Searching and bargaining with middlemen

Thanh Nguyen; Vijay G. Subramanian; Randall Berry

doi:10.1109/Allerton.2013.6736551

Searching and bargaining with middlemen

Thanh Nguyen, Vijay G. Subramanian, Randall Berry

Electrical and Computer Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

2 Scopus citations

Abstract

We study decentralized markets which include middlemen, producers and consumers connected via a trading network. We develop a model for trade in such settings based on non-cooperative bargaining with search frictions. Our goal is to investigate how the structure of the trading network and the role of middlemen influence the market's efficiency and fairness. To this end, we introduce the concept of limit stationary equilibrium which characterizes the trading patterns that emerge in a general trading network with a large population of agents. We use this concept to analyze how competition among middlemen is influenced by the network structure, how endogenous delay emerges in trade and how surplus is shared between producers and consumers.

Original language	English (US)
Title of host publication	2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013
Publisher	IEEE Computer Society
Pages	397
Number of pages	1
ISBN (Print)	9781479934096
DOIs	https://doi.org/10.1109/Allerton.2013.6736551
State	Published - 2013
Event	51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013 - Monticello, IL, United States Duration: Oct 2 2013 → Oct 4 2013

Publication series

Name	2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013

Other

Other	51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013
Country/Territory	United States
City	Monticello, IL
Period	10/2/13 → 10/4/13

ASJC Scopus subject areas

Computer Networks and Communications
Control and Systems Engineering

Access to Document

10.1109/Allerton.2013.6736551

Cite this

Nguyen, T., Subramanian, V. G., & Berry, R. (2013). Searching and bargaining with middlemen. In 2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013 (pp. 397). Article 6736551 (2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013). IEEE Computer Society. https://doi.org/10.1109/Allerton.2013.6736551

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title = "Searching and bargaining with middlemen",

abstract = "We study decentralized markets which include middlemen, producers and consumers connected via a trading network. We develop a model for trade in such settings based on non-cooperative bargaining with search frictions. Our goal is to investigate how the structure of the trading network and the role of middlemen influence the market's efficiency and fairness. To this end, we introduce the concept of limit stationary equilibrium which characterizes the trading patterns that emerge in a general trading network with a large population of agents. We use this concept to analyze how competition among middlemen is influenced by the network structure, how endogenous delay emerges in trade and how surplus is shared between producers and consumers.",

author = "Thanh Nguyen and Subramanian, {Vijay G.} and Randall Berry",

note = "Copyright: Copyright 2018 Elsevier B.V., All rights reserved.; 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013 ; Conference date: 02-10-2013 Through 04-10-2013",

year = "2013",

doi = "10.1109/Allerton.2013.6736551",

language = "English (US)",

isbn = "9781479934096",

series = "2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013",

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booktitle = "2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013",

address = "United States",

}

Nguyen, T, Subramanian, VG & Berry, R 2013, Searching and bargaining with middlemen. in 2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013., 6736551, 2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013, IEEE Computer Society, pp. 397, 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013, Monticello, IL, United States, 10/2/13. https://doi.org/10.1109/Allerton.2013.6736551

Searching and bargaining with middlemen. / Nguyen, Thanh; Subramanian, Vijay G.; Berry, Randall.
2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013. IEEE Computer Society, 2013. p. 397 6736551 (2013 51st Annual Allerton Conference on Communication, Control, and Computing, Allerton 2013).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

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AB - We study decentralized markets which include middlemen, producers and consumers connected via a trading network. We develop a model for trade in such settings based on non-cooperative bargaining with search frictions. Our goal is to investigate how the structure of the trading network and the role of middlemen influence the market's efficiency and fairness. To this end, we introduce the concept of limit stationary equilibrium which characterizes the trading patterns that emerge in a general trading network with a large population of agents. We use this concept to analyze how competition among middlemen is influenced by the network structure, how endogenous delay emerges in trade and how surplus is shared between producers and consumers.

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ER -

Searching and bargaining with middlemen

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