Publications

WORKING PAPERS AND WORK IN PROGRESS

• "Competitive bottlenecks and platform spillovers" (with Tat-How Teh)
• "Optimal discoverability on platforms" (with Andrei Hagiu)
• "Regulating platform fees" (with Chengsi Wang)
• "Documenting and Explaining the Dramatic Rise of the New Society Journals in Economics" (with John Ham and Ziqiu Ye)
• "Recommender systems and the value of user data" (with Gunhaeng Lee) 

MULTI-SIDED PLATFORMS

• "Marketplace leakage" Management Science, forthcoming (with Andrei Hagiu)
• "Multihoming and oligopolistic platform competition" American Economic Journal: Microeconomics, forthcoming (with Tat-How Teh, Chunchun Liu and Junjie Zhou) 
• "Data-enabled learning, network effects and competitive advantage" RAND Journal of Economics, forthcoming (with Andrei Hagiu)
• "Platform investment and price parity clauses" Journal of Industrial Economics, forthcoming (with Chengsi Wang)
• "Should platforms be allowed to sell on their own marketplaces?" RAND Journal of Economics, 53(2), Summer 2022, 297-327 (with Andrei Hagiu and Tat-How Teh)
• "Intermediation and steering: Competition in prices and commissions" American Economic Journal - Microeconomics, May 2022, 14(2), 281-321 (with Tat-How Teh)
• "Pricing distortions in multi-sided platforms" International Journal of Industrial Organization, December 2021 (102732) (with Hongru Tan)
• "Search platforms: Showrooming and price parity clauses" RAND Journal of Economics, 51(1), Spring 2020, 32–58 (with Chengsi Wang)
• "Creating platforms by hosting rivals" Management Science, 2020, Vol 66(7): 3234–3248 (with Andrei Hagiu and Bruno Jullien)
• "Platforms and the exploration of new products" Management Science, 2020, Vol 66(4): 1527–1543 (with Andrei Hagiu)
• "Why (don’t) firms free ride on an intermediary’s advice?" International Journal of Industrial Organization, 2019, Vol 64: 27-54 (with Bo Shen)
• "Controlling versus enabling" Management Science, 2019, Vol. 65(2): 577-595 (with Andrei Hagiu)
• "The status of workers and platforms in the sharing economy" Journal of Economics & Management Strategy, 2019, Vol. 28(1): 97-108 (with Andrei Hagiu) in Special Issue on Platforms
• "A price theory of multi-sided platforms: Comment" American Economic Review, 2018, Vol. 108(9): 2761-62 (with Hongru Tan)
• "Should platforms be allowed to charge ad valorem fees?" Journal of Industrial Economics, 2018, Vol 66(3): 739-760 (with Zhu Wang)
• "Ad-valorem platform fees, indirect taxes and efficient price discrimination" RAND Journal of Economics, 2017, Vol. 48: 467–484 (with Zhu Wang)
• "Payment card interchange fees and price discrimination" Journal of Industrial Economics, 2017, Vol. 65: 39-72 (with Rong Ding) 
• "Price coherence and excessive intermediation" Quarterly Journal of Economics, 2015, Vol. 130: 1283-1328 (with Benjamin Edelman)
• "Multi-sided platforms" International Journal of Industrial Organization, 2015, Vol. 43: 162-174 (with Andrei Hagiu)
• "Marketplace or reseller?" Management Science, 2015, Vol. 61: 184–203 (with Andrei Hagiu)
• "Price Restrictions in Multi-sided Platforms: Practices and Responses." Competition Policy International, 2014, Vol. 10, Iss. 2 (with Benjamin Edelman)
• "The economics of payment cards" Review of Network Economics, 2014, Vol. 13: 303-353 (with Marc Rysman)
• "Do you really want to be an eBay?" Harvard Business Review, March 2013 (with Andrei Hagiu)
• "Why payment card fees are biased against retailers" RAND Journal of Economics, 2012, Vol. 43: 761-780. 
• "Credit card interchange fees" Journal of Banking and Finance, 2010, Vol. 34: 1788-1797 (with Jean-Charles Rochet)
• "Why do merchants accept payment cards?" Review of Network Economics: Vol. 9, Iss. 3, Article 1.
• "Mobile call termination" Economic Journal, 2009, Vol. 119: 270-307 (with Mark Armstrong)
• "Two-Sided Markets" in The New Palgrave Dictionary of Economics, 2nd Edition, Larry Blume and Steven Durlauf (eds.), Palgrave Macmillan, 2008 (with Mark Armstrong)
• "Credit Card Industry" The New Palgrave Dictionary of Economics, 2nd Edition, Larry Blume and Steven Durlauf (eds.), Palgrave Macmillan, 2008 (with Victor Stango).
• "Two-sided markets, competitive bottlenecks and exclusive contracts" Economic Theory, 2007, Vol. 32, 353-380 (with Mark Armstrong)
• "Competing payment schemes" Journal of Industrial Economics, 2007, Vol. 55, 37-67 (with Graeme Guthrie)
• "Price Structure in Two-Sided Markets: Evidence from the Magazine Industry," International Journal of Industrial Organization, 2006, Vol. 24, 1-28 (with Ulrich Kaiser)
• "Multihoming and Compatibility," International Journal of Industrial Organization, 2006, Vol. 24, 45-67 (with Toker Doganoglu).
• "Interchange Fees in Various Countries: Developments and Determinants" Review of Network Economics, 2005, Vol. 4: 290 - 323 (with Stuart Weiner)
• "The Determinants of Optimal Interchange Fees in Payment Systems," Journal of Industrial Economics, 2004, Vol. 52: 1-26.
• "One-Sided Logic in Two-Sided Markets," Review of Network Economics, 2004, Vol. 3: 42-63.
• "Pricing in Debit and Credit Card Schemes," Economics Letters, 2003, Vol. 80: 305-309.
• "Optimal Card Payment Systems," European Economic Review, 2003, Vol. 47: 587-612.

APPLIED THEORY (GENERAL)

• "Real-time pricing and imperfect competition in electricity markets" Journal of Industrial Economics, 2020, 68(1), 93-135 (with Stephen Poletti)
• "The optimality of ad valorem contracts" Management Science, 2019, Vol 65(11), 5219-5233 (with Andrei Hagiu)
• "Signaling private choices" Review of Economic Studies, 2018, Vol. 85: 558–580 (with Younghwan In)
• "Loss-leader pricing and upgrades," Economics Letters, 2014, Vol. 122: 19-22 (with Younghwan In)

EXCLUSIVE DEALING

• "Exclusion via non-exclusive contracts" Canadian Journal of Economics, 2014, Vol. 47: 325-347 (with Aggey Semenov)
• "Exclusive dealing with network effects" International Journal of Industrial Organization, 2010, Vol. 28: 145-154 (with Toker Doganoglu)
• "Exclusive dealing and entry, when buyers compete: Comment" American Economic Review, 2009, Vol. 99: 1070-1081.
• "Exclusive dealing with imperfect downstream competition", International Journal of Industrial Organization, 2008, Vol. 26: 227-246 (with Jose Miguel Abito)
• "Naked exclusion and the anticompetitive accommodation of entry," Economics Letters, 2008, Vol. 98, 107-112.

COLLUSION

• "Punishment strategies in repeated games: Evidence from experimental markets," Games and Economic Behavior, 2013, Vol. 82 (November): 91-102.
• "Tacit collusion with price-matching punishments" International Journal of Industrial Organization, 2010, Vol. 28: 298-306 (with Yuanzhu Lu)

TELECOMMUNICATIONS

• "Mobile Call Termination" Economic Journal, 2009, Vol. 119: 270-307 (with Mark Armstrong)
• “The UK regulation of fixed-to-mobile termination” in Cases in European Competition Policy: The Economic Analysis, Cambridge University Press, 2009 (with Mark Armstrong).
• "Mobile Termination" Chapter 5 in Access Pricing: Theory and Practice. Ralf Dewenter and Justus Haucap (Eds.) Elsevier, Amsterdam (2007) (with Olivier Renard and Harley Thompson). 
• "Pricing Access: Forward versus Backward Looking Cost Rules," European Economic Review, 2006, Vol. 50, 1767-1789  (with Graeme Guthrie and John Small)
• "Wireless Communications" Handbook of Telecommunications Economics, Volume 2. 2005. Martin Cave et al. (eds.) North Holland: Amsterdam. (with Joshua Gans and Stephen King).
• "Pricing access to Internet service providers," Information, Economics and Policy, 2004, Vol. 16: 459-473.
• "Network Interconnection with Participation Constraints," Information, Economics and Policy, 2004, Vol. 16: 347-373 (with Stephen Poletti).
• "Competition in telecommunications: an introduction," Information, Economics and Policy, 2004, Vol. 16: 315-321 (with Martin Peitz and Tommaso Valletti)
• "Asymmetric Network Interconnection," Review of Industrial Organization, 2003, Vol. 22: 27-46 (with Michael Carter).
• "Access Pricing under Competition: An Application to Cellular Networks," Journal of Industrial Economics, 2002, Vol. L(3): 289-315.
• "Bill and Keep as the Efficient Interconnection Regime?" Review of Network Economics, 2002, Vol 1: 54-60.
• "Peering and Settlement in the Internet: An Economic Analysis," Journal of Regulatory Economics, 2000, Vol. 18: 151-173 (with Iain Little)
• "Bargaining over Interconnection: The Clear-Telecom Dispute," The Economic Record, 1999, Vol. 75: 241-55 (with Michael Carter).
• "International Telecommunications, Settlement Rates, and the FCC," Journal of Regulatory Economics, 1999, Vol. 15: 267-291.
• "Interconnection in Network Industries," Review of Industrial Organization, 1999, Vol. 14: 1-25 (with Michael Carter).
• "Symbiotic Production: The Case of Telecommunication Pricing," Review of Industrial Organization, 1994, Vol. 9: 365-378 (with Michael Carter).
• "Optimal Telecommunication Tariffs and the CCITT," Telecommunication Journal, March 1992, 59 (with Michael Carter).

MONEY, BANKING AND FINANCE

• "The Optimal Design of Interest Rate Target Changes," Journal of Money, Credit and Banking, 2004, Vol. 36: 115-137 (with Graeme Guthrie).
• "Open Mouth Operations," Journal of Monetary Economics, 2000, Vol. 46: 489-516 (with Graeme Guthrie).
• "How do Firms choose their Lenders? An Empirical Investigation," Review of Financial Studies, 2000, Vol. 13: 155-189 (with Miguel Cantillo).
• "The Forward Premium Bias under Different Monetary Policy Environments," Briefing Notes in Economics, 2000, Vol. 48: 1-5 (with David Steele).
• "Testing the Expectations Theory of the Term Structure for New Zealand," New Zealand Economic Papers, 1999, Vol. 33: 93-114. (with Graeme Guthrie and Jun Yu)
• "Optimal Currency Denomination of Public Debt in New Zealand," New Zealand Economic Papers, 1997, Vol. 31: 137-151 (with Kerryn Fowlie).
• "Policy Credibility and Debt Management in a Small Open Economy," New Zealand Economic Papers, 1993, Vol. 27: 81-89 (with Paul Dalziel).

SUPPLEMENTARY MATERIALS FOR MY PAPERS

• Online Appendix: Multihoming and oligopolistic competition (with Tat-How Teh, Chunchun Liu and Junjie Zhou)
• "Online Appendix: Data-enabled learning, network effects and competitive advantage" (with Andrei Hagiu)
• "Online Appendix: Should platforms be allowed to sell on their own marketplaces?" (with Andrei Hagiu and Tat-How Teh)
• "Online Appendix: Controlling versus enabling" (with Andrei Hagiu)
• "Online Appendix: Should platforms be allowed to charge ad valorem fees?" (with Zhu Wang)
• "Online Appendix: Why (don’t) firms free ride on an intermediary’s advice?" (with Bo Shen)
• "Online Appendix: Signaling private choices" (with Younghwan In)
• "Online Appendix: Ad-valorem platform fees, indirect taxes and efficient price discrimination" (with Zhu Wang)
• "Supplementary Appendix. Punishment strategies in repeated games: Evidence from experimental markets"
• Supplementary Appendix to "Exclusive Dealing with Network Effects" (with Toker Doganoglu)
• "Supplementary Appendix for Tacit Collusion with Price-Matching Punishments" (with Yuanzhu Lu)
• "Technical Appendix to: Exclusive Dealing with Imperfect Downstream Competition," mimeo, National University of Singapore (with Jose Miguel Abito)
• Naked Exclusion and the Anticompetitive Accommodation of Entry: Two Examples
• Supplementary material: "Appendix for Multihoming and Compatibility"
• "The Determinants of Optimal Interchange Fees in Payment Systems," Supplementary Appendix.
• Supplementary material: "Competing Payment Schemes," NUS Working Paper No. 0311 (with Graeme Guthrie)
• Supplementary material: "Competing Payment Schemes," Working Paper No. 245. Department of Economics. University of Auckland (with Graeme Guthrie)
• "Interconnection in Network Industries," Supplementary Appendix.

CONFERENCE PAPERS

• Comment on: “Competing Payment Systems: Key Insights from the Academic Literature” in Proceedings of Payments System Review Conference, 29 November 2007. http://www.rba.gov.au/PaymentsSystem/Publications/PaymentsInAustralia/PaymentsSystemReviewConference/2007/index.html  
• Comment on “Merger Activities and Stock Market Valuation in China: Ho-Mou Wu ” in Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, 22-24 June 2007. Volume 18. http://www.nber.org/books/ito_07-2
• Comment on: “Monetary policy with NAIRU uncertainty and endogenous policy credibility: perspectives on policy rules and the gains from experimentation and transparency” in RBNZ: Monetary Policy under Uncertainty Workshop, 29-30 June 1998. http://www.rbnz.govt.nz/research/workshops/monpolcont.pdf  

UNPUBLISHED (OLD) WORKING PAPERS

• "The Bilateral Negotiation of Interchange Fees in Payment Schemes" (with John Small)
• "Competition and Termination in Cellular Networks" Working Paper. Downloadable from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=201988
• The Optimal Public Debt Portfolios For Nine OECD Countries: A Tax Smoothing Approach (with Christian Hawkesby)