The Value of Incumbency When Platforms Face Heterogeneous Customers
研究了存在网络外部性的动态市场中平台竞争的效率，识别了低效均衡出现的条件，分析了在位优势的价值并指出静态模型通常高估它。
We study competition for the market in a dynamic model with network externalities, focusing on the efficiency of market outcomes. We propose a representation of the strategic advantages of incumbency and embed it in a dynamic framework with heterogeneous consumers. Then, we completely identify the conditions under which inefficient equilibria with several platforms emerge at equilibrium; explore the reasons why these inefficient equilibria arise; and compute the value of incumbency and analyze why static models generally exaggerate it.