Frictions in product markets

Alessandro Gavazza, Alessandro Lizzeri

Research output: Contribution to journalArticlepeer-review


We focus on markets with frictions, such as transaction costs, asymmetric information, search and matching frictions. We discuss how such frictions affect allocations, favor the emergence of intermediaries or dealers, and potentially create market power. Our focus is mostly on markets with many participants rather than on transactions that are bilateral or involve a small number of players.

Original languageEnglish (US)
JournalHandbook of Industrial Organization
StateAccepted/In press - 2021

All Science Journal Classification (ASJC) codes

  • Industrial relations
  • Finance
  • Economics and Econometrics
  • Strategy and Management


  • Asymmetric information
  • Intermediaries
  • Market power
  • Matching frictions
  • Search frictions
  • Transaction costs


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