Heterogeneity in decentralized asset markets
研究了一个耐用商品或资产去中心化交换的标准模型，其中代理人的效用类型随时间变化且服从任意分布。主要贡献是提供了一种解法，能完整刻画均衡的闭式解，并发现异质性放大了摩擦对均衡结果的影响，且对价格水平的影响大于对价格离散和福利的影响。
We study a canonical model of decentralized exchange for a durable good or asset, where agents are assumed to have time‐varying, heterogeneous utility types. Whereas the existing literature has focused on the special case of two types, we allow agents' utility to be drawn from an arbitrary distribution. Our main contribution is methodological: we provide a solution technique that delivers a complete characterization of the equilibrium, in closed form, both in and out of the steady state. This characterization offers a richer framework for confronting data from real‐world markets and reveals a number of new economic insights. In particular, we show that heterogeneity magnifies the impact of frictions on equilibrium outcomes and that this impact is more pronounced on price levels than on price dispersion and welfare.