Network effects (direct or indirect) create the possibility of multiple (stable) equilibrium market configurations
What determines which equilibrium market configuration prevails?
What determines/influences expectations?
- Path-dependence (winner in last generation oftentimes expected to win in the current generation)
- Platforms might use non-price coordination instruments to affect expectations in their favor: e.g. First-party games/applications/content
- Public announcements & commitments (if feasible)
Here’s the link to the slides.