Kilenthong, Weerachart; Qin, Cheng-Zhong - Volkswirtschaftliche Fakultät, … - 2010
We apply an intermediation game of Townsend (1983) to analyze trade in an exchange economy through endogenous … intermediary will not be active unless some of its customers subsequently choose to trade with it. We introduce an "intermediation … core" and show that the subgame-perfect equilibrium allocations of the intermediation game are contained in the …