Simultaneous Multilateral Search
研究场外市场中客户同时联系多个交易商并选择最优报价的搜索行为，发现搜索强度提升福利但搜索容量可能有害，且市场承压时客户可能低效偏好双边谈判，解释了SMS交易方式采用缓慢的原因。
Abstract This paper studies simultaneous multilateral search (SMS) in over-the-counter markets: When searching, a customer simultaneously contacts several dealers and trades with the one offering the best quote. Higher search intensity (how often one can search) improves welfare, but higher search capacity (how many dealers one can contact) might be harmful. When the market is in distress, customers might inefficiently favor bilateral bargaining (BB) over SMS. Such a preference for BB speaks to the sluggish adoption of SMS trading, like request-for-quote protocols, in over-the-counter markets. Furthermore, a market-wide shift to SMS may not be socially optimal.