Excuse me if I just insert my responses. Gotta run in just a few minutes.
More Big Players means more herding.
No Big Players does NOT imply no herding. An economist modelling things as having a fundamental position is not the same as saying his agents can or will find that position. A protected monopolist may certainly be a Big Player. I wish to defend here. If a private actor can become a Big Player without the help of the government, the Big Players theory applies.