Bargaining in small dynamic markets
研究了交易者数量少且随时间变化的市场中的贸易过程，发现即使买卖双方同质且匹配摩擦小，小型市场仍会出现交易延迟和价格离散，并分析了交易价格如何随市场构成和经济条件变化。
This paper studies trade in endogenously evolving markets exhibiting few traders at any given point in time. Traders arrive in the market and bargain until they complete a trade. We find that, unlike large markets, small markets feature trade delay and price dispersion, even when sellers and buyers are homogeneous and matching frictions are small. We characterize transaction prices as a function of the endogenous evolution of the market composition and economic conditions, providing several novel comparative statics results. Our analysis highlights the need to incorporate sub-market structures into the theoretical study of job, real estate, and rental markets, where trade opportunities are typically constrained by both the geographical location and individual characteristics of each trader.