Trust on one market, robustness on the other: understanding the coexistence of decentralized and centralized markets
Résumé
Centralized markets are often considered as being more efficient than
bilateral exchanges, based on the fact that information is uniformly
spread among all the agents. However, the influence of trust on
the outcome of decentralized markets has been underlined by many
authors. We present an empirical study of the distinctive Boulogne-
sur-Mer sh market (where both buyers and sellers can choose to
trade by either bidding or bargaining), focused on the interactions
among agents. The approach we adopt derives from the studies of
mutualistic ecosystems, where the agents are of two different types
(like in plants - pollinators networks) and the interactions only take
place between agents of different kind, bringing naturally a benefit
for both. In our context, where the two kinds of agents are buyers
and sellers, our study shows that their interactions, not only bring
the economic benefits for the directly involved agents, but they also
contribute to the stability of the market. Our results help to under-
stand the surprising coexistence of the two forms of markets in the
Boulogne sur Mer sh-market.
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