level of social welfare. On the one hand, market transparency is benefi cial when the number of firms is exogenously given …. On the other, a higher degree of market transparency implies lower profits and hence makes it less attractive to enter … the market in the first place. It turns out that the second effect dominates: too much market transparency has a …

level of social welfare. On the one hand, market transparency is beneficial when the number of firms is exogenously given …. On the other, a higher degree of market transparency implies lower profits and hence makes it less attractive to enter … the market in the first place. It turns out that the second effect dominates: too much market transparency has a …

present paper shows that this result need not hold in a two-sided market. On the contrary, a higher ad-valorem tax rate …