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Middlemen

Author

Listed:
  • Ariel Rubinstein
  • Asher Wolinsky

Abstract

We study a model of a market with three types of agents: sellers, buyers, and middlemen. Buyers and sellers can trade directly or indirectly through the middlemen. The analysis focuses on steady state situations in which the numbers of agents of the different types and hence the trading opportunities are constant over time. The paper provides a framework for analyzing the activity of middlemen and the endogenous determination of the extent of that activity. It highlights the relations between the trading procedure and the distribution of the gains from trade.

Suggested Citation

  • Ariel Rubinstein & Asher Wolinsky, 1987. "Middlemen," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(3), pages 581-593.
    • Handle: RePEc:oup:qjecon:v:102:y:1987:i:3:p:581-593.
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    File URL: http://hdl.handle.net/10.2307/1884218
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    Citations

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    Cited by:

    1. Ricardo Lagos & Guillaume Rocheteau, 2006. "Search in asset markets," Staff Report 375, Federal Reserve Bank of Minneapolis.
    2. Masanori Kashiwagi, 2014. "Sunspots and Self-Fulfilling Beliefs in the U.S. Housing Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(4), pages 654-676, October.
    3. Michael Sattinger, 2003. "Price Dynamics and the Market for Access to Trading Partners," Discussion Papers 03-10, University at Albany, SUNY, Department of Economics.
    4. Bester, Helmut, 1995. "A bargaining model of financial intermediation," European Economic Review, Elsevier, vol. 39(2), pages 211-228, February.
    5. Kashiwagi, Masanori, 2014. "A search-theoretic model of the rental and homeownership markets," Journal of Housing Economics, Elsevier, vol. 26(C), pages 33-47.
    6. Huberto M. Ennis, 2009. "Avoiding The Inflation Tax," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(2), pages 607-625, May.
    7. Ricardo Lagos & Guillaume Rocheteau, 2009. "Liquidity in Asset Markets With Search Frictions," Econometrica, Econometric Society, vol. 77(2), pages 403-426, March.
    8. Zsolt Becsi & Victor E. Li & Ping Wang, 2000. "Financial matchmakers in credit markets with heterogeneous borrowers," FRB Atlanta Working Paper 2000-14, Federal Reserve Bank of Atlanta.
    9. Robert C. Feenstra & Gordon H. Hanson, 2004. "Intermediaries in Entrepôt Trade: Hong Kong Re‐Exports of Chinese Goods," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 13(1), pages 3-35, March.
    10. Canice Prendergast & Lars Stole, 2001. "Barter, Liquidity and Market Segmentation," CESifo Working Paper Series 586, CESifo.
    11. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2005. "Heterogeneous borrowers, liquidity, and the search for credit," Journal of Economic Dynamics and Control, Elsevier, vol. 29(8), pages 1331-1360, August.
    12. Daniel F. Spulber, 1996. "Market Microstructure and Intermediation," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 135-152, Summer.
    13. Pashardes, Panos & Clerides, Sofronis & Nearchou, Paris, 2005. "Intermediaries as Bundlers, Traders and Quality Assessors: The Case of UK Tour Operators," CEPR Discussion Papers 5038, C.E.P.R. Discussion Papers.
    14. Karen Eggleston & Robert Jensen & Richard Zeckhauser, 2002. "Information and Communication Technologies, Markets and Economic Development," Discussion Papers Series, Department of Economics, Tufts University 0203, Department of Economics, Tufts University.
    15. Gabre-Madhin, Eleni Z., 1999. "Transaction costs and market institutions," MTID discussion papers 31, International Food Policy Research Institute (IFPRI).

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