other is a market-making mode where an intermediary offers a platform for buyers and sellers to trade with each other. In …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 …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 …

; the other is a market-making mode by which an intermediary offers a platform for buyers and sellers to trade with each …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 …

; the other is a market-making mode by which an intermediary offers a platform for buyers and sellers to trade with each …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 …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 …

; the other is a market-making mode by which an intermediary offers a platform for buyers and sellers to trade with each …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 …

This paper studies an intermediated market operated by middlemen with high inventory holdings. I present a directed … search model in which middlemen are less likely to experience a stockout because they have the advantage of inventory … larger discount, by large-scaled intermediaries. The concentration of middlemen's market, i.e., few middlemen, each with …

This paper studies an intermediated market operated by middlemen with high inventory holdings. I present a directed … search model in which middlemen are less likely to experience a stockout because they have the advantage of inventory … larger discount, by large-scaled intermediaries. The concentration of middlemen's market, i.e., few middlemen, each with …

This paper studies an intermediated market operated by middlemen with high inventory holdings. I present a directed … search model in which middlemen are less likely to experience a stockout because they have the advantage of inventory … larger discount, by large-scaled intermediaries. The concentration of middlemen's market, i.e., few middlemen, each with …