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Market Definition in Two-Sided Markets: An Empirical Analysis

When the theory of two-sided markets was first introduced it was common to hear a theory of everything, and therefore nothing, since everything seems to be two-sided. One of the problems with two-sided market analysis is that is hard to find formal limiting principles to market definition since the ‘small significant non-transitory increase in price test’ (SSNIP test) cannot be applied in its traditional form. In particular, we argue whether one or two relevant markets need to be defined and whether the presence of another side of the market should influence market definition.