a price theory of multi-sided platforms

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1、AmericanEconomicReview100(September2010):1642–1672http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.4.1642APriceTheoryofMulti-SidedPlatformsByE.GlenWeyl*Idevelopageneraltheoryofmonopolypricingofnetworks.Platformsuseinsu-latingtariffstoavoidcoordinationfailure,implementinganydesir

2、edalloca-tion.ProfitmaximizationdistortsinthespiritofA.MichaelSpence(1975)byinternalizingonlynetworkexternalitiestomarginalusers.ThustheempiricalandprescriptivecontentofthepopularJean-CharlesRochetandJeanTirole(2006)modeloftwo-sidedmarketsturnsonthenatureofuserheterogeneity.Iproposeam

3、oreplausible,yetequallytractable,modelofheterogeneityinwhichusersdifferintheirincomeorscale.Myapproachprovidesageneralmeasureofmarketpowerandhelpspredicttheeffectsofpriceregulationandmergers.(JELD42,D85,L14)Thepricingproblemsofpaymentandadvertisingplatformshavemuchincommon.Bothseektoa

4、ttracttwodistinctgroupsofusers:AmExneedscardholdersandmerchants,whiletheNewYorkTimesrecruitsreadersandadvertisers.Becausethevalueeachgrouptakesfromusingtheseservicesdependsonthesizeoftheothersideofthemarket,theplatform’spricingandmarketingstrategiestoeachgrouparecloselylinked.Therefor

5、epolicydirectedatalleviatingdistortionscausedbymarketpowerintheseindustriesmusttakeaccountofhowinterventionsononesideaffectwelfareandplatformbehaviorontheother.Yetdespitecreditcardsandnewspapersbothbeingcanonicaltwo-sidedmarkets,theeconom-icsoftheseindustriesseemintuitivelyquitediffer

6、ent.ConsumersmostlikelytocarryAmExarethosewhomostvaluetheopportunitytousethecard.TheseloyalcardholdersthereforevaluetheparticipationofmerchantsmorethanthoseindifferentbetweenAmExandanotherpaymentformdo.Givenitslimitedabilitytopricediscriminate,AmExfailstofullyinternalizetheprefer-ence

7、sofloyalusers,puttingtoolittleeffortintoattractingmerchantsandchargingthemahigherpricethanwouldbesociallyoptimal.However,whenthecostsofattractingcardholdersriseandthereforecardholderincentivesfall,AmExwilltendtoserveonlyuserswhovaluemerchantpar-ticipationmorestrongly,leadingthemtoattr

8、actmo