We consider a situation in which sellers and buyers trade divisible goods as price-takers in a network. We first characterize equilibrium market structures under which actual trading occurs through the links. Even when the sellers and buyers are connected in a network, several markets with different prices can appear in an equilibrium. The equilibrium market structure is essentially unique in the sense that each individual faces the same price and ends up with the same quantity traded in every equilibrium. We also show how the creation of additional links in the network affects the individual payoffs and the social welfare. A creation of a link can increase or decrease the payoffs of an individual seller or buyer, but it always weakly improves the social welfare.

我们考虑卖家和买家作为网络中的价格接受者交易可分割的商品的情况。我们首先描述均衡市场结构，在该结构下，实际交易通过链接发生。即使当卖家和买家在一个网络中连接时，几个价格不同的市场也会出现在一个均衡中。均衡市场结构本质上是独一无二的，因为每个人面临相同的价格，最终在每个均衡中交易的数量相同。我们还展示了在网络中创建附加链接如何影响个人收益和社会福利。链接的建立可以增加或减少个别卖家或买家的收益，但它总是微弱地改善社会福利。