7. Platform instruments

Course video 80 of 90

Our ninth lecture explores a modern and quite useful topic. We will examine the economics of networks and platforms. In contrast with usual markets, networks have a key feature: the value of a network good to a consumer depends on the total number of consumers of this good. Platforms often exhibit network effects. That is, when a platform signs up one additional user, the increase in revenues exceeds the value of the subscription of the new user because the platform becomes more attractive for all other current or potential users. We will talk about cutting edge economic notions: stability of equilibrium, critical mass, path dependence and platform instruments. We will also present two fascinating case studies: the OS platforms and the video game platforms.

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