Knife-Edge or Plateau: When Do Market Models Tip?
Abstract
This paper studies whether agents must agglomerate at a single location in a class of models of two-sided interaction. In these models there is an increasing returns effect that favors agglomeration, but also a crowding or market-impact effect that makes agents prefer to be in a market with fewer agents of their own type. We show that such models do not tip in the way the term is commonly used. Instead, they have a broad plateau of equilibria with two active markets, and tipping occurs only when one market is below a critical size threshold. Our assumptions are fairly weak, and are satisfied in Krugman's model of labor market pooling, a heterogeneous-agent version of Pagano's asset market model, and Ellison, Fudenberg, and Möbius' model of competing auctions.
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If sellers cannot differentiate aside from adopting a standard, they must differentiate by choosing separate standards, which leads to the adoption of multiple standards or even adoption failure.
“If the sellers cannot differentiate aside from adopting a standard, they must differentiate by choosing separate standards, which leads to the adoption of multiple standards (Ellison and Fudenberg, 2003) or even adoption failure (Augereau, Greenstein, and Rysman, 2006;Kretschmer, 2008).”
From The Economics of Two-Sided Markets (2009) · cites this paper as Ellison and Fudenberg, 2003
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- Authors
- Ellison, G., & Fudenberg, D.
- Affiliations
- Massachusetts Institute of Technology (US)
- Harvard University (US)
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-11-01
- Volume
- 118
- Issue
- 4
- Pages
- 1249-1278
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2154859236
- Cited by
- 156
- References
- 14
- Citations by year
- 2026: 4 · 2025: 5 · 2024: 7 · 2023: 7 · 2022: 1 · 2021: 5 · 2020: 7 · 2019: 5 · 2018: 12 · 2017: 8 · 2016: 6 · 2015: 4 · 2014: 9 · 2013: 7 · 2012: 7
- FWCI
- 16.17
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Science Foundation (0112018, 0219205)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Complex Systems and Time Series Analysis
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Regional Economics and Spatial Analysis
- Keywords
- tipping, agglomeration, increasing returns, price impact, multiple equilibria, labor market pooling, heterogeneous agents, spatial economics
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