NBER WORKING PAPER SERIES
THE INDUSTRIAL ORGANIZATION OF MARKETS
WITH TWO-SIDED PLATFORMS
David S. Evans
Richard Schmalensee
Working Paper 11603
http://www.nber.org/papers/w11603
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
September 2005
This paper was written as a draft chapter for a forthcoming book, Issues in Competition Law and Policy,
edited by W. Dale Collins. The views expressed herein are those of the author(s) and do not necessarily
reflect the views of the National Bureau of Economic Research.
©2005 by David S. Evans and Richard Schmalensee. All rights reserved. Short sections of text, not to
exceed two paragraphs, may be quoted without explicit permission provided that full credit, including ©
notice, is given to the source.
The Industrial Organization of Markets with Two-Sided Platforms
David S. Evans and Richard Schmalensee
NBER Working Paper No. 11603
September 2005
JEL No. D4, L1, L4
ABSTRACT
Two-sided platforms (2SPs) cater to two or more distinct groups of customers, facilitating
value-creating interactions between them. The village market and the village matchmaker were 2SPs;
eBay and Match.com are more recent examples. Other examples include payment card systems,
magazines, shopping malls, and personal computer operating systems. Building on the seminal work
of Rochet and Tirole (2003), a rapidly growing literature has illuminated the economic principles
that apply to 2SPs generally. One key result is that 2SPs may find it profit-maximizing to charge
prices for one customer group that are below marginal cost or even negative, and such skewed
pricing pattern is prevalent, although not universal, in industries that appear to be based on 2SPs.
Over the years, courts have also recognized that certain industries, notably payment card systems and
newspapers, now understood to be based on 2SPs, are governed by unusual economic relationships.
This chapter provides an introduction to the economics of 2SPs and its application to several
competition policy issues.
David S. Evans
LECG, LLC
350 Massachusetts Avenue, Suite 300
Cambridge, MA 02139
[email protected]
Richard Schmalensee
MIT Sloan School of Management
50 Memorial Drive
Cambridge, MA 02142
and NBER
[email protected]
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1)**> 2 Industry share data from United States Census Bureau, 2002 Economic Census
<http://www.census.gov/econ/census02/guide/INDSUMM.HTM>; “Top 20 U.S. Daily Newspapers by Circulation,” Newspaper
Association of America <http://www.naa.org/info/facts01/18_top20circ/index.html>; Stephen Labaton, “U.S. Backs Off Rules for
Big Media,” New York Times, January 28, 2005; Al Gillen and Dan Kusnetzky, “Worldwide Client and Server Operating
Environments 2004-2008 Forecast,” IDC Market Analysis, No. 32452, December 2004; Schelley Olhava, “Worldwide Videogame
Hardware and Software 2004-2008 Forecast and Analysis,” IDC Market Analysis, No. 31260, May 2004; The Nilson Report, No.
828, February 2005; The Nilson Report, No. 833, May 2005.
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