Management and Economics of Platforms an der LMU München

Karteikarten und Zusammenfassungen für Management and Economics of Platforms im Betriebswirtschaftslehre Studiengang an der LMU München in Augsburg

CitySTADT: Augsburg

CountryLAND: Deutschland

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Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

first-party complementors can generate three scenarios

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

One sided market (or traditional market)

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Two-sided markets can be categorized:
Market-makers

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Transactions costs

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Direct network effects

Positive

Negative

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Indirect network externalities (cross-side or cross-group externalities)

Positive

Negative

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

First party vs. third party complementors

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Two-sided markets can be categorized:
Demand coordinators

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Transactions costs can be classified in three groups

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Two-sided markets can be categorized:
Audience-makers

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Strategic repositioning and cost-cutting

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Standard battles

Beispielhafte Karteikarten für Management and Economics of Platforms an der LMU München auf StudySmarter:

Management and Economics of Platforms

first-party complementors can generate three scenarios

No impact
The integration has no if little effect on third-party complementors and users can still
complete the same tasks without major change and effort
• Δ0 in the demand of third-party complements AND ↑ demand of first-party
complements

Substitution effect
Users derive additional utility from the tighter integration between the platform owner
and first-party complementors à substitution effect
• ↓ demand of third-party complements AND ↑ demand of first-party
complements

Indirect positive spillovers
The integration fosters sharing as a common behavior among users à indirect
positive spillovers on third-party complements
• ↑ demand of third-party complements AND ↑ demand of first-party
complements

Management and Economics of Platforms

One sided market (or traditional market)
  1. A firm supplies a good or a service.
  2. Price depends on the cost structure of the firm, the competitive environment and the elasticity of demand.

Consumers choose to buy or not the good. Their decision depends on their tastes and budget constraints.

Management and Economics of Platforms

Two-sided markets can be categorized:
Market-makers

enable members of distinct groups to transact with each others.
• E.g. Marketplaces, online dating, interim employment agency.

Management and Economics of Platforms

Transactions costs

Transactions costs are costs incurred by agents when making an economic exchange.

Management and Economics of Platforms

Direct network effects

Positive

Negative

Direct network effects
when each group’s members have references regarding the number of users in their own group.

Positive
“I prefer to purchase games on Steam rather than on Epic Games because most of my friends
use Steam and I like to communicate with them via the chat provided by the platform.”

Negative
“I only develop mobile games for iOS because there are already a lot developed for Android,
what would make competition tough.”

Management and Economics of Platforms

Indirect network externalities (cross-side or cross-group externalities)

Positive

Negative

Indirect network externalities (cross-side or cross-group externalities)
when members of at least one group have a preference regarding the number of users in the
other group.

Positive
“I choose Visa rather than Mastercard because there are more merchants accepting Visa where
I live”

Negative
“I use DailyMotion rather than Youtube because there is too much advertising on Youtube”

Management and Economics of Platforms

First party vs. third party complementors

The platform owner has the alternative to engage with first-party complementors (FPC) or thirdparty
complementors (TPC).

While third-party complementors are independent producers/developers from the platform, firstparty
complementors are offered by the platform owner on its own marketplace.

Management and Economics of Platforms

Two-sided markets can be categorized:
Demand coordinators

do not strictly sell transaction. They make goods and services which
generate indirect network effects.
• E.g. Payment systems, video games consoles, operating systems.

Management and Economics of Platforms

Transactions costs can be classified in three groups

Search and information costs, which are related to the effort needed to compare prices
and quality of available alternatives.

Bargaining costs, which are related to the effort needed to find a good agreement with
the other agent.

Policing and enforcement costs
, which are related to ensuring that the other agent sticks to the contract and, if not, taking actions.

Management and Economics of Platforms

Two-sided markets can be categorized:
Audience-makers

match advertisers to audiences.
• E.g. Web search, social media, newspapers.

Management and Economics of Platforms

Strategic repositioning and cost-cutting

At the aggregate level, the changes on the demand (subscribers) and supply (ads providers) led
at the corporate level to strategic repositioning and cost-cutting.
• These two mechanisms are substitutes and their adoption depends on the degree of
heterogeneity on the demand side.
§ Consider two newspapers affected by the Craiglists’ entry. They will choose:
IX-15
Strategic repositioning (i.e. differentiation) respect to each other when the readers
are more heterogenous;
• Segmentation of readership depends on readers’ different tastes à
capture WTP of readers à increase in prices for subscribers
• In the case of newspaper: ↑ hire of specialized editors, target specific
ethnicities (black, Spanish, white)
Cost-cutting (i.e. cost saving) when readers’ preference converge and it is not
possible to discriminate among subscribers’ preferences;
• Non-pricing strategy to use when it is not possible to discriminate readers’
preferences;
• In the case of newspaper: ↓ no. of personnel (e.g., editors) and services
If the platform is part of a group, learning from sisters’ companies affected
by the disruption will improve the capability to either reposition or cut costs.
§ It is relevant in the U.S., where the industry is dominated by publicly traded
chains.
• Craiglists entered into the market at different times and geographical
locations.
• Sisters within the same publishing groups might have experienced the
disruption earlier à learning in the group
– New business processes are rolled out faster with the same group;
– Sister firms can serve as listening posts to learn about changes in
the external environment

Management and Economics of Platforms

Standard battles

Circumstances of a Standard Battle
§ In a standard battle multiple firms compete for the market and not in the market.
§ A standard battle is more likely if
• firms are symmetric in their market and technology positions,
• the standards battle does not delay consumer acceptance of the technology, and
• intra-technology competition is likely to dissipate potential industry profits.

In a standard battle, firms can use the following strategies
§ Establishing a large installed base quickly and visibly e.g. by dynamic or penetration pricing
§ Public commitments to low prices over the long term
§ Managing consumers’ expectations
§ Strategic pre-announcement
§ Improve the relative qualities of the own technology
§ Offering a sufficient supply of complementary goods
§ Pre-emption (trade off between quality and timing)
§ Licensing to build up a critical mass of hard- and/or software
§ Acquiring a rival firm

Gradient

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