Market‐expanding or Market‐stealing? Competition with network effects in bike‐sharing
利用两家无桩共享单车企业分城市进入的数据，研究发现新企业进入帮助在位企业增加骑行量、投资和收入，市场扩张效应大于市场窃取效应，表明具有正网络效应和多归属用户的市场不一定是赢家通吃。
Abstract Using staggered entry of two dockless bike‐sharing firms, we study whether the entrant expands or steals the market from the incumbent in 59 cities. Compared with 23 cities without entry, the entry helps the incumbent to serve more trips, make more bike investment, achieve higher revenue per trip, improve bike utilization, and form a wider and more dispersed network. The market‐expanding effect on new users dominates a significant market‐stealing effect on old users. These findings, plus a theory that highlights consumer search and network effects, suggest that a market with positive network effects and multihoming users is not necessarily winner‐takes‐all.