In two-sided markets it is important to consider rebalancing effects following a merger, i.e. the impact of a change in margin on one side of the market, either due to a price change or to efficiency gains, on the pricing incentives on the other side. We propose modified versions for the indices of pricing pressure (UPP and GUPPI) that take this into account. We show that in two-sided markets where the cross-group externalities are positive the upward pricing pressure will typically be overstated if the rebalancing effect is ignored. Our approach explains why competition agencies should look at both sides of the market when assessing platform mergers.

中文翻译：

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双向市场的价格上涨压力：纳入再平衡效应

在双向市场中，重要的是要考虑合并后的再平衡效应，即，由于价格变化或效率提高而导致的保证金变化对市场的另一侧定价激励的影响。 。我们建议将价格压力指数（UPP和GUPPI）考虑在内的修改版本。我们发现，在跨集团外部性为正的双向市场中，如果忽略了再平衡效应，则定价压力通常会被夸大。我们的方法解释了为什么竞争机构在评估平台合并时应同时考虑市场的两面。