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UID:64eb365737a61557fb48b1081a06510f
CATEGORIES:Seminars
CREATED:20161216T182410
SUMMARY:Chiara Farronato - Harvard Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Market Structure with the Entry of Peer-to-Peer Platforms: The Case of Hote
 ls and Airbnb \nAbstract:\n Online marketplaces have reduced entry costs ac
 ross a variety of industries. These marketplaces allow small and part-time 
 service providers (peers) to participate in economic exchange, often in com
 petition with more traditional suppliers. For example, Airbnb and Uber allo
 w almost anyone to become a hotelier or a cab driver. We first characterize
  market conditions favoring the entry of peer producers. In the context of 
 the accommodation industry, we verify that across US major cities larger Ai
 rbnb presence is associated with low opportunity costs of renting out spare
  rooms, high investment costs of building hotels, and high demand volatilit
 y. We then provide reduced form evidence on the effect of Airbnb entry on h
 otel revenue, and highlight important city heterogeneity. We then derive a 
 simple model of competition between a peer- to-peer marketplace and hotels 
 to explain our reduced form findings. Lastly, we discuss preliminary work i
 n estimating this model. This model allows us to determine the efficient ma
 rket structure conditional on the level and variability of demand, and to q
 uantify the welfare gains from peer-to-peer entry in the accommodation indu
 stry.\n
DTSTAMP:20260425T164145Z
DTSTART:20151210T173000Z
DTEND:20151210T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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