This paper furthers a research program in which the price at any point in time is determined by the market for access to trading partners. In this paper, the market is implemented by competitive brokers in a matching model of trade. If a certain condition holds, brokers can make profits by...

This paper addresses the question of how prices change in a competitive market if all agents are price takers. A queuing model of price determination is developed in which buyers and sellers face trade-offs between price and expected wait times. Sellers set prices but are competitive in the...