Competitive Equilibrium with Middlemen: An Empirical Study
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چکیده
منابع مشابه
Middlemen versus Market Makers: A Theory of Competitive Exchange
We present a model in which the microstructure of trade in a commodity or asset is endogenously determined. Producers and consumers of a commodity (or buyers and sellers of an asset) who wish to trade can choose between two competing types of intermediaries: “middlemen” (dealer/brokers) and “market makers” (specialists). Market makers post publicly observable bid and ask prices, whereas the pri...
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