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Fenster schliessen

Platform

An entity that brings together different groups of economic agents and facilitates interaction among them by managing NE and therefore creating value for all participants.

Fenster schliessen

Business opportunity exists for a platform (3)

  1. A set of economic agents wish to interact
  2. The interaction generates NE: One agent’s decisions as to whether and how much to interact affect the well-being of other agents.
  3. An intermediary is more efficient in organizing the interaction.
Fenster schliessen

Value of Platforms

  • NE make it hard for individuals to organize interactions, even if these are valuable for everyone.
  • The benefit an agent gets from joining a network depends on how many other people join as well
    • If the agent doesn’t expect anybody else to join, she doesn’t join either
    • Everybody loses, even if all would be better off joining!
  • Platforms can solve this coordination problem -> valuable interactions easier to organize by reducing transaction costs.
    • Basically, platforms sell transactions costs’ reductions (not necessarily sell a product)
Fenster schliessen

Illustration of reduction in transaction costs (Uber)

Even with technology easing communication (e.g. FB groups to communicate between riders and drivers) a platform still adds a great deal of value by reducing transaction costs.

  • Trust issues
  • Help coordination -> Dispatch based on proximity
Fenster schliessen

Network Effects (NE) (2)

- Within- group NE (WGNE)

- Cross- group NE (CGNE)

Fenster schliessen

Within- Group NE (WGNE)

How does an agent’s decision to join (or how much to interact on) the platform affect the well-being of other agents in her own group?

Fenster schliessen

Cross- Group NE (CGNE)

How does an agent’s decision to join (or how much to interact on) the platform affect the well-being of other agents in another group?

Fenster schliessen

Cross- group NE (4)

- Attraction spillover

- Mutual attraction spiral

- Attraction/ Repulsion pendulum

- No group is interested in connecting with other, so interaction should simply be avoided