Trading Volume and Asset Liquidity
分析交易者进入市场的决策如何影响市场深度和流动性，发现交易成本相等时交易会集中在一个市场，否则可能出现多个预期均衡，包括市场分割或场外搜索，且分割在双市场情况下降低福利。
Since the depth and liquidity of a market depend on the entry decisions of all potential participants, each trader assesses them according to conjectures about entry by others. If trade is equally costly across markets, this externality leads to the concentration of trade on one market. If not, it can produce multiple conjectural equilibria, some where trade concentrates on one market and others where large traders resort to a separate market or to search for a trading partner. While fragmentation is welfare-reducing in the two-market case, no such ranking is possible if it involves off-exchange search.