Turnover Externalities with Marketplace Trading
研究存在免费市场时买卖双方的分散交易均衡，发现新交易者进入率提高能使所有人受益，这种周转外部性导致多个帕累托可排序均衡，为随机匹配文献中的类似结果提供新见解。
This article considers equilibrium decentralized trade when there is a marketplace where buyers and sellers meet costlessly. Since buyers have idiosyncratic match payoffs for each seller's good, some buyers, rather than trade with the current stock of sellers, wait for new sellers to enter the marketplace to obtain a good they like. A turnover externality exists where all traders are better off with higher entry rates of new traders. Furthermore, this turnover externality supports multiple Pareto‐rankable equilibria. This provides new insights into similar results obtained in the random‐matching literature.