The Welfare Effects of Peer Entry: The Case of Airbnb and the Accommodation Industry

被引：21
|
作者：
Farronato, Chiara [1 ,2 ,3 ]
Fradkin, Andrey [4 ,5 ]
机构：
[1] Harvard Univ, Cambridge, MA 02138 USA
[2] CEPR, London, England
[3] NBER, Cambridge, MA 02138 USA
[4] Boston Univ, Boston, MA 02215 USA
[5] MIT Initiat Digital Econ, Cambridge, MA USA
来源：
AMERICAN ECONOMIC REVIEW | 2022年 / 112卷 / 06期
关键词：
PRODUCTS; MARKETS; SEARCH;
D O I：
10.1257/aer.20180260
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the welfare effects of enabling peer supply through Airbnb in the accommodation industry. We present a model of competition between flexible and dedicated sellers (peer hosts and hotels) who provide differentiated products. We estimate this model using data from major US cities and quantify the welfare effects of Airbnb on travelers, hosts, and hotels. The welfare gains are concentrated in specific locations (New York) and times (New Year's Eve) when hotel capacity is constrained. This occurs because peer hosts are respon-sive to market conditions, expand supply as hotels fill up, and keep hotel prices down as a result. (JEL L11, L83, L86, L88, Z31)
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页码：1782 / 1817
页数：36
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