Measuring the Welfare of Intermediaries

Discussions with Jason Blevins, Franco Cattaneo, Chris Conlon, Pierre Dubois, Daniel Ershov, Paul Grieco, Doris M. D. Grillo-González, Fabio Miessi, José Luis Moraga- González, Aviv Nevo, Ariel Pakes, Mathias Reynaert, Tiago Ribeiro, Michelle Sovinsky, Matt Weinberg, Kevin Williams, and Renan Yoshida, as well as seminar participants at University of California Los Angeles (UCLA) Anderson, Toulouse, Getulio Vargas Foundation Graduate School of Economics (FGV/EPGE), Nova School of Business and Economics, University of Porto, the Ohio State University, Colegio Universitario de Estudios Financieros (CUNEF), the Barcelona Graduate School of Economics (GSE) Summer Forum (Consumer Search and Switching Costs Workshop), the 15th and 16th International Industrial Organization Conference (IIOC), the 12th Competition and Regulation European Summer School and Conference (CRESSE), the 11th Portuguese Economic Journal (PEJ) annual meeting, the 2018 Society for Economic Dynamics (SED) meeting, the 2017 North American Summer Meeting (NASAM) of the Econometric Society, the 2018 Research Office (GEE) of the Portuguese and Nova School of Business and Economics (SBE) conference, the 45th European Association for Research in Industrial Economics (EARIE) Conference, the 23th Jornadas de Economía Industrial, the 2nd Bogota Workshop on Structural Industrial Organization, and the 2017 Triangle Microeconomics Conference in honor to Tiago Pires have greatly benefited this work. The opinions expressed in this article reflect only the authors' views and in no way bind the institutions to which they are affiliated. First version of the manuscript: March, 2016.