A model of merchants

被引：28

作者：

Watanabe, Makoto ^{[1
]}

机构：

[1] Univ Carlos III Madrid, Dept Econ, Madrid 28903, Spain

来源：

JOURNAL OF ECONOMIC THEORY | 2010年 / 145卷 / 05期

关键词：

Retail trades; Specialization; Turnover behaviors; Directed search; DIRECTED SEARCH; MIDDLEMEN; MARKET; EQUILIBRIUM;

D O I：

10.1016/j.jet.2010.02.011

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

I propose a simple model of merchants who are specialized in buying and selling a homogenous good. Facing the same frictions as in the buyer-seller direct trades, merchants can make profits with an ability to buy and sell many units of the good. They set the price to compete in the market and provide buyers with a strong likelihood of obtaining the good. This paper establishes a turnover equilibrium where some agents choose to become merchants endogenously. An interesting multiplicity can emerge. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：1865 / 1889

页数：25

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