@inbook{3c408ea06b704dfb83980b4dc3cb79ec,
title = "Frictions in product markets",
abstract = "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.",
keywords = "Asymmetric information, Intermediaries, Market power, Matching frictions, Search frictions, Transaction costs",
author = "Alessandro Gavazza and Alessandro Lizzeri",
note = "Funding Information: We thank three anonymous reviewers for insightful suggestions. Alessandro Gavazza gratefully acknowledges support from the European Research Council (ERC-Consolidator grant award no.771004). Publisher Copyright: {\textcopyright} 2021 Elsevier B.V.",
year = "2021",
month = jan,
doi = "10.1016/bs.hesind.2021.11.006",
language = "English (US)",
isbn = "9780323915137",
series = "Handbook of Industrial Organization",
publisher = "Elsevier B.V.",
number = "1",
pages = "433--484",
editor = "Kate Ho",
booktitle = "Handbook of Industrial Organization, Volume 4",
edition = "1",
}