We study decentralized markets with the presence of middlemen, modeled by a non-cooperative bargaining game in trading networks. Our goal is to investigate how the network structure of the market and the role of middlemen influence the markets effici
ency and fairness. We introduce the concept of limit stationary equilibrium in a general trading network and use it to analyze how competition among middlemen is influenced by the network structure, how endogenous delay emerges in trade and how surplus is shared between producers and consumers.
