Tests of market outcomes with asymmetric valuations of gains and losses: smaller gains, fewer trades, and less value

Article Abstract:

Actual trade gains and market exchange volume proved to be smaller than expected market assumptions. Based on two market simulations, actual gains obtained in exchange and trade volumes are less than half of market assumptions. Fewer than expected market tradings were also observed on actual market exchanges as shown by failure to complete by all Pareto-efficient exchanges.

Economic aspects, Lotteries

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Spatial competition with intermediated matching

Article Abstract:

A bilateral matching market was analyzed that is characterized by middlemen or matchmakers competing to serve the needs of agents. Middlemen have the tendency to shoulder agents' service expenses when the type of agents being handled have limited willingness to pay for matchmakers' service. In addition, agents may also stand to lose transaction cost during a match.

Research, Competition (Economics)

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On markets in economic theory

Article Abstract:

Discusses the role of mediators and mediation mechanisms in commodity exchange and the distinction between firms and markets.

United States, Editorial

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