Similar Search Results

Comparing Search and Intermediation Frictions across Markets

Pinter, Gabor; Uslu, Semih - 2022

In intermediated markets, trading takes time and intermediaries extract rents. We estimate a structural search‑and‑bargaining model to quantify these trading delays, intermediaries’ ability to extract rents, and the resulting welfare losses in government and corporate bond markets. Using...

Persistent link: https://www.econbiz.de/10013289163

Comparing Search and Intermediation Frictions Across Markets

Pinter, Gabor; Uslu, Semih - 2022

In intermediated markets, trading takes time and intermediaries extract rents. We estimate a structural search-and-bargaining model to quantify these trading delays, intermediaries’ ability to extract rents, and the resulting welfare losses in government and corporate bond markets. Using...

Persistent link: https://www.econbiz.de/10013292830

Exclusive Nightclubs and Lonely Hearts Columns: Non-monotone Participation in Optional Intermediation

Fraja, Gianni De; Sakovics, Jozsef - School of Economics, University of Edinburgh - 2010

In many decentralised markets, the traders who benefit most from an exchange do not employ intermediaries even though they can easily afford them. For other traders, those who benefit little from trade, intermediaries are too expensive. Together, these observations lead to empirically observed...

Persistent link: https://www.econbiz.de/10008599403

Marketmaking Middlemen

Gautier, Pieter A. - 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. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service …

Persistent link: https://www.econbiz.de/10012982510

Intermediation and Investment Incentives

Belleflamme, Paul; Peitz, Martin - 2008

and sellers for access. What is the effect of for-profit intermediation on seller investment incentives? Investments in … incentives with competing for-profit platforms. However, we show that for-profit intermediation may lead to overinvestment when … thus access prices. We characterize the effect of for-profit intermediation on investment incentives depending on the …

Persistent link: https://www.econbiz.de/10014054108

Platform Ownership

Nocke, Volker; Peitz, Martin; Stahl, Konrad - C.E.P.R. Discussion Papers - 2004

We develop a general theoretical framework of trade on a platform on which buyers and sellers interact. The platform may be owned by a single large, or many small independent or vertically integrated intermediaries. There also may be free entry into the market for platform slots, or platform...

Persistent link: https://www.econbiz.de/10005662172

Platform Ownership

Nocke, Volker; Peitz, Martin; Stahl, Konrad - Volkswirtschaftliche Fakultät, … - 2004

Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004We develop a general theoretical framework of trade on a platform on which buyers and sellers interact. The platform may be owned by a single large, or many small independent or vertically integrated intermediaries. We...

Persistent link: https://www.econbiz.de/10005785930

Intermediation and Investment Incentives

Belleflamme, Paul; Peitz, Martin - C.E.P.R. Discussion Papers - 2007

joint and coordinated efforts by sellers. We show that, in general, for-profit intermediation is not neutral to such … particular, we show that whether for-profit intermediation raises or lowers investment incentives depends on which side of the …

Persistent link: https://www.econbiz.de/10005789005

Intermediation and investment incentives

Paul, BELLEFLAMME; PEITZ, Martin - Institut de Recherche Économique et Sociale (IRES), … - 2006

Persistent link: https://www.econbiz.de/10004984830

Platform Ownership

Nocke, Volker; Peitz, Martin; Stahl, Konrad - Department of Economics, University of Pennsylvania - 2004

We develop a general theoretical framework of trade on a platform on which buyers and sellers interact. The platform may be owned by a single large, or many small independent or vertically integrated intermediaries. We provide a positive and normative analysis of the impact of platform ownership...

Persistent link: https://www.econbiz.de/10005126718