Middlemen and the Allocation of Heterogeneous Goods

Alok Johri and John Leach
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John Leach: McMaster University, Canada

International Economic Review, 2002, vol. 43, issue 2, 347-362

Abstract: This article presents a general equilibrium model in which middlemen emerge to facilitate trade in an environment of idiosyncratic tastes and heterogeneous goods. The gains to the traders can be measured along three dimensions: the rate of production, the time-preference losses generated by the matching process, and the quality of the match between consumers' preferences and the goods they ultimately consume. Copyright Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association

Date: 2002
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