Gautier, Pieter; Hu, Bo; Watanabe, Makoto - 2016
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 is a market-making mode where an intermediary offers a platform for buyers and sellers to trade with each other. In …
