Rust, John; Hall, George - Cowles Foundation for Research in Economics, Yale University - 2001
/ask prices? To address this question, we extend Spulber's (1996a) search model with buyers, sellers, and price setting dealers to … exchange, and prices are private in the sense that price quotes can only be obtained through direct contact (e.g. telephone … observable bid and ask prices. In our model buyers and sellers can either trade with the market maker at the publicly posted bid …
