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1、*BENEFITSANDPITFALLSOFNETWORKINTERCONNECTIONNicholasS.ECONOMIDESSternSchoolofBusinessNewYorkUniversityNewYork,NY10012-1126neconomi@stern.nyu.edu²GlennA.WOROCHEconomics&StatisticsDepartmentGTELaboratoriesIncorporatedWaltham,MA02254gaw0@gte.comNovember1992AbstractThispa
2、perassessestheprivateandsocialincentivesfordisjointnetworkstointerconnectundervariousownershipstructures.Termsofinterconnectionarederivedforanoncooperativeequilibrium.Wefindthatnetworksmutuallyprofitfrominterconnectionwhenitcreatesnewservicesthatdidnotexistbeforehand,
3、butalsowhenitcreatesservicesthatcompetedirectlywithexistingones.Giventheopportunitytomovefirst,anintegratednetworkwillchoosenottoforecloseitsnon-integratedrivals.Generallywefindthatwhentwoormorenetworkscontributecomponentstoaservice,doublemarginalizationreducesindustr
4、yprofitandconsumersurplus.Forthisreason,divestitureoftenharmsconsumersaswellasloweringnetworkprofits.Competitivesupplyofgatewayservicesreducesprofitandsurplus,butindividualnetworksprofitbysellingoffthesefacilitiestoathirdparty.Incontrast,anintegratednetworkwillnotvolu
5、ntarilydivestitsend-to-endservice.Compulsorydivestituremayinflictseriousharm,notonlyonownersoftheintegratednetwork,butonconsumersaswell.*WethankNeilGandal,NancyGallini,GerardGaudet,RobMasson,FrankMathewson,RoyRadner,MikeRiordan,MikeWaldman,RogerWare,LarryWhite,andpart
6、icipantsatthe20thTelecommunicationsPolicyResearchConferenceandatseminarsatCornell,NYU,Queen'sUniversity,UniversitedeQuebecatMontrealandUniversityofTorontofortheircommentsandsuggestions.TheviewsoftheauthorsdonotreflectthepositionofGTECorporationoranyofitssubsidiaries.²
7、AddressbeginningDecember1,1992:University-wideEnergyResearchGroup,UniversityofCalifornia,2539ChanningWay,Berkeley,CA94720.BENEFITSANDPITFALLSOFNETWORKINTERCONNECTION1.INTRODUCTIONNetworkservicesarecreatedbypackagingseparatecomponentsincombinationsdemandedbyusers.Typic
8、ally,productionofindividualcomponentsexhibitstrongscaleeconomies,andsotheirsupplytendstobemonopolized.Consequently,unlessasi
