Peer-to-Peer Markets

Einav, Liran; Farronato, Chiara; Levin, Jonathan

doi:10.1146/annurev-economics-080315-015334

Cited by 474 publications

(265 citation statements)

References 38 publications

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“…Einav, Farronato, and Levin (2016) find that peer-to-peer markets can be advantageous because they often decrease search costs and lower barriers to entry/exit. As noted by Stigler (1962) in his seminal paper Information in the Labor Market, these search costs can often be quite steep and preventative.…”

Section: Literature Reviewmentioning

confidence: 99%

David versus Goliath: Airbnb and the New York Hotel Industry

McGowan¹,

Mahon²

2018

ABR

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The last half-decade has seen a sharp increase in both the number and popularity of peer-to-peer firms, which set up markets that allow individuals to borrow or sell under-utilized assets without a third-party intermediary. Firms that fall under this moniker -Uber, Lyft, DogVacay, and Airbnb -collectively make up what is often known as the "sharing economy" or "access economy;" their success can largely be attributed to easier access to technology by both suppliers and demanders, allowing markets to be seamlessly entered/exited and transactions to be mediated at low costs. Our research focuses on market segmentation between peer-to-peer firms and more traditional firms, looking specifically at New York City [NYC] Airbnb units and high end NYC hotels. According to their website, Airbnb is a "community marketplace for people to list, discover, and book unique accommodations around the world -online or from a mobile phone or tablet," and has served over 60 millions guests in over 34,000 cities since its 2008 inception Airbnb units actually share a market with traditional hotels and, if so, how serious a player they are in that market. Our analysis finds that although Airbnb's entry into the NYC short-term rental market has had a statistically significant effect on hotel revenue, occupancy, and average daily rate [ADR], but these effects are quite small.

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Section: Literature Reviewmentioning

confidence: 99%

David versus Goliath: Airbnb and the New York Hotel Industry

McGowan¹,

Mahon²

2018

ABR

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“…Insights from the previous classification suggest some interesting research areas. All the peer-to-peer markets organised through platforms face a problem concerning the best way to build trust among peers (Einav et al, 2015), which in turn raises the question of consumer protection in the peer-to-peer exchange. While business-to-consumer exchanges are regulated through legal quality standards, regulations and a full consumer rights definition, P2P markets do not currently have any legal prescription.…”

Section: Economic Framework and Policy Implicationsmentioning

confidence: 99%

“…There are multiple definitions for similar business innovations born and developed on the internet: eBay, Uber and Airbnb are alternatively defined as "peer-to-peer" markets (Einav et al, 2015) or sharing economy phenomena (Balck & Cracau, 2015). Economic literature does not have a consolidated approach to this issue, and a complete taxonomy of new exchange/production methods is a prerequisite to analyse the effects, implications and future developments of such markets.…”

Section: Introductionmentioning

confidence: 99%

Sharing Economy: For an Economic Taxonomy

Bruno¹,

Faggini²

2017

IJEF

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Sharing economy is an emerging phenomenon without a consolidated economic approach. We focus on main economic characteristics of sharing economy, as a category of peer-to-peer markets, which include collaborative consumption and redistribution markets. Peer-to-peer markets create a positive externality when exploiting idling capacity, adding further exchange advantages to those usually related to classical two-sided markets. Sharing economy differs from peer-to-peer redistribution markets, where a transfer of full ownership of goods occurs, because goods are used to provide services excludable but non-rivalrous. Problems arising from sharing economy growth are briefly analysed.

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“…In order to support the concept of the peer economy (i.e., peer-to-peer or point-to-point economy [3]), an e-business scenario has to consider the three market design issues, search, pricing and trust, among trading peers [16]. Therefore, a context-centric e-business scenario has to be designed for an effective matching of sellers and buyers while keeping transaction costs low and for an integration of different pricing models.…”

Section: Bg 5 Integration Of Peer Economy Principlesmentioning

confidence: 99%

Business Model Design and Architecture for the Internet of Everything

Pfisterer

Radonjic-Simic

Reichwald

2016

JSAN

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Smart devices and cyber-physical systems, which are interconnected to IT systems and services, form the basis for the arising Internet of Everything, opening up new economic opportunities for its participants and users beyond its technological aspects and challenges. While today's e-business scenarios are mostly dominated by a few centralized online platforms, future business models, which will be feasible for the Internet of Everything, need to address special requirements. Such business models, e.g., leveraging the possibilities of smart cities, need to cope with arbitrary combinations of products and services orchestrated into complex products in a highly distributed and dynamic environment. Furthermore, these arbitrary combinations are influenced by real-time context information derived from sensor networks or IT systems, as well as the users' requirements and preferences. The complexity of finding the optimal product/service combination overstrains users and leads to decisions according to the principle of adverse selection (i.e., choosing good enough instead of optimal). Such e-business models require an appropriate underlying value generation architecture that supports users in this process. In this paper, we develop a business model that addresses these problems. In addition, we present the Distributed Market Spaces (DMS) software-system architecture as a possible implementation, which enables the aforementioned decentralized and context-centric e-business scenario and leverages the commercial possibilities of smart cities.

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Peer-to-Peer Markets

Cited by 474 publications

References 38 publications

David versus Goliath: Airbnb and the New York Hotel Industry

David versus Goliath: Airbnb and the New York Hotel Industry

Sharing Economy: For an Economic Taxonomy

Business Model Design and Architecture for the Internet of Everything

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