A Semi‐Parametric Analysis of Two‐Sided Markets: An Application to the Local Daily Newspapers in the USA
提出一个半参数模型分析双边市场，用美国地方日报数据估计网络效应，发现其非线性和非单调性，并说明非线性网络效应会大幅改变报纸对每边的定价加成。
Summary This paper considers an empirical semiparametric model for two‐sided markets. Contrary to existing empirical literature on two‐sided markets, we specify network effects and probability distribution functions of net benefits of the two sides nonparametrically. We then estimate the model by nonparametric instrumental variables regression for local daily newspapers from the USA. We show that semiparametric specification is supported by the data and the network effects are neither linear nor monotonic. With a numerical illustration we demonstrate that the mark‐up of the newspaper on each side changes drastically with the nonlinearly specified network effects from the case with linear network effects. Copyright © 2015 John Wiley & Sons, Ltd.