标题： 平台自我优待的福利效应：来自Airbnb的实证证据 显示英文标题

标题： Welfare Effects of Self-Preferencing by a Platform: Empirical Evidence from Airbnb

摘要： 本文研究了爱彼迎（Airbnb）自我优待的福利效应，即爱彼迎利用其定价算法优先最大化平台整体佣金收入而非单个房东收入的实践。 为考察这一福利影响，我构建了一个贝特朗竞争模型，其中包含爱彼迎房东与酒店之间的差异化产品。 利用东京23个区的独特数据，我估计了该模型并进行了反事实模拟，以评估自我优待的福利效应。反事实模拟显示，自我优待平均减少了5.08%的社会福利，相当于2023年东京度假租赁市场规模年度损失约14.90%，同时使爱彼迎的佣金收入平均增加了37.73%。 这些发现凸显了平台驱动的收入优化与市场效率之间的重要权衡，强调了迫切需要进行竞争政策改革以及提高平台实践的透明度和问责制。 显示英文摘要

摘要： This paper studies the welfare effects of self-preferencing by Airbnb, a practice where Airbnb utilizes its pricing algorithm to prioritize maximizing platform-wide commission revenue rather than optimizing individual host revenues. To examine this welfare implication, I construct a Bertrand competition model with differentiated products between Airbnb hosts and hotels. Using unique data from Tokyo's 23 wards, I estimate the model and conduct counterfactual simulations to evaluate the welfare effects of self-preferencing. Counterfactual simulations reveal that self-preferencing reduces social welfare by 5.08% on average, equivalent to an annual loss of about 14.90% of Tokyo's vacation rental market size in 2023 while increasing Airbnb's commission revenue by an average of 37.73%. These findings highlight the significant trade-offs between platform-driven revenue optimization and market efficiency, emphasizing the urgent need for competition policy reforms and greater transparency and accountability in platform practices.