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1、*BENEFITSANDPITFALLSOFNETWORKINTERCONNECTIONNicholasS.ECONOMIDESSternSchoolofBusinessNewYorkUniversityNewYork,NY10012-1126neconomi@stern.nyu.edu²GlennA.WOROCHEconomics&StatisticsDepartmentGTELaboratoriesIncorporatedWaltham,MA02254gaw0@gte.comNovember1992Abstra
2、ctThispaperassessestheprivateandsocialincentivesfordisjointnetworkstointerconnectundervariousownershipstructures.Termsofinterconnectionarederivedforanoncooperativeequilibrium.Wefindthatnetworksmutuallyprofitfrominterconnectionwhenitcreatesnewservicesthatdidnot
3、existbeforehand,butalsowhenitcreatesservicesthatcompetedirectlywithexistingones.Giventheopportunitytomovefirst,anintegratednetworkwillchoosenottoforecloseitsnon-integratedrivals.Generallywefindthatwhentwoormorenetworkscontributecomponentstoaservice,doublemargi
4、nalizationreducesindustryprofitandconsumersurplus.Forthisreason,divestitureoftenharmsconsumersaswellasloweringnetworkprofits.Competitivesupplyofgatewayservicesreducesprofitandsurplus,butindividualnetworksprofitbysellingoffthesefacilitiestoathirdparty.Incontras
5、t,anintegratednetworkwillnotvoluntarilydivestitsend-to-endservice.Compulsorydivestituremayinflictseriousharm,notonlyonownersoftheintegratednetwork,butonconsumersaswell.*WethankNeilGandal,NancyGallini,GerardGaudet,RobMasson,FrankMathewson,RoyRadner,MikeRiordan,
6、MikeWaldman,RogerWare,LarryWhite,andparticipantsatthe20thTelecommunicationsPolicyResearchConferenceandatseminarsatCornell,NYU,Queen'sUniversity,UniversitedeQuebecatMontrealandUniversityofTorontofortheircommentsandsuggestions.Theviewsoftheauthorsdonotreflectthe
7、positionofGTECorporationoranyofitssubsidiaries.²AddressbeginningDecember1,1992:University-wideEnergyResearchGroup,UniversityofCalifornia,2539ChanningWay,Berkeley,CA94720.BENEFITSANDPITFALLSOFNETWORKINTERCONNECTION1.INTRODUCTIONNetworkservicesarecreatedbypackag
8、ingseparatecomponentsincombinationsdemandedbyusers.Typically,productionofindividualcomponentsexhibitstrongscaleeconomies,andsotheirsupplytendstobemonopolized.Consequently,unlessasi
