Frictions in Product Markets

Alessandro Gavazza and Alessandro Lizzeri

No 29259, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: L0 L1 (search for similar items in EconPapers)
Date: 2021-09
New Economics Papers: this item is included in nep-com, nep-isf, nep-mst and nep-ore
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Published as Alessandro Gavazza, Alessandro Lizzeri, Chapter 6 - Frictions in product markets☆☆We thank three anonymous reviewers for insightful suggestions. Alessandro Gavazza gratefully acknowledges support from the European Research Council (ERC-Consolidator grant award no.771004)., Editor(s): Kate Ho, Ali Hortaçsu, Alessandro Lizzeri, Handbook of Industrial Organization, Elsevier, Volume 4, Issue 1, 2021, Pages 433-484

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