sales discount and timing of sales are characterized. A trade-off between cartel size and aggregate profits arises. …

equilibrium profits are characterized at any market size. A trade-o¤ between the size of the industry and its profits arises …

stylised facts are considered: globalisation, information technology, and competition. Globalisation and information technology …

We develop a search-based model of asset trading, in which investors of different horizons can invest in two identical … assets. The asset markets are partially segmented: buyers can search for only one asset, but can decide which one. We show … that there exists a "clientele" equilibrium where one market has more buyers and sellers, lower search times, higher …

This paper analyses the interaction between internal agency problems within firms and external search frictions when … of the wage contracts is positively related to high productivity, low unemployment benefits and high search frictions. …

We propose a model in which assets with identical cash flows can trade at different prices. Agents enter into an … through search. Short-sellers can endogenously concentrate in one asset because of search externalities and the constraint … that they must deliver the asset they borrowed. As a result, that asset enjoys both greater liquidity, measured by search …