Analyzing horizontal integration and market efficiency in platform enterprises: A case study of exchanges

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-03-21 DOI:10.1111/ecpo.12281

Min Liu, Sajid Anwar

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Abstract

As a platform for the trading of bulk commodities, securities, and futures, exchanges, characterized by platform-like attributes, provide inexhaustible power for the further development of commodity economy through horizontal integration. This paper examines the international integration landscape of the modern exchanges through the lens of platform economy theory, specifically examining the ramifications of their horizontal integration on market efficiency. Employing the net utility hypothesis within the Hotelling model, we construct a nuanced trader utility model. Through a comparative analysis of platform profit, trader utility, and social welfare, the research discerns the impact of exchanges' horizontal integration. We highlight the intrinsic incentives for such integration within exchanges and put forth pertinent policy recommendations, adding a dimension of practical relevance to the academic discourse. The paper concludes by highlighting the role of government in promoting the efficiency of platform enterprises.

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分析平台企业的横向整合与市场效率：交易所案例研究

交易所作为大宗商品、证券、期货的交易平台，其平台属性的特点为商品经济的进一步发展提供了横向整合的不竭动力。本文以平台经济理论为视角，研究现代交易所的国际一体化格局，具体探讨其横向一体化对市场效率的影响。运用霍特林模型中的净效用假说，我们构建了一个细致入微的交易者效用模型。通过对平台利润、交易者效用和社会福利的比较分析，研究发现了交易所横向整合的影响。我们强调了交易所内部这种整合的内在动机，并提出了相关的政策建议，为学术讨论增添了一个具有实际意义的维度。本文最后强调了政府在促进平台企业效率方面的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.