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1、*BENEFITSANDPITFALLSOFNETWORKINTERCONNECTIONNicholasS.ECONOMIDESSternSchoolofBusinessNewYorkUniversityNewYork,NY10012-1126neconomi@stern.nyu.edu²GlennA.WOROCHEconomics&StatisticsDepartmentGTELaboratoriesIncorporatedWaltham,MA02254gaw0@gte.comNovember1992AbstractThispaperassesse
2、stheprivateandsocialincentivesfordisjointnetworkstointerconnectundervariousownershipstructures.Termsofinterconnectionarederivedforanoncooperativeequilibrium.Wefindthatnetworksmutuallyprofitfrominterconnectionwhenitcreatesnewservicesthatdidnotexistbeforehand,butalsowhenitcreates
3、servicesthatcompetedirectlywithexistingones.Giventheopportunitytomovefirst,anintegratednetworkwillchoosenottoforecloseitsnon-integratedrivals.Generallywefindthatwhentwoormorenetworkscontributecomponentstoaservice,doublemarginalizationreducesindustryprofitandconsumersurplus.Fort
4、hisreason,divestitureoftenharmsconsumersaswellasloweringnetworkprofits.Competitivesupplyofgatewayservicesreducesprofitandsurplus,butindividualnetworksprofitbysellingoffthesefacilitiestoathirdparty.Incontrast,anintegratednetworkwillnotvoluntarilydivestitsend-to-endservice.Compul
5、sorydivestituremayinflictseriousharm,notonlyonownersoftheintegratednetwork,butonconsumersaswell.*WethankNeilGandal,NancyGallini,GerardGaudet,RobMasson,FrankMathewson,RoyRadner,MikeRiordan,MikeWaldman,RogerWare,LarryWhite,andparticipantsatthe20thTelecommunicationsPolicyResearchC
6、onferenceandatseminarsatCornell,NYU,Queen'sUniversity,UniversitedeQuebecatMontrealandUniversityofTorontofortheircommentsandsuggestions.TheviewsoftheauthorsdonotreflectthepositionofGTECorporationoranyofitssubsidiaries.²AddressbeginningDecember1,1992:University-wideEnergyResearch
7、Group,UniversityofCalifornia,2539ChanningWay,Berkeley,CA94720.BENEFITSANDPITFALLSOFNETWORKINTERCONNECTION1.INTRODUCTIONNetworkservicesarecreatedbypackagingseparatecomponentsincombinationsdemandedbyusers.Typically,productionofindividualcomponentsexhibitstrongscaleeconomies,andso
8、theirsupplytendstobemonopolized.Consequently,unlessasi
