Search in Asset Markets: Market Structure, Liquidity, and Welfare
扩展了Duffie等人的金融中介搜寻模型，允许交易商自由进入和无限持有资产，研究市场结构如何影响资产市场的效率和流动性。
This paper investigates how market structure affects efficiency and several dimensions of liquidity in an asset market. To this end, we generalize the search-theoretic model of financial intermediation of Darrell Duffie et al. (2005) to allow for entry of dealers and unrestricted asset holdings.