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    "Model structure (winner-takes-all dealer races, Nash bargaining, repeat trading) captures insurer-dealer interaction",
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   "convention_notes": "Regression tables share a common caption convention, with later tables referring back to Table II. Dependent variables are log-transformed and execution costs are given in basis points relative to a quote benchmark. Significance is marked with stars. Structural estimates report sandwich standard errors in parentheses. Transition-matrix tables compare empirical and model-implied persistence.",
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    "claim": "Execution costs fall with network size up to roughly 20 dealers and rise beyond that",
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    "claim": "Insurers' network size is persistent from year to year",
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    "claim": "Reducing repeat trading or unbundling nontrade services can raise costs or reduce welfare for some insurers",
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    "evidence_ref": "Figure 7; Section IV.E"
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    "claim": "Trading activity follows a power law",
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