调解
佣金
竞赛(生物学)
利润(经济学)
业务
中介的
金融中介
微观经济学
货币经济学
产业组织
经济
财务
生态学
生物
作者
Tat‐How Teh,Julian Wright
出处
期刊:American Economic Journal: Microeconomics
[American Economic Association]
日期:2022-05-01
卷期号:14 (2): 281-321
被引量:10
摘要
We explore the implications of steering by an informed profit-maximizing intermediary. The intermediary steers consumers by recommending firms, taking into account both the commissions firms offer and the prices they set. Such steering results in higher commissions and consumer prices, so that consumers only benefit from intermediation when their search cost is sufficiently high. Steering reverses the normal relationship between competition and price, with prices increasing in the number of competing firms. We use the framework to study various policies including commission caps (absolute or relative), commission disclosure, promoting information provision, and penalties for inappropriate advice. (JEL D11, D12, D82, D83)
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