The Division of Markets is Limited by the Extent of Liquidity (Spatial Competition With Externalities)
分析流动性如何限制竞争经济中的市场数量，指出流动性作为正外部性可能导致非合作均衡中每个市场的流动性不足、市场过多，但也可能因流动性自我强化而导致市场过少。
Liquidity considerations will limit the number of markets in a competitive economy. Welfare implications are ambigious. Since liquidity is a positive externality, there may be too little liquidity per market at a noncooperative equilibrium and too many markets compared to the surplus-maximizing market structure. But liquidity is also self-reinforcing. Given an existing equilibrium, new markets may not open because nobody wants to use a new market with low liquidity. There may be too few markets to achieve efficiency. A nondiscriminating monopolist will operate smaller and more numerous markets compared to optimality as well as to the equilibrium of independent auctioneers. Copyright 1988 by American Economic Association.