Two‐sided service markets: Effects of quality differentiation on market efficiency
Two‐sided service markets: Effects of quality differentiation on market efficiency
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DOI：
10.1002/mde.3256
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发表时间：
2020-11
影响因子：
2.2
通讯作者：
Tobias Widmer;Paul Karaenke;V. Sugumaran
中科院分区：
文献类型：
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作者：
Tobias Widmer;Paul Karaenke;V. Sugumaran
确定质量差异化对双边服务市场效率的影响具有挑战性。市场双方私人信息的存在和卖方的异质性可能导致严重的经济效率低下。因此，本文从机制设计理论的角度考察了质量差异化卖方对市场效率的影响。首先，我们描述了匹配买家和卖家的次佳机制。然后，我们提出了一个启发式算法近似的福利最大化匹配结果。基于实证数据，我们的模拟研究表明，增加质量差异会降低市场效率，但是，这种无效率随着市场规模的增加而消失。
Determining the effects of quality differentiation on the efficiency of two‐sided service markets is challenging. The presence of private information on both market sides and the heterogeneity of sellers can lead to substantial economic inefficiencies. Hence, this paper investigates how quality‐differentiated sellers affect market efficiency from the perspective of mechanism design theory. First, we characterize second‐best mechanisms for matching buyers and sellers. We then propose a heuristic algorithm for approximating the welfare‐maximizing match outcomes. Based on empirical data, our simulation study suggests that an increased quality differentiation can reduce market efficiency; however, this inefficiency vanishes as the market size increases.