An Empirical Equilibrium Model of a Decentralized Asset Market
估计了一个分散化市场的搜索与讨价还价模型，利用商务飞机数据量化交易摩擦对资产配置和价格的影响，发现相对于瓦尔拉斯基准，12%的资产配置不当，价格低约24.5%，而经销商在减少摩擦中起重要作用。
I estimate a search-and-bargaining model of a decentralized market to quantify the effects of trading frictions on asset allocations and asset prices, and to quantify the effects of intermediaries that facilitate trade. Using business-aircraft data, I find that, relative to the Walrasian benchmark, 12 percent of the assets are misallocated, and pricesareapproximately 24.5-percent lower. Dealers play an importantroleinreducing frictions: In a market with no dealers, 15.2 percent of the assets would be misallocated. Perhaps surprisingly, in a market with no dealers, prices would increase by 1.7 percent, because sellers ’ outside options improve relative to buyers’, thus counteracting the effects of higher search costs and slower trade on asset prices.