Mortgage brokers acting as expert advisors for households often receive commission
payments from lenders. This paper analyzes the effects on welfare and market structure of …

This chapter provides an overview of the recent and growing econometric literature studying
how consumers search for products. We begin with a brief review of theoretical models of …

Digitalization can help suppliers cut ties with their intermediaries and offer products directly
to consumers. Such a digital disintermediation strategy likely affects both digital and non …

Abstract The 2023 Merger Guidelines (MGs) change the Agencies' narrative regarding non-
horizontal mergers. They follow a four-pronged approach:(1) They blend horizontal and non …

We present empirical evidence supporting that used cars sold by dealers have higher
quality:(i) dealer transaction prices are higher than unmediated market prices, and this …

We study the role of brokers in selection markets. We find broker-clients in the Canadian
mortgage market are observationally different from branch-clients. They finance larger loans …

We extend the literature on simultaneous search by allowing for differentiated products and
search cost heterogeneity. We show conditions under which a symmetric price equilibrium …

We focus on markets with frictions, such as transaction costs, asymmetric information, search
and matching frictions. We discuss how such frictions affect allocations, favor the emergence …

In 2020, the Department of Justice (DOJ) filed an antitrust suit against Google alleging that
Google has unlawfully monopolized the markets for general search services, search …

We investigate the efficiency of a market relative to a non-market institution—an auction
relative to a quota—as allocation mechanisms in the presence of frictions. We use data from …