Frictions in Product Markets
76 Pages Posted: 20 Sep 2021 Last revised: 12 Jun 2023
There are 2 versions of this paper
Frictions in Product Markets
NBER Working Paper No. w29259
Number of pages: 76
Posted: 20 Sep 2021
Last Revised: 12 Jun 2023
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Frictions in Product Markets
CEPR Discussion Paper No. DP16542
Number of pages: 77
Posted: 22 Sep 2021
Date Written: September 2021
Abstract
This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. 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.
Suggested Citation: Suggested Citation
Gavazza, Alessandro and Lizzeri, Alessandro, Frictions in Product Markets (September 2021). NBER Working Paper No. w29259, Available at SSRN: https://ssrn.com/abstract=3926940
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