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We study decentralized markets with the presence of middlemen, modeled by anon-cooperative bargaining game in trading networks. Our goal is to investigatehow the network structure of the market and the role of middlemen influence themarket's efficiency and fairness. We introduce the concept of limit stationaryequilibrium in a general trading network and use it to analyze how competitionamong middlemen is influenced by the network structure, how endogenous delayemerges in trade and how surplus is shared between producers and consumers.

Searching and Bargaining with Middlemen