Gautier, P., Hu, B. and Watanabe, M. (2023),
The RAND Journal of Economics, 54: 83-103.
作者简介
Pieter Gautier,Vrije Universiteit Amsterdam, Amsterdam, Netherlands
Bo Hu,Institute of World Economy, School of Economics, Fudan University; Shanghai Institute of International Finance and Economics, Shanghai, China
Makoto Watanabe,Institute of Economic Research, Kyoto University, Kyoto, Japan
Abstract
This article focuses on the operational models of intermediaries in the digital economy. Two common intermediary models are the "middleman" model and the "platform" model. Middlemen purchase inventory from manufacturers and then resell it to consumers to make a profit, with representative examples including JD.com and Amazon's self-operated businesses. Platforms, on the other hand, do not acquire inventory but directly connect buyers and sellers, facilitating transactions and collecting commissions, with representative examples such as Taobao and eBay.
In recent years, a hybrid model of "middleman + platform" has been increasingly adopted by major e-commerce portals such as JD.com, Alibaba, and Amazon. Why might the hybrid model be superior to a single model? Why do some e-commerce companies primarily use the middleman model, while others tend to favor the platform model? This study attempts to answer these questions.
The study finds that hybrid intermediaries exist in directed search equilibrium. This is because, compared to a single platform model, the middleman model can reduce the risk of stockouts. Compared to a single middleman model, platforms can attract other sellers within the economy, reducing consumers' external choices and thereby increasing the market power of e-commerce. The optimal mix of middlemen and platforms depends primarily on two factors: consumer demand for products (greater demand leads to a higher proportion of the middleman model), and the abundance of external choices when consumers search (more external choices lead to a higher proportion of the platform model).
"The Rand Journal of Economics" was founded in 1984 and is hosted by the renowned think tank RAND Corporation. It primarily publishes academic papers in the fields of microeconomic theory and industrial organization. The journal is a top-tier international journal in the field of industrial economics, publishing only about 40 high-quality academic papers each year, with significant influence in related fields.
