INVENTORY MANAGEMENT IN DECENTRALIZED MARKETS
研究了中介在分散市场中如何通过动态定价和订购策略管理库存，利用二手车经销商数据评估其福利影响。
Abstract We present a directed search model of intermediaries' dynamic inventory and revenue management. Search frictions hinder instantaneous replenishment, prompting intermediaries to utilize dynamic inventory‐based pricing and ordering strategies. In equilibrium, when inventory is high, an intermediary posts a lower retail price to speed up sales and depresses wholesale price to slow down purchases. We characterize the evolution dynamics of inventory holdings and their steady‐state distribution, and extend the model to multiunit wholesale orders, product differentiation, and heterogeneous intermediaries. Using data from used‐car dealers, we quantitatively evaluate the welfare consequence of used‐car dealers' inventory management practice.