BUYERS, SELLERS, AND MIDDLEMEN: VARIATIONS ON SEARCH-THEORETIC THEMES

• 成果类型: Article
• 署名作者: Wright, Randall; Wong, Yuet-Yee
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; State University of New York (SUNY) System; Binghamton University, SUNY
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12053
• 发表日期: 2014
• 页码: 375-397
• 关键词: private information; counter markets; money; equilibrium; exchange; MODEL; intermediation; prices; TRADE; makers

摘要

We study exchange that is bilateral but indirect-it involves chains of intermediaries, or middlemen-in markets with frictions. These frictions include search and bargaining problems. We show how, and how many, intermediaries might get involved in a chain, and how bargaining with one depends on upcoming negotiations with those downstream. The roles of buyers, sellers, money, and prices are discussed, allowing us to clarify some neglected connections between different branches of search theory. Pursuing one such connection, with monetary economics, we show how bubbles can emerge in intermediation, even with fully rational agents and perfect foresight.