De Fraja, Gianni; Sákovics, József - In: Journal of Economic Behavior & Organization 84 (2012) 2, pp. 618-632
In many decentralised markets, the traders who benefit most from an exchange do not employ intermediaries even though they could easily afford them. At the same time, employing intermediaries is not worthwhile for traders who benefit little from trade. Together, these decisions amount to...