Frictions in Product Markets

Alessandro Gavazza and Alessandro Lizzeri

No 16542, CEPR Discussion Papers from Centre for Economic Policy Research

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.

Keywords: frictions; Intermediaries; market power (search for similar items in EconPapers)
JEL-codes: D23 D82 D83 L1 (search for similar items in EconPapers)
Date: 2021-09
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