BUYERS, SELLERS, AND MIDDLEMEN: VARIATIONS ON SEARCH‐THEORETIC THEMES
研究了存在摩擦的市场中通过中间人链进行的间接双边交换，分析了中间人如何参与、讨价还价如何受下游谈判影响，并揭示了中介过程中泡沫产生的机制。
We study exchange that is bilateral but indirect—it involves chains of intermediaries, or middlemen—in markets with frictions. These frictions include search and bargaining problems. We show how, and how many, intermediaries might get involved in a chain, and how bargaining with one depends on upcoming negotiations with those downstream. The roles of buyers, sellers, money, and prices are discussed, allowing us to clarify some neglected connections between different branches of search theory. Pursuing one such connection, with monetary economics, we show how bubbles can emerge in intermediation, even with fully rational agents and perfect foresight.