Management and Economics of Platforms an der LMU München

Karteikarten und Zusammenfassungen für Management and Economics of Platforms an der LMU München

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs Management and Economics of Platforms an der LMU München.

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:
Audience-makers

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:

Two-sided markets can be categorized:
Demand coordinators

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:

Transactions costs can be classified in three groups

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:

first-party complementors can generate three scenarios

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

Pro and cons of standardization

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

Multihoming and platform complexity

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

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:
Audience-makers
match advertisers to audiences.
• E.g. Web search, social media, newspapers.

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

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

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

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

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

Pro and cons of standardization
Pros of standard setting
- Standards lead to faster market growth.
- Consumers benefit as search and switching costs are reduced.
- The risk of excess inertia is lowered.

Cons of standards setting
-Standards reduce the scope for product differentiation.
-Price competition can be intense among firms using the same standard.
- The selected standard may not be the efficient one. Because of lock-in effects and excess
inertia, it may become difficult to switch to a better one.

Management and Economics of Platforms

Multihoming and platform complexity
Implications

Complex platforms require higher co specialization with third party developers to achieve higher
performances

Exclusivity in providing complements is the preferable solution;

There are opportunities that more complex platforms offer to complementors that do specialize
on the platform;

When multihoming, complementors might face “hidden” platform specific costs arising from the
need to integrate

Difference in quality of complementors  multihoming does not diminish differentiation
among platform;

The tradeoff “multihoming/specialization” for the complementors might influence platform
competition  large (open) platform vs. small (exclusive) and specialized platforms;

Findings

Complements that multihomed with delay on a platform have lower quality on the delayed
platform  this effect amplifies in case of a complex platform

Games receive lower quality scores on complex platform architecture respect to simple ones

It is more difficult to port a game into a complex platform  q uality performance of the
complement on that platform is lower

When multihoming sequentially to the most complex platform, the games declines in quality
by 1.4 points on the complex platform

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