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Trade Pattern and Professional Middlemen

In: Inframarginal Economics

Author

Listed:
  • Xiaokai Yang

    (University of New South Wales, Australia)

  • Wai-Man Liu

    (University of New South Wales, Australia)

Abstract

The following sections are included:Why Can the Professional Middleman Make Money? What Are the Determinants of Business Success?A Model with Trading Activities and Heterogeneous ParametersThe Decision to Be a Professional MiddlemanMarket Structures and Corner EquilibriaBasic vs. nonbasic structuresDefinitions of corner and general equilibriaThe Equilibrium Size of the Network of Division of LaborEmergence of Professional Middlemen and a Hierarchical Structure of Economic OrganizationDeterminants of Trade Pattern and Successful BusinessFurther ReadingQuestionsExercises

Suggested Citation

  • Xiaokai Yang & Wai-Man Liu, 2008. "Trade Pattern and Professional Middlemen," World Scientific Book Chapters, in: Inframarginal Economics, chapter 5, pages 111-133, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812837929_0005
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    More about this item

    Keywords

    Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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