Middlemen versus Market Makers: A Theory of Competitive Exchange

By John Rust, G. Hall. Journal of Political Economy, 2002

238 citations recorded by the source corpus.

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Leaning Against the Wind (2007, unknown): “The impact of trading delays in security markets is studied by dynamic asset-pricing models with search frictions, such as Duffie, Gârleanu, and Pedersen (2004), Weill (2004), Vayanos and Wang (2004), Spulber (1996) and Hall and Rust (2003). The present model builds specifically on the work of Duffi”
Dynamic Matching, Two-Sided Incomplete Information, and Participation Costs: Existence and Convergence to Perfect Competition (2007, background): “…important dynamic bargaining and matching models that incorporate incomplete information are Wolinsky (1988), De Fraja and Sáko- 2There is a related literature that we do not discuss here that concerns the microstructure of intermediaries in markets, e.g., Spulber (1999) and Rust and Hall (2002).”
Platform Intermediation in a Market for Differentiated Products (2009, unknown): “In the classical literature on intermediation, intermediaries “make the market” by choosing input and output prices to maximize their profits (see Spulber (1999) and the references therein).”
The Economics of Two-Sided Markets (2009, background): “Meanwhile, consumers typically stick to a single card for months at a time (Rysman, 2007a).”