A search model of centralized and decentralized trade

被引：18
|
作者：
Miao, JJ [1 ]
机构：
[1] Boston Univ, Dept Econ, Boston, MA 02215 USA
来源：
REVIEW OF ECONOMIC DYNAMICS | 2006年 / 9卷 / 01期
关键词：
search; matching and bargaining; bid-ask spread; liquidity; welfare; walrasian equilibrium;
D O I：
10.1016/j.red.2005.10.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a search model of centralized and decentralized trade. In a centralized market, trades are intermediated by market makers at publicly posted bid-ask prices. In a decentralized market, traders search counterparties. Prices are negotiated and transactions are conducted in private meetings among traders. Traders can choose which market to enter. The determinants of bid-ask spreads and liquidity are analyzed. The welfare consequence of the market fragmentation is also analyzed. It is shown that compared to the competitive market-making, monopolistic market-making may improve social welfare. (c) 2005 Elsevier Inc. All rights reserved.
引用
收藏
页码：68 / 92
页数：25
相关论文
共 50 条
  • [21] From decentralized to centralized irrigation management
    Smith, Steven M.
    JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2018, 151 : 62 - 87
  • [22] On Centralized and Decentralized Architectures for Traffic Applications
    Mitrovic, Nikola
    Narayanan, Aditya
    Asif, Muhammad Tayyab
    Rauf, Ansar
    Dauwels, Justin
    Jaillet, Patrick
    IEEE TRANSACTIONS ON INTELLIGENT TRANSPORTATION SYSTEMS, 2016, 17 (07) : 1988 - 1997
  • [23] Centralized and decentralized rumor blocking problems
    Xin Chen
    Qingqin Nong
    Yan Feng
    Yongchang Cao
    Suning Gong
    Qizhi Fang
    Ker-I Ko
    Journal of Combinatorial Optimization, 2017, 34 : 314 - 329
  • [24] Centralized and decentralized tourism governance in Turkey
    Yüksel, F
    Bramwell, B
    Yüksel, A
    ANNALS OF TOURISM RESEARCH, 2005, 32 (04) : 859 - 886
  • [25] Centralized and decentralized rumor blocking problems
    Chen, Xin
    Nong, Qingqin
    Feng, Yan
    Cao, Yongchang
    Gong, Suning
    Fang, Qizhi
    Ko, Ker-I
    JOURNAL OF COMBINATORIAL OPTIMIZATION, 2017, 34 (01) : 314 - 329
  • [26] CREDIT AND EFFICIENCY IN CENTRALIZED AND DECENTRALIZED ECONOMIES
    DEWATRIPONT, M
    MASKIN, E
    REVIEW OF ECONOMIC STUDIES, 1995, 62 (04): : 541 - 555
  • [27] Interview on centralized and decentralized energy production
    Jopp, K
    Flower, T
    BWK, 2003, 55 (03): : 16 - 17
  • [28] CENTRALIZED OBSTETRICS, DECENTRALIZED OBSTETRICS OR BOTH
    OEHLERT, G
    ARCHIVES OF GYNECOLOGY, 1979, 228 (1-4): : 54 - 56
  • [29] Centralized vs Decentralized Monitors for Hyperproperties
    Aceto, Luca
    Achilleos, Antonis
    Anastasiadi, Elli
    Francalanza, Adrian
    Gorla, Daniele
    Wagemaker, Jana
    Leibniz International Proceedings in Informatics, LIPIcs, 311
  • [30] Centralized and decentralized provision of public goods
    Janos Feidler
    Klaas Staal
    Economics of Governance, 2012, 13 : 73 - 93
12345