The Long Side of the Market and the Short End of the Stick: Bargaining Power and Price Formation in Buyers', Sellers', and Balanced Markets
研究动态交换市场中新交易者随机进入时议价能力和价格形成的决定因素，发现市场长边拥有等待未来伙伴的期权，均衡交易条件由短期现货市场条件和长期市场人口结构共同决定。
The determinants of bargaining power and price formation in a dynamic exchange market where new traders enter randomly over time are studied. When agents on the long side of the market possess the option to wait for the arrival of future partners, the terms of trade in the spot market must honor the value of this option. The equilibrium terms of trade are expressed in intuitive closed-form equations that highlight the distinct influences of short-run spot-market conditions and long-run market demographics.