This paper investigates the holdup problem in the dynamic search market where buyers and sellers search for their trading partners and specific investments are made after match but before trade. We show that frictionless (competitive) market imposes severe limitations on attainable efficiencies: Markets with small friction make the holdup problem more serious than those with large friction beca...

In this work, feasibility of flow pattern and oil holdup prediction for vertical upward oil–water two–phase flow using pressure fluctuation signals was experimentally investigated. Water and diesel fuel were selected as immiscible liquids. Oil holdup was measured by Quick Closing Valve (QCV) technique, and five flow patterns were identified using high speed photography through a transparent tes...