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SUMMARY:The Market Structure of Intermediation
DTSTART:20210611T103000
DTEND:20210611T120000
DTSTAMP:20260528T114413Z
UID:433b68af793f5f63af793ad1e9582938ff49a35442734f130d0a8a4f
CATEGORIES:Conferences - Seminars
DESCRIPTION:Hongda ZHONG\, LSE\nA skilled intermediary can help many consu
 mers find good products\, thereby saving their duplicate screening costs. 
 However\, each consumer still needs to exert costly efforts to identify a 
 skilled intermediary. I study the structure of the intermediary market\, f
 ocusing on its size\, transparency\, and rounds of intermediations. With o
 nly one round of intermediation and a single product in need\, efficiency 
 is improved if and only if the intermediary sector is more transparent tha
 n the product market. When the same intermediaries operate in many differe
 nt product markets\, consumers can receive good products almost certainly\
 , with vanishingly small screening costs\, thereby achieving first best as
 ymptotically. With two rounds of intermediations\, a structure featuring h
 eterogeneous transparency levels in the primary and secondary intermediary
  sectors can attain asymptotic first best\, even with only one product mar
 ket. These results shed light on the structure of social media influencers
  and fund of fund.
LOCATION:Zoom
STATUS:CONFIRMED
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