양면시장의 정의 및 조건 = The Definition of Two-sided Market and Its Conditions

다국어 초록 (Multilingual Abstract)

The traditional theories in industrial organization economics such as inverse elasticity pricing rule, price discrimination may not applied or should be modified when we deal with two-sided markets. This comes from the special characteristic of two-sided markets especially cross network externality between two different groups of consumers (or suppliers). For the same reason, the traditional market definition methods, market power evaluation, criteria for anti-competitive behaviors should be modified in two-sided markets. Thus if we use the traditional theories without modification when we consider issues of two-sided market, there is possibility to commit type I or type II errors. For example, the pricing under marginal cost of dominant firm is regarded as predatory pricing in one-sided market. But in two-sided market it is not anti-competitive predatory pricing but just profit maximization behavior. Therefore it is very important to clarify whether the market is one-sided or two-sided(or multi-sided). However the structure of market is just treated as a given condition when we construct a theoretical model. But in the real world, market is not a given condition but an object to be defined. But until now there is no clear definition and criteria to decide whether the market is two-sided or not. The only academic definition is the Rochet & Tirole (2004)`s definition. And the most popular conditions of two-sided market is Evans (2003), and Evans & Schmalensee (2008)`s condition. But the condition is only necessary condition for two-sided market. Thus this paper tries to introduce more clear definition and decision criteria of two-sided markets. We introduce axioms of no-side-payment, cross network externality etc to define two-sided market. And we introduce an algorithm to decide whether a market is two-sided or not.

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