Frictions in product markets

Alessandro Gavazza, Alessandro Lizzeri

Research output: Chapter in Book/Report/Conference proceedingChapter

2 Scopus citations

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.

Original languageEnglish (US)
Title of host publicationHandbook of Industrial Organization, Volume 4
EditorsKate Ho
PublisherElsevier B.V.
Pages433-484
Number of pages52
Edition1
ISBN (Print)9780323915137
DOIs
StatePublished - Jan 2021

Publication series

NameHandbook of Industrial Organization
Number1
Volume4
ISSN (Print)1573-448X

All Science Journal Classification (ASJC) codes

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

Keywords

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

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