Middlemen and the Allocation of Heterogeneous Goods
This paper presents a general equilibrium model in which middlemen emerge to facilitate trade in an environment of idiosyncratic tastes and heterogeneous goods. The gains to the traders can be measured along three dimensions: the rate of production, the time preference losses generated by the matching process, and the quality of the match between consumers’ preferences and the goods they ultimately consume.
|Date of creation:||Jun 2000|
|Date of revision:|
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- Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
- Yavas, Abdullah, 1992. "Marketmakers versus matchmakers," Journal of Financial Intermediation, Elsevier, vol. 2(1), pages 33-58, March.
- Abdullah Yavaş, 1996. "Search and Trading in Intermediated Markets," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 5(2), pages 195-216, 06.
- Li, Yiting, 1998. "Middlemen and private information," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 131-159, June.
- Biglaiser, Gary & Friedman, James W., 1994. "Middlemen as guarantors of quality," International Journal of Industrial Organization, Elsevier, vol. 12(4), pages 509-531, December.
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