Trading Networks With Frictions
研究了摩擦（如交易税和佣金）与连续转移如何共同影响交易网络匹配模型中的均衡，发现竞争均衡存在且与轨迹稳定解一致，但通常既不稳定也不帕累托有效。
We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes and commissions. When contracts are fully substitutable for firms, competitive equilibria exist and coincide with outcomes that satisfy a cooperative solution concept called trail stability . However, competitive equilibria are generally neither stable nor Pareto‐efficient.