Essays on Economics of Technology-Enabled Intermediaries

Intermediaries exist to facilitate transactions between two parties who benefit from interacting or trading with each other. Rapid advances in technology over the last two decades, especially the Internet and other networks that facilitate intra- and inter-organizational information exchange and collaboration, have not only given rise to a new generation of intermediaries, but also significantly altered the value propositions of the existing intermediaries. In some cases technology has completely replaced human intervention in mediation, whereas in others, the added technological capability has reshaped the economic value addition by the intermediaries. Either ways, the technology has impacted the economic benefits of the interacting agents in the market as well as that of the intermediaries. The list of these technology-enabled intermediaries includes, but is not limited to, electronic job markets (Monster), ecommerce sites (Amazon), online advertising platforms (Google, Yahoo), Group Purchasing Organizations (MedAssets, Novation), online auction platforms (eBay), group buying platforms on the web, etc.