platform, in which case consumers retain part of the economic rents. The market allocation is constraint efficient in the sense …

This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode …. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a … other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service …

the meeting technology affect the allocation of buyers to sellers. We show that a separate submarket for each type of …