We assess the consequences for market quality and welfare of different entry regimes and exchange pricing policies in a context of limited market participation. To this end we integrate a two-period market microstructure model with an exchange competition model with entry in which exchanges...

We develop a tractable general equilibrium framework in which firms are large and have market power, with respect to both products and labor, and in which a firm's decisions are affected by its ownership structure. We characterize the Cournot--Walras equilibrium of an economy where each firm...