#2385. Intermediation in over-the-counter markets with price transparency

October 2026publication date
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4 total number of authors per manuscript4500 $

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Journal’s subject area:
Economics and Econometrics;
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Abstract:
The article analyzes the role of intermediation in the OTC markets. The results show that mediation occurs naturally as an equilibrium result for a wide class of concordance functions commonly used in the literature. It also analyzed how the degree of mediation depends on the nature of friction and the primitives of the model. The numerical exercises also correlate the effects of equilibrium models with those of the reference model with chance encounters and post-facto negotiations.
Keywords:
Intermediation; Over-the-counter markets; Price transparency; Search frictions; Sorting

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