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
  • [31] DECENTRALIZED GRADUATE ADMINISTRATION WITH CENTRALIZED ACCOUNTABILITY
    TUCKER, A
    COLLEGE AND UNIVERSITY, 1965, 40 (02): : 132 - 139
  • [32] Centralized and Decentralized Warehouse Logistics Collaboration
    Ding, Shiman
    Kaminsky, Philip M.
    M&SOM-MANUFACTURING & SERVICE OPERATIONS MANAGEMENT, 2020, 22 (04) : 812 - 831
  • [33] OFFSHORE INSTRUMENTATION PLANNING - CENTRALIZED OR DECENTRALIZED?
    Tompkins, Bill G.
    Oil and Gas Journal, 1980, 78 (05): : 55 - 57
  • [34] Sustainable centralized and decentralized supply concepts
    Brauner, Günther
    Elektrotechnik und Informationstechnik, 2015, 132 (08): : 510 - 511
  • [35] Centralized versus decentralized production planning
    Saharidis, Georgios K.
    Dallery, Yves
    Karaesmen, Fikri
    RAIRO-OPERATIONS RESEARCH, 2006, 40 (02) : 113 - 128
  • [36] CENTRALIZED OR DECENTRALIZED FOOD-SERVICE
    YAPP, BJ
    JOURNAL OF HOME ECONOMICS, 1958, 50 (01): : 29 - 32
  • [37] CENTRALIZED AND DECENTRALIZED ORGANIZATION OF CERVICAL CYTODIAGNOSTICS
    BAJARDI, F
    ARCHIV FUR GESCHWULSTFORSCHUNG, 1977, 47 (04): : 289 - 297
  • [38] CENTRALIZED AND DECENTRALIZED PURCHASING WITH QUALITY INSPECTIONS
    NG, KYK
    LAM, MN
    JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY, 1991, 42 (11) : 949 - 958
  • [39] Centralized and Decentralized Coordinated Scheduling with Muting
    Agrawal, Rajeev
    Bedekar, Anand
    Kalyanasundaram, Suresh
    Arulselvan, Naveen
    Kolding, Troels
    Kroener, Hans
    2014 IEEE 79TH VEHICULAR TECHNOLOGY CONFERENCE (VTC-SPRING), 2014,
  • [40] Comparing centralized and decentralized institutions: A reply
    Bendor, J
    Mookherjee, D
    AMERICAN POLITICAL SCIENCE REVIEW, 1997, 91 (03) : 695 - 697
12345