Marketmaking Middlemen
构建了一个模型，其中市场结构由中介模式的内生选择决定，研究了采用混合中介模式的做市中间商如何在定向搜索均衡中出现，并讨论了对市场结构的启示。
Abstract This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real‐life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market‐making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman , who adopts a mixture of these two intermediation modes, can emerge in a directed search equilibrium and discuss implications for the market structure.