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Articles by Sarit Markovich
DP21970 Platform Openness: Evidence from Bug Bounty Programs
English Français Deutsch Italiano 中文 More Español Ελληνικά 日本語 Português Türkçe We examine how complementor-level openness affects value capture in platform markets. We argue that openness changes not only the amount of activity a complementor receives, but also its composition and the value the complementor can extract from it. Using bug-bounty program data, we find that closed programs attract cleaner activity and higher-quality researchers, but overall activity declines over time.
DP21432 The Social Media Externality
English Français Deutsch Italiano 中文 More Español Ελληνικά 日本語 Português Türkçe We develop a framework for understanding how social media can reduce both motivation and well-being. Curated social-media feeds raise the bar for feeling successful and distort how people learn about their capability from their own outcomes. Individuals may then work toward an unrealistic standard and misread poor results as evidence of low capability rather than as a consequence of biased comparisons.
Free or Paid Subscription? For Online Platforms, It's a Dance.
Summary Online platforms like Meta, Netflix, and Google must choose between free, paid-subscription, or hybrid business models, with downstream implications for market share and user privacy. A new study examines how companies select between these approaches and how that decision depends on factors such as competition, the value of data collected from users, and the extent to which platform features rely on network effects.
Free or Paid Subscription? For Online Platforms, It's a Dance.
Summary Online platforms like Meta, Netflix, and Google must choose between free, paid-subscription, or hybrid business models, with downstream implications for market share and user privacy. A new study examines how companies select between these approaches and how that decision depends on factors such as competition, the value of data collected from users, and the extent to which platform features rely on network effects.
“For the public benefit”: data policy in platform markets
Home | Faculty & Research Overview | Research We consider the public-good aspect of platform’s data-collection on users. Data has commercial-benefit to the platform, personal-benefit to the user, and public-benefit to other users. We ask who should decide which data the platform commercializes. We find that the answer depends on the type of heterogeneity in the disutility from data commercialization.
Competing for cookies: Platforms’ business models in data markets with network effects
Home | Faculty & Research Overview | Research We consider platform competition when platforms can either 1) commercialize users’ data and in return offer their services for free (data-based business model); 2) protect users’ data and charge users for participation (subscription-based model); or 3) offer both options (the hybrid model). We find that competition does not always motivate the incumbent platform to protect users’ data.
“For the public benefit”: Data policy in platform markets
1 INTRODUCTION Many platforms base their business model on the commercialization of consumers' data. For example, search engines such as Google can collect data on users' locations and keyword searches. Navigation apps such as Waze can collect data on users' preferred routes and other driving habits. Media streaming platforms such as Spotify, Pandora, and Deezer can collect data on users' music preferences and listening habits.
Crypto Had a Brutal Year. What Comes Next?
Summary The year since the cryptocurrency exchange FTX filed for bankruptcy has seen U.S. regulators, including the Securities and Exchange Commission, bring charges against the industry’s two biggest exchanges. What might we expect to emerge from this latest moment of reckoning? More caution from investors, more transparency from exchanges, and more regulation.
Podcast: Is There a Right Way to Monitor Worker Productivity?
Podcast Transcript Laura PAVIN: In 2022, The New York Times reported that productivity-monitoring softwares are on the rise at workplaces across America. And it did so in a way that left some readers reeling: by tracking their focus as they read the piece. As you scroll through the article, a little status marker appears on the screen. Green when you’re scrolling; yellow when you stop for even a brief moment.
What Went Wrong with FTX-and What’s Next for Crypto?
Late 2022 has not been kind to the crypto space. The meltdown of the FTX exchange, along with the high-profile collapses of several currencies, have many investors thinking twice about their positions in the sphere. FTX, the third largest of the centralized exchanges where people go to trade all manner of cryptocurrencies, has recently filed for bankruptcy. The fallout is expected to be widespread.
Podcast: What the FTX Meltdown Means for the Future of Crypto
Finance & Accounting Nov 18, 2022 The implosion of the crypto exchange has sent the industry reeling. We dig into what happened and whether cryptocurrency, as a concept, can weather the storm. 0:00 / 19:39 The unraveling of FTX—the cryptocurrency exchange—has dominated the headlines. Sarit Markovich, a clinical professor of strategy at Kellogg who studies IT markets and fintech, says there are bigger lessons to glean here.
“For the Public Benefit”: Who Should Control Our Data?
Data-driven platforms collect and commercialize users’ data through advertisements or by selling the data to other third part providers. This practice raises the question of who should have the right to decide which data to collect and commercialize, users or the platform? In this article, we describe the results of our research concerning regulating platforms’ data collection.
Contact Tracing Is Failing in the U.S. Here’s How to Fix It.
Policy Mar 1, 2021 For starters, turn responsibility over to local organizations and communities, where trust is higher. The practice of contact tracing—or identifying, assessing, and managing people who have been exposed to a disease—is an essential tool for controlling outbreaks by interrupting a disease’s transmission chains. And indeed, combined with lockdowns and mask ordinances, some countries have had great success using contact tracing to reduce outbreaks.
Facebook's New Currency Could Help the Poor
Facebook, which already covers about a third of the world's population with its 2.38 billion users, now wants to offer payment capabilities globally to those who don't have bank accounts or access to other financial services with the new Libra coin virtual currency.
Facebook's Libra could serve the underserved
Facebook, which already covers about a third of the world’s population with its 2.38 billion users, now wants to offer payment capabilities globally to those who don’t have bank accounts or access to other financial services with the new Libra coin virtual currency.
Commentary: Kodak’s New Cryptocurrency: Ridiculous or Genius?
Can Kodak, best known these days as a textbook case of failing to adjust to the Digital Age, make the ultimate comeback? That’s the question raised by the company’s recent debut of KodakCoin and a digital platform for storage, authentication, and rights-management of photographs—a foray into the surging domains of blockchain technology and cryptocurrency.
Though valuable, bitcoin unlikely to replace traditional currencies
What’s the future of Bitcoin? That has become an increasingly critical question for investors and observers as bitcoin’s value rose past $16,000 in early December. The best-known cryptocurrency has had a great deal of expectation surrounding it since it was first created in 2009. For many, the hope was that bitcoin would replace conventional currency forms — paper and coin-based — altogether, becoming a go-to global payment tool.
Commentary: The Overlooked Actor That Could Crash Bitcoin
Bitcoin’s (BTC) recent rise to $11,000 raises important questions around risk and transparency for investors and exchanges alike, and whether a crash is looming. The issue is that, like any investment vehicle, the value of bitcoin and other cryptocurrencies (forms of digital money) is subject to manipulation by large entities that have a stake in it, especially large-scale traders. The cryptocurrency exchange Bitfinex is the main actor to think about here.
Creative Destruction in Banking
Introduction: Technology and the Internet are radically changing many industries, and banking is no exception. Creative destruction in banking is real, and it’s accelerating. Technology and the Internet are radically changing many industries, and the financial market is no exception. According to CB Insights, more than $12 billion was invested in financial technology startup companies (hereafter, FinTech) in 2014, up from $4 billion in 2013.
Introduction: Technology and the Internet are radically changing many industries, and banking is no exception. Creative destruction in banking is real, and it’s accelerating. Technology and the Internet are radically changing many industries, and the financial market is no exception. According to CB Insights, more than $12 billion was invested in financial technology startup companies (hereafter, FinTech) in 2014, up from $4 billion in 2013.
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