منابع مشابه
Markets with Search Frictions
THE ROYAL SWEDISH ACADEMY OF SCIENCES has as its aim to promote the sciences and strengthen their influence in society.
متن کاملLiquidity in Asset Markets with Search Frictions∗
We develop a search-theoretic model of financial intermediation and use it to study how trading frictions affect the distribution of asset holdings, asset prices, efficiency, and standard measures of liquidity. A distinctive feature of our theory is that it allows for unrestricted asset holdings, so market participants can accommodate trading frictions by adjusting their asset positions. We sho...
متن کاملSearch in Asset Markets
We investigate how trading frictions in asset markets affect portfolio choices, asset prices and efficiency. We generalize the search-theoretic model of financial intermediation of Duffie, Gârleanu and Pedersen (2005) to allow for more general preferences and idiosyncratic shock structure, unrestricted portfolio choices, aggregate uncertainty and entry of dealers. With a fixed measure of dealer...
متن کاملBenchmarks in Search Markets
We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under conditions, raise total social surplus by increasing the volume of beneficial trade, facilitating more efficient trade matching between dealers and customers, and reducing total search costs. Although the improvement in market transparency caused by benchmarks lowers dealer profit margi...
متن کاملAggregators and Contextual Effects in Search Ad Markets
Allocation and pricing of ad slots in search ad markets is typically done through a Generalized Second Price (GSP) auction, which assumes that the click-through rate (CTR) of an ad displayed in a particular position depends only on the identity of the ad and the position it is displayed in. In particular, it is assumed that there are no contextual effects, where the CTR of an ad depends on the ...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 2006
ISSN: 0013-0133,1468-0297
DOI: 10.1111/j.1468-0297.2006.01046.x