TRADING IN NETWORKS: THEORY AND EXPERIMENTS

• 成果类型: Article
• 署名作者: Choi, Syngjoo; Galeotti, Andrea; Goyal, Sanjeev
• 署名单位: Seoul National University (SNU); European University Institute; University of Essex; University of Cambridge; University of Cambridge
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvw016
• 发表日期: 2017
• 页码: 784-817
• 关键词: competition; EFFICIENCY

摘要

We propose a model of posted prices in networks. The model maps traditional concepts of market power, competition, and double marginalization into networks, allowing for the study of pricing in complex structures of intermediation, such as supply chains, transportation and communication networks, and financial brokerage. We provide a complete characterization of equilibrium prices. Our experiments complement our theoretical work and point to node criticality as an organizing principle for understanding pricing, efficiency, and the division of surplus in networked markets.