{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,8]],"date-time":"2026-07-08T00:12:15Z","timestamp":1783469535707,"version":"3.55.0"},"reference-count":67,"publisher":"MIS Quarterly","issue":"1","license":[{"start":{"date-parts":[[2025,3,30]],"date-time":"2025-03-30T00:00:00Z","timestamp":1743292800000},"content-version":"vor","delay-in-days":394,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2024,3,1]]},"abstract":"<jats:p>Extant research has popularized the perspective that strong network effects produce \u201cwinner-take-all\u201d outcomes, which leads platforms to invest in user growth and encourages investors to subsidize these platforms. However, user growth does not necessarily imply strong user stickiness. Without user stickiness, strong network effects in the current period may fade in future periods, thus rendering a user growth strategy ineffective. By adding a time dimension to network effects, we developed a model of cross-period and within-period network effects to explain how different types of network effects drive value. We emphasize that the cross-period same-side network effect contributes to user stickiness, while the within-period cross-side network effect persists conditional on user stickiness. We propose that one reason for platforms having heterogeneous cross-period same-side network effects is because of the \u201cproduct learning\u201d mechanism: it is expected that products with higher uncertainty have a stronger cross-period same-side network effect. Based on different drivers, we extend the customer lifetime value model (CLV2) to two-sided platform markets, allowing us to measure how different interventions drive platform value. Using Groupon data, we verify our insights and discuss platform design choices that enhance user stickiness when the cross-period same-side network effect is weak.<\/jats:p>","DOI":"10.25300\/misq\/2023\/17012","type":"journal-article","created":{"date-parts":[[2024,5,13]],"date-time":"2024-05-13T16:59:37Z","timestamp":1715619577000},"page":"1-30","source":"Crossref","is-referenced-by-count":18,"title":["How Users Drive Value in Two-Sided Markets: Platform Designs That Matter"],"prefix":"10.25300","volume":"48","author":[{"given":"Zhou","family":"Zhou","sequence":"first","affiliation":[{"name":"Department of Information Systems, City University of Hong Kong Hong Kong, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Lingling","family":"Zhang","sequence":"additional","affiliation":[{"name":"China Europe International Business School Shanghai, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Marshall","family":"Van Alstyne","sequence":"additional","affiliation":[{"name":"Questrom School of Business, Boston University Boston, MA, U.S.A."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"10933","published-online":{"date-parts":[[2024,3,1]]},"reference":[{"issue":"375","key":"2025082210015565600_b1-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"598","DOI":"10.1080\/01621459.1981.1047769","article-title":"Estimation of dynamic models with error components","volume":"76","author":"Anderson","year":"1981","journal-title":"Journal of the American Statistical Association"},{"issue":"2","key":"2025082210015565600_b2-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"277","DOI":"10.2307\/2297968","article-title":"Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations","volume":"58","author":"Arellano","year":"1991","journal-title":"The Review of Economic Studies"},{"issue":"1","key":"2025082210015565600_b3-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"29","DOI":"10.1016\/0304-4076(94)01642-D","article-title":"Another look at the instrumental variable estimation of error-components models","volume":"68","author":"Arellano","year":"1995","journal-title":"Journal of Econometrics"},{"issue":"3","key":"2025082210015565600_b4-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"668","DOI":"10.1111\/j.1756-2171.2006.tb00037.x","article-title":"Competition in two-sided markets","volume":"37","author":"Armstrong","year":"2006","journal-title":"The RAND Journal of Economics"},{"key":"2025082210015565600_b5-01_ra_oa-17012-zhou-to_journal-mb","author":"Benzell","year":"2017","journal-title":"The Impact of APIs in firm performance"},{"issue":"4","key":"2025082210015565600_b6-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"841","DOI":"10.2307\/2171802","article-title":"Automobile prices in market equilibrium","volume":"63","author":"Berry","year":"1995","journal-title":"Econometrica"},{"issue":"3","key":"2025082210015565600_b7-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"151","DOI":"10.1257\/jep.12.3.151","article-title":"Learning from the behavior of others: Conformity, fads, and informational cascades","volume":"12","author":"Bikhchandani","year":"1998","journal-title":"Journal of Economic Perspectives"},{"issue":"6","key":"2025082210015565600_b8-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"900","DOI":"10.1287\/mksc.1120.0727","article-title":"Peer effects in the diffusion of solar photovoltaic panels","volume":"31","author":"Bollinger","year":"2012","journal-title":"Marketing Science"},{"issue":"10","key":"2025082210015565600_b9-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"1849","DOI":"10.1287\/mnsc.1100.1215","article-title":"Open platform strategies and innovation: Granting access vs. devolving control","volume":"56","author":"Boudreau","year":"2010","journal-title":"Management Science"},{"key":"2025082210015565600_b10-01_ra_oa-17012-zhou-to_journal-mb","volume-title":"Principles of corporate finance","author":"Brealey","year":"2020","edition":"13th"},{"issue":"1","key":"2025082210015565600_b11-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"83","DOI":"10.1093\/restud\/rdq007","article-title":"Dynamic price competition with network effects","volume":"78","author":"Cabral","year":"2011","journal-title":"The Review of Economic Studies"},{"key":"2025082210015565600_b12-01_ra_oa-17012-zhou-to_journal-mb","doi-asserted-by":"publisher","first-page":"60","DOI":"10.1111\/jems.12312","article-title":"Towards a theory of platform dynamics","volume":"28","author":"Cabral","year":"2019","journal-title":"Journal of Economics and Management. 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