializing as producers or as merchants. Merchants operate alongside a decentralized search market and provide immediacy in exchange. Endogenous choice requires that agents be free to move between the two occupations at any time. Using only this condition,...
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ژورنال
عنوان ژورنال: Journal of Economics <html_ent glyph="@amp;" ascii="&"/> Management Strategy
سال: 1993
ISSN: 1058-6407,1530-9134
DOI: 10.1111/j.1430-9134.1993.00097.x