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On Nonexclusive Membership in Competing Joint Ventures

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  • Hausman, Jerry A
  • Leonard, Gregory K
  • Tirole, Jean

Abstract

We evaluate the competitive and governance effects of "duality." Duality refers to the joint membership (e.g., by banks) in competing associations or joint ventures (e.g., Visa and MasterCard). We first show that the not-for-profit nature of the associations along with the usage-based fees they charge yield productive efficiency. We then analyze the impact of (i) membership exclusivity, when the associations remain not-for-profit, and (ii) the conversion into for-profit systems. We illustrate the results in the case of a double-differentiation model that is of independent interest. Finally, we discuss extensions to (i) endogenous system differentiation, and (ii) agency considerations. Copyright 2003 by the RAND Corporation.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 34 (2003)
Issue (Month): 1 (Spring)
Pages: 43-62

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Handle: RePEc:rje:randje:v:34:y:2003:i:1:p:43-62

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Cited by:
  1. Graeme Guthrie & Julian Wright, 2003. "Competing Payment Schemes," Departmental Working Papers wp0311, National University of Singapore, Department of Economics.
  2. Bergman, Mats A., 2005. "A Welfare Ranking of Two-Sided Market Regimes," Working Paper Series 185, Sveriges Riksbank (Central Bank of Sweden), revised 01 Sep 2005.
  3. Rochet, Jean-Charles & Tirole, Jean, 2003. "Platform Competition in Two-Sided Markets," IDEI Working Papers 152, Institut d'Économie Industrielle (IDEI), Toulouse.
  4. Uwe Dulleck, 2002. "Die Großen Zwei - Wettbewerb im Kreditkartenmarkt?," Vienna Economics Papers 0201, University of Vienna, Department of Economics.
  5. Berardi, Nicoletta & Seabright, Paul, 2010. "Joint Ventures as a Commitment Device Against Lobbies," CEPR Discussion Papers 7714, C.E.P.R. Discussion Papers.
  6. Josh Lerner & Jean Tirole, 2002. "Efficient Patent Pools," NBER Working Papers 9175, National Bureau of Economic Research, Inc.
  7. GABSZEWICZ, Jean & WAUTHY, Xavier, 2004. "Two-sided markets and price competition with multi-homing," CORE Discussion Papers 2004030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Graeme Guthrie & Julian Wright, 2007. "COMPETING PAYMENT SCHEMES -super-* ," Journal of Industrial Economics, Wiley Blackwell, vol. 55(1), pages 37-67, 03.

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