竞争对第三方标记有效性的异质性影响:理论与实证

The Differential Influence of Competition on the Effectiveness of Third Party Mark: Theory and Evidence

网络交易市场中卖家数量增多导致的竞争加剧会对第三方标记这一信号传递机制的有效性产生影响。在信号传递的理论框架下,对分离均衡和混同均衡在双边垄断以及竞争市场中的分析发现,竞争加剧对第三方标记的有效性存在着异质性的影响:当买家对不同类型卖家的意愿支付差异高于诚信卖家的标记成本且小于投机卖家的标记成本时,竞争加剧会损害第三方标记的有效性;但是当不同类型卖家的标记成本彼此之间差异较大,而又都低于买家的意愿支付差异时,第三方标记的有效性会随着竞争加剧先上升后下降。对淘宝网上多种主流第三方标记在不同竞争环境下的实证分析与效果对比也为上述结论提供了经验支持。

The intensified competition resulted from increased sellers in the internet transaction market will influence the effectiveness of the third party mark as a signal transmission mechanism. It is found through the analysis of both the separating equilibrium and the pooling equilibrium in bilateral monopoly and competitive market in the theoretical framework of signal transmission that the intensified competition has exerted heterogeneous influence on the effectiveness of the third party marks. When the difference of one buyer＇ s willingness-to-pay towards different sellers is higher than the marked cost of the honest sellers but lower than the marked cost of the speculative sellers, the inten- sified competition will damage the effectiveness of the third party marks. However, when the differ- ence between the marked costs of different sellers is relatively larger, but lower than the difference between the willingness-to-pay of the buyers, the effectiveness of the third party mark will increase first and decrease later along with the intensified competition. The above conclusion is empirically supported by the empirical analysis and effectiveness comparison of various mainstream third party marks on the internet transaction of Taobao under the different competitive environments.