Exchange Competition, Entry, and Welfare
研究了不同进入制度和交易所定价政策对市场质量和福利的影响，发现自由进入比垄断带来更好的流动性和福利，但进入可能过多或不足。
Abstract We assess the consequences for market quality and welfare of different entry regimes and exchange pricing policies. To do so, we integrate a microstructure model with a free-entry, exchange competition model where exchanges have market power in technological services. Free-entry delivers superior liquidity and welfare outcomes vis-á-vis an unregulated monopoly, but entry can be excessive or insufficient. Depending on the extent of the monopolist’s technological services undersupply compared to the first best, a planner can achieve a higher welfare controlling entry or platform fees. Review of Financial Studies, forthcoming