Arbeitspapier
Marketmaking Middlemen
This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode by which an intermediary holds inventories which he stocks from sellers for the purpose of reselling to buyers; the other is a market-making mode by which an intermediary offers a platform for buyers and sellers to trade with each other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service. We show that a marketmaking middleman, who adopts the mixture of these two intermediation modes, can emerge in a directed search equilibrium.
- Language
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Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 6030
- Classification
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Wirtschaft
Market Structure, Pricing, and Design: General
Financial Institutions and Services: General
Market Structure, Firm Strategy, and Market Performance: General
Industry Studies: Services: General
General Regional Economics (includes Regional Data)
- Subject
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middlemen
marketmakers
platform
directed search
- Event
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Geistige Schöpfung
- (who)
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Gautier, Pieter A.
Hu, Bo
Watanabe, Makoto
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gautier, Pieter A.
- Hu, Bo
- Watanabe, Makoto
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2016
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