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Reshaping Platform-Driven Digital Markets

Mazzucato, M; Kattel, R; Entsminger, J; (2021) Reshaping Platform-Driven Digital Markets. In: Moore, Martin and Tambini, Damian, (eds.) Regulating Big Tech Policy Responses to Digital Dominance. Oxford University Press Green open access

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Abstract

The market size and strength of the major digital platform companies has invited international concern about how such firms should best be regulated to serve the interests of wider society, with a particular emphasis on the need for new antitrust legislation. Using a normative innovation systems approach, this chapter investigates how current antitrust models may insufficiently address the value-extracting features of existing data-intensive and platform-oriented industry behaviour and business models. To do so, it employs the concept of economic rents to investigate how digital platforms create and extract value. Two forms of rent are elaborated: ‘network monopoly rents’ and ‘algorithmic rents’. By identifying such rents more precisely, policymakers and researchers can better direct regulatory investigations, as well as broader industrial and innovation policy approaches, to shape the features of platform-driven digital markets.

Type: Book chapter
Title: Reshaping Platform-Driven Digital Markets
ISBN-13: 9780197616093
Open access status: An open access version is available from UCL Discovery
DOI: 10.1093/oso/9780197616093.001.0001
Publisher version: https://doi.org/10.1093/oso%2F9780197616093.001.00...
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher's terms and conditions.
Keywords: value, antitrust, algorithm, platform, economics, economic rents, digital rents, network effects, industrial policy, innovation policy
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
URI: https://discovery.ucl.ac.uk/id/eprint/10140193
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