: Kranton Rachel,
Minehart D F
: A Theory of Buyer-Seller Networks
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: 2001
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: American Economic Review
() : 3
: 91
: R.E. Kranton, D.F. Minehart. A Theory of Buyer-Seller Networks // American Economic Review V 91. No 3. 2000. pp 485-508
: This paper introduces a new model of exchange: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship, a \link,\ to exchange goods. Networks--buyers, sellers, and the pattern of links connecting them--are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industries, the paper shows that buyers and sellers, acting strategically in their own self-interests, can form the network structures that maximize overall welfare.
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