| 正文 | Lagos-Rocheteau (Econometrica, 2009) is part of the literature that applies a search model to asset trade in the over-the-counter market. The only friction in their model is that it takes agents cost to getting into contact with other agents. In this paper, as an alternative to their investor-dealer random meetings, a centralized competitive market, which occurs periodically, is studied. This arrangement preserves the main tension in their paper: a tradeoff between a portfolio that maximizes current utility and one that is good on average. For numerical versions of the model, it is shown that this market must occur only infrequently in order for investors to be as well off as their counterparts in the Lagos-Rocheteau setup. |
