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Platform Oligopoly with Endogenous Homing: Implications for Free Entry and Mergers 具有内生归巢的平台寡头垄断:对自由进入和合并的启示
Pub Date : 2021-10-06 DOI: 10.2139/ssrn.3937682
Takanori Adachi, Susumu Sato, M. Tremblay
Consumer multi-homing is considered to be critical for competition policy regarding digital platforms. To assess the role of consumer multi-homing in competition policy toward platforms, we develop a new framework that embeds consumer multi-homing in two-sided market into the otherwise standard model of Cournot oligopoly and apply it to free entry and mergers. We find that the equilibrium level of platform entry is insufficient given the presence of consumer multi-homing, and a required level of merger-specific cost reduction is larger if the fraction of multi-homing consumers is larger. These results together provide a caution to the popular belief that multi-homing mitigates the need for a strict implementation of competition policy.
消费者多重归巢被认为对数字平台的竞争政策至关重要。为了评估消费者多归巢在平台竞争政策中的作用,我们开发了一个新的框架,将双边市场中的消费者多归巢嵌入到古诺寡头垄断的标准模型中,并将其应用于自由进入和合并。我们发现,考虑到消费者多归巢的存在,平台进入的均衡水平是不够的,如果多归巢的消费者比例越大,并购所需的特定成本降低水平就越大。这些结果共同提醒人们,普遍认为多重归巢减轻了严格执行竞争政策的必要性。
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引用次数: 1
Biosimilar Entry and the Pricing of Biologic Drugs 生物仿制药进入和生物药品定价
Pub Date : 2021-01-04 DOI: 10.2139/ssrn.3760213
Luca Maini, Josh Feng, T. Hwang, Jacob Klimek
Biosimilars are close copies of biologic drugs, a group of complex pharmaceutical products that cannot be exactly replicated. The United States Congress passed regulation promoting biosimilar entry in 2010. Since then, the FDA has approved more than 30 biosimilars. We study how the entry of biosimilars has affected price, volume sold, and formulary placement of their corresponding reference biologic drugs. We find that reference biologics react to biosimilar entry much more aggressively than small-molecule brand drugs do to generic entry. We use a simple model to argue that differences in the perceived quality of biosimilar products can explain this discrepancy, and show empirical evidence in support of our theory. The model and empirical results suggest that biosimilars could eventually replace originator biologics, similar to how generic drugs replace brand products, provided that future research confirms the current medical evidence on biosimilars' safety and efficacy.
生物仿制药是生物药物的紧密复制品,是一组不能完全复制的复杂药物产品。2010年,美国国会通过了促进生物仿制药上市的法规。从那时起,FDA已经批准了30多种生物仿制药。我们研究了生物仿制药的进入如何影响其相应参考生物药的价格、销量和处方位置。我们发现参考生物制剂对生物仿制药的反应比小分子品牌药对仿制药的反应要强烈得多。我们使用一个简单的模型来论证生物仿制药产品感知质量的差异可以解释这种差异,并展示了支持我们理论的经验证据。模型和实证结果表明,如果未来的研究能够证实生物类似药安全性和有效性的现有医学证据,那么生物类似药最终可能会取代原研生物制剂,就像仿制药取代品牌产品一样。
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引用次数: 1
Few Notes on Inequality in Israel: The Causes Behind Inequality 以色列的不平等:不平等背后的原因
Pub Date : 2020-12-10 DOI: 10.2139/ssrn.3746659
K. Yanovskiy
Real Justice has nothing in common with redistribution and disgraceful ‘equity’, so we are discussing inequality as a purely economic problem. There are two sources of inequality in focus in this short paper. The first one is rooted in the level of risks accepted by business: if a significant part of entrepreneurs is ‘risk loving’ innovators who could both to lose big or, or to win big it inevitably results in relatively high inequality (as it is observable in the US economy – Acemoglu et al, 2012; Adam Smith). The second source of inequality is high barriers for entering markets protecting crony – capitalists. The latter is quite typical for some autocratic governments as well as for every economy plagued by socialist-like institutions (as a majority of Latin American countries and Israel with 'socially oriented' patron-client pyramids in broad use - De Soto, 2002).
真正的正义与再分配和不体面的“公平”没有任何共同之处,所以我们把不平等作为一个纯粹的经济问题来讨论。在这篇短文中,有两个不平等的来源。第一个是植根于企业所接受的风险水平:如果很大一部分企业家是“热爱风险”的创新者,他们既可能损失惨重,也可能赢得惨重,那么不可避免地会导致相对较高的不平等(正如在美国经济中可以观察到的那样)——Acemoglu等人,2012;亚当•斯密(Adam Smith))。造成不平等的第二个原因是进入市场的高门槛保护了裙带资本家。后者对于一些专制政府以及每一个被类似社会主义制度困扰的经济体(如大多数拉丁美洲国家和以色列广泛使用“面向社会”的赞助人-客户金字塔- De Soto, 2002)来说是非常典型的。
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引用次数: 0
Self-Preferencing in Markets with Vertically-Integrated Gatekeeper Platforms 垂直整合看门人平台市场中的自我偏好
Pub Date : 2020-09-28 DOI: 10.2139/ssrn.3701250
Jorge Padilla, J. Perkins, S. Piccolo
The competitive strategies of 'gatekeeper' platforms are subject to enhanced scrutiny. For instance, Apple and Google are being accused of charging excessive access fees to app providers and privileging their own apps. Some have argued that such allegations make no economic sense when the platform's business model is to sell devices. In this paper, we build a model in which a gatekeeper device-seller facing potentially saturated demand for its device has the incentive and the ability to exclude from the market third-party suppliers of a service that consumers buy via its devices. Foreclosure is more likely if demand growth for the platform's devices is slow or negative, and can harm consumers if the device-seller's services are inferior to those offered by the third parties.
“看门人”平台的竞争策略受到更严格的审查。例如,苹果和谷歌被指控向应用程序提供商收取过高的访问费用,并对自己的应用程序给予特权。一些人认为,当该平台的商业模式是销售设备时,这样的指控在经济上没有意义。在本文中,我们建立了一个模型,在这个模型中,面对潜在饱和的设备需求,守门人设备销售商有动机和能力将消费者通过其设备购买的服务的第三方供应商排除在市场之外。如果对平台设备的需求增长缓慢或呈负增长,就更有可能丧失抵押品赎回权,如果设备销售商的服务不如第三方提供的服务,就会损害消费者的利益。
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引用次数: 29
Vertical Contracts and Entry 垂直合同和进入
Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3685117
Chrysovalantou Milliou, E. Petrakis
We study the implications of different contractual forms in a market with an incumbent upstream monopolist and free downstream entry. We show that traditional conclusions regarding the desirability of linear contracts radically change when entry in the downstream market is endogenous rather than exogenous. By triggering more entry than two-part tariffs, wholesale price contracts can generate higher aggregate output, consumer surplus, and welfare. In light of this, the upstream monopolist may prefer to trade with wholesale price contracts as well as to give up part of its bargaining power when it is high.
我们研究了在上游垄断者和下游自由进入的市场中不同契约形式的含义。我们表明,当下游市场的进入是内生的而不是外生的时,关于线性契约可取性的传统结论发生了根本性的变化。通过触发比两部分关税更多的进入,批发价格合同可以产生更高的总产出、消费者剩余和福利。鉴于此,上游垄断者可能更愿意以批发价格合同进行交易,并在价格较高时放弃部分议价能力。
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引用次数: 2
Data-Driven Envelopment with Privacy-Policy Tying 数据驱动的包络与隐私政策捆绑
Pub Date : 2020-08-31 DOI: 10.2139/ssrn.3600725
D. Condorelli, Jorge Padilla
We present a theory of monopoly protection by means of entry in adjacent markets that have a common customer base (i.e., envelopment). A firm dominant in its market enters a data rich secondary market and engages in predatory pricing and privacy-policy tying. We define the latter as conditioning service provision to the subscription of a privacy-policy that allows bundling of user data across all sources. Acquiring data from the secondary market confers an advantage in the primary market that shields the dominant firm from entry, thus harming consumers. We discuss potential remedies, including data unbundling, sharing and portability.
我们提出了一种通过进入具有共同客户群的相邻市场(即包络)来保护垄断的理论。在市场上占主导地位的公司进入了一个数据丰富的二级市场,并参与掠夺性定价和隐私政策捆绑。我们将后者定义为将服务提供调整为订阅允许跨所有数据源捆绑用户数据的隐私策略。从二级市场获取数据可以在一级市场获得优势,从而保护主导企业不被进入,从而损害消费者利益。我们讨论了可能的补救措施,包括数据分拆、共享和可移植性。
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引用次数: 7
Identification and Inference in First-Price Auctions with Risk Averse Bidders and Selective Entry 具有风险规避投标人和选择性进入的首价拍卖的识别与推理
Pub Date : 2020-08-26 DOI: 10.2139/ssrn.3681530
Xiaohong Chen, Matthew Gentry, Tong Li, Jingfeng Lu
We study identification and inference in first-price auctions with risk averse bidders and selective entry, building on a flexible entry and bidding framework we call the Affiliated Signal with Risk Aversion (AS-RA) model. Assuming that the econometrician observes either exogenous variation in the number of potential bidders (N) or a continuous instrument (z) shifting opportunity costs of entry, we provide a sharp characterization of the nonparametric restrictions implied by equilibrium bidding. Given variation in either competition or costs, this characterization implies that risk neutrality is nonparametrically testable in the sense that if bidders are strictly risk averse, then no risk neutral model can rationalize the data. In addition, if both instruments (discrete N and continuous z) are available, then the model primitives are nonparametrically point identified. We then explore inference based on these identification results, focusing on set inference and testing when primitives are set identified.
我们研究了具有风险厌恶投标人和选择性进入的首价拍卖中的识别和推理,建立在我们称为风险厌恶附属信号(AS-RA)模型的灵活进入和竞标框架上。假设计量经济学家观察到潜在投标人数量(N)的外生变化或连续工具(z)转移进入的机会成本,我们提供了均衡投标所隐含的非参数限制的尖锐特征。考虑到竞争或成本的变化,这一特征意味着风险中立性是非参数可测试的,也就是说,如果投标人是严格的风险厌恶者,那么没有风险中性模型可以使数据合理化。此外,如果两种工具(离散N和连续z)都可用,则模型原语是非参数点识别的。然后,我们探索基于这些识别结果的推理,重点关注集推理和当原语被集识别时的测试。
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引用次数: 1
Impact of Platform Owner’s Entry on Third-Party Stores 平台所有者入驻对第三方商店的影响
Pub Date : 2020-06-28 DOI: 10.1287/isre.2020.0957
Shu He, Jing Peng, Jianbin Li, Liping Xu
One important decision faced by the owners of online marketplaces is whether they should enter the market and sell products directly to customers. In this study, we provide data-driven insights to managers by empirically investigating the impact of a platform owner’s entry on the demand of third-party stores and their potential reactions using transaction level data from a large e-commerce platform. Contrary to previous studies in mobile app platforms, our study shows that the demand of competing third-party stores decreases with the entry of the platform, especially for large third-party stores. We further show that the demand reduction is significant only in the offline channel and the reduction results from third-party stores’ defensive strategy to divert their offline customers away from the platform (i.e., disintermediation). Our findings indicate that platforms should carefully evaluate the nature of their markets before entering the market to compete with complementors, because they may lead third-party sellers to disintermediate from the platform. On the other hand, from the perspective of third-party sellers, disintermediation might be an overreaction to the entry of the platform, because their online demand is not significantly affected by platform entry based on our analyses.
在线平台所有者面临的一个重要决策是,他们是否应该进入市场,直接向客户销售产品。在本研究中,我们利用大型电子商务平台的交易级数据,通过实证研究平台所有者的进入对第三方商店需求的影响及其潜在反应,为管理者提供了数据驱动的见解。与以往对移动应用平台的研究不同,我们的研究表明,第三方竞争商店的需求会随着平台的加入而减少,尤其是对于大型第三方商店而言。我们进一步表明,需求减少仅在线下渠道显著,而需求减少的原因是第三方商店采取了防御策略,将其线下客户从平台上分流出去(即去中介化)。我们的研究结果表明,平台在进入市场与互补者竞争之前,应仔细评估市场的性质,因为它们可能会导致第三方卖家从平台脱媒。另一方面,从第三方卖家的角度来看,脱媒可能是对平台进入的过度反应,因为根据我们的分析,他们的在线需求并未受到平台进入的显著影响。
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引用次数: 28
Aggregate Uncertainty and the Micro-Dynamics of Firms 总体不确定性与企业微观动力学
Pub Date : 2020-05-03 DOI: 10.2139/ssrn.3591987
Nicolò Dalvit
Using firm level micro-data, I find evidence that firms with lower growth prospects are more sensitive to aggregate shocks. I interpret these findings using a model of demand accumulation and endogenous entry and exit decisions, which I then estimate on French data. The resulting cyclical dynamics of firms provide an explanation for the observed counter-cyclical dispersion in firms' growth rates. They suggest that cyclical dispersion is the result of a pre-existing and persistent characteristic of the firm and caution against its use as a proxy for time-varying uncertainty. The estimated negative correlation between a firm's sensitivity to aggregate shocks and its expected future growth rate is shown to have important consequences for the cyclical characteristics of entering and exiting firms. The quantitative model suggests that this compositional effect is sizeable and equivalent to around 10.5% of the drop in aggregate employment between 2008 and 2009.
利用企业层面的微观数据,我发现增长前景较低的企业对总体冲击更敏感的证据。我使用需求积累和内生进入和退出决策模型来解释这些发现,然后我对法国的数据进行了估计。由此产生的企业周期动态为观察到的企业增长率的逆周期分散提供了解释。他们认为,周期性分散是企业预先存在和持续存在的特征的结果,并警告不要将其用作时变不确定性的代表。估计企业对总体冲击的敏感性与其预期未来增长率之间的负相关关系对进入和退出企业的周期性特征具有重要影响。定量模型表明,这种构成效应是相当大的,相当于2008年至2009年间总就业下降的10.5%。
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引用次数: 1
Aggregate Productivity Growth and Firm Dynamics in Korean Manufacturing 2007-2017 2007-2017年韩国制造业总生产率增长与企业动态
Pub Date : 2020-04-17 DOI: 10.2139/ssrn.3578171
Kyoo il Kim, J. Park
English Abstract: We study aggregate productivity growth of the Korean manufacturing industry for the 2007-2017 period. We find that the nature of such growth was quite different for two measures of productivity. For labor productivity, most of growth comes from productivity changes among surviving firms. On the other hand, for TFP, most of the productivity growth comes from that of new entrants in recent years. Our work illustrates the different nature of two productivity measures in terms of their growth paths. We also show interesting industry dynamics for both productivity measures, as exiting firms contributed positively to aggregate productivity growth with increasing trends, which suggests that the market had gradually eliminated firms of lower productivity. Using the dynamic Olley and Pakes (1996) decomposition, we also find that for both productivity measures, a substantial productivity growth after the 2008 global financial crisis was due to market share reallocations between firms, but this between-firm contribution has somewhat slowed or been decreasing since then. Our industry sector level study also shows that there has been fundamentally different heterogeneous productivity growth patterns and components across manufacturing sectors.

Finally, we find that the wage level also plays a role in moderating or as an accelerating factor for different productivity growth paths among surviving, entering, and exiting firms. We find that higher wage groups had disproportionately higher entry and exit rates, and that the contributions of these industry dynamics to aggregate productivity growth were largest for the highest wage group while the productivity growth from the between firm component was substantially higher for lower wage groups. Therefore, we find that not only a timely change in input and output, but also in the wage, is a necessary ingredient for the pace and magnitude of reallocation to be effective in aggregate productivity growth.
摘要:本文研究了2007-2017年韩国制造业的总生产率增长。我们发现,对于两种生产率衡量标准而言,这种增长的性质是完全不同的。对于劳动生产率,大部分增长来自生存企业之间的生产率变化。另一方面,就全要素生产率而言,近年来大部分生产率增长来自于新进入者。我们的工作说明了两种生产率指标在其增长路径方面的不同性质。我们还展示了两种生产率指标的有趣的行业动态,因为退出的企业对总生产率增长的贡献呈上升趋势,这表明市场已经逐渐淘汰了生产率较低的企业。利用Olley和Pakes(1996)的动态分解,我们还发现,对于两种生产率指标,2008年全球金融危机后生产率的大幅增长是由于企业之间的市场份额再分配,但自那时以来,这种企业之间的贡献有所放缓或下降。我们的行业层面研究还表明,在制造业部门之间,存在着根本不同的异质性生产率增长模式和组成部分。最后,我们发现工资水平对生存企业、进入企业和退出企业的不同生产率增长路径也起到调节或加速的作用。我们发现,高工资群体的进入和退出率不成比例地高,并且这些行业动态对总生产率增长的贡献在最高工资群体中最大,而企业之间组成部分的生产率增长在低工资群体中明显更高。因此,我们发现,不仅投入和产出的及时变化,而且工资的及时变化,是再分配的速度和幅度在总生产率增长中有效的必要因素。
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引用次数: 1
期刊
ERN: Entry & Exit (Topic)
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