Diversification and competition: Financial intermediation in a large Cournot-Walras economy
成果类型：
Article
署名作者：
Yosha, O
署名单位：
Tel Aviv University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2262
发表日期：
1997
页码：
64-88
关键词：
摘要：
An economy with partially diversified imperfectly competitive (Cournot) intermediaries is replicated. The Cournot-Walras equilibrium converges to the perfectly competitive equilibrium with no uncertainty. Despite the convergence. the tension between diversification and competition persists when tho economy becomes large, and is manifested in the rates of convergence of price, quantities, and pel capita welfare to their respective limits. To maximize the rate of convergence of pei capita welfare, resources must be allocated in a particular way that balances the gains from better diversified intermediaries and the gains From more competition in the intermediation sector. Journal of Economic Literature classification numbers: D43,D61, D89, G10, G21, L10, L16, O16. (C) 1997 Academic Press.