Chasing Market Growth and Matching Performance in Two-Sided Platforms: Evidence from the Lazy-Minting Policy in an NFT Marketplace
Published Online:14 Jan 2026https://doi.org/10.1287/mnsc.2022.03573
References
- (2020) Frenemies in platform markets: Heterogeneous profit foci as drivers of compatibility decisions. Management Sci. 66(6):2432–2451.Link, Google Scholar
- (1970) The market for “lemons”: Quality uncertainty and the market mechanism. Quart. J. Econom. 84(3):488–500.Crossref, Google Scholar
- (2009) Mostly Harmless Econometrics: An Empiricist’s Companion (Princeton University Press, Princeton, NJ).Crossref, Google Scholar
- (2021) Managing congestion in matching markets. Manufacturing Oper. Management 23(3):620–636.Link, Google Scholar
- Ashenfelter O, Graddy K (2006) Art auctions. Ginsburgh VA, Throsby D, eds. Handbook of the Economics of Art and Culture, vol. 1 (North-Holland, Amsterdam), 909–945.Google Scholar
- (2020) Clearing matching markets efficiently: Informative signals and match recommendations. Management Sci. 66(5):2163–2193.Link, Google Scholar
- (2019) On the empirical content of cheap-talk signaling: An application to bargaining. J. Political Econom. 127(4):1599–1628.Crossref, Google Scholar
- (2013) The price of art: Uncertainty and reputation in the art field. Eur. Soc. 15(2):178–195.Crossref, Google Scholar
- (2009) Anchoring effects: Evidence from art auctions. Amer. Econom. Rev. 99(3):1027–1039.Crossref, Google Scholar
- (2022) Social referral programs for freemium platforms. Management Sci. 68(12):8933–8962.Link, Google Scholar
- (2014) Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. J. Management Stud. 51(8):1334–1360.Crossref, Google Scholar
- (2020) Managing market thickness in online business-to-business markets. Management Sci. 66(12):5783–5822.Link, Google Scholar
- (2010) Open platform strategies and innovation: Granting access vs. devolving control. Management Sci. 56(10):1849–1872.Link, Google Scholar
- (2001) Pricing and matching with frictions. J. Political Econom. 109(5):1060–1085.Crossref, Google Scholar
- (2021) When does dispute resolution substitute for a reputation system? Empirical evidence from a service procurement platform. Production Oper. Management 30(6):1565–1582.Crossref, Google Scholar
- (2014) When does a platform create value by limiting choice? J. Econom. Management Strategy 23(2):259–293.Crossref, Google Scholar
- (2000) Creative Industries: Contracts Between Art and Commerce (Harvard University Press, Cambridge, MA).Google Scholar
- (2013) Platform competition: Strategic trade‐offs in platform markets. Strategic Management J. 34(11):1331–1350.Crossref, Google Scholar
- (2022) New-media advertising and retail platform openness. MIS Quart. 46(1):431–456.Crossref, Google Scholar
- (2005) Personalized pricing and quality differentiation. Management Sci. 51(7):1120–1130.Link, Google Scholar
- (2020) Two-way fixed effects estimators with heterogeneous treatment effects. Amer. Econom. Rev. 110(9):2964–2996.Crossref, Google Scholar
- (2012) On product uncertainty in online markets: Theory and evidence. MIS Quart. 36(2):395–426.Crossref, Google Scholar
- (2018) Consumer price search and platform design in internet commerce. Amer. Econom. Rev. 108(7):1820–1859.Crossref, Google Scholar
- (2020) ART as meta-credence: Authentication and the role of experts. J. Culture Econom. (Dordrecht) 44(1):155–171.Google Scholar
- (2025) The impact of “Lazy Minting” on seller performance in NFT marketplaces—A transaction cost economics perspective. J. Oper. Management 71(7):1017–1035.Crossref, Google Scholar
- (2024) Dog eat dog: Measuring network effects using a digital platform merger. Management Sci. 70(1):464–483.Link, Google Scholar
- (2015) Bias and reciprocity in online reviews: Evidence from field experiments on Airbnb. Roughgarden T, Feldman M, Schwarz M, eds. Proc. 16th ACM Conf. Econom. Comput. (Association for Computing Machinery, New York), 641–641.Google Scholar
- (2019) Frictions in a competitive, regulated market: Evidence from taxis. Amer. Econom. Rev. 109(8):2954–2992.Crossref, Google Scholar
- (2022) Designing entry strategies for subscription platforms. Management Sci. 68(10):7597–7613.Link, Google Scholar
- (2019) A potato salad with a lemon twist: Using a supply-side shock to study the impact of opportunistic behavior on crowdfunding platforms. MIS Quart. 43(4):1227–1248.Crossref, Google Scholar
- (2014) Examining the impact of ranking on consumer behavior and search engine revenue. Management Sci. 60(7):1632–1654.Link, Google Scholar
- (2006) Handbook of the Economics of Art and Culture (Elsevier, New York).Google Scholar
- (2006) Pricing and commitment by two-sided platforms. RAND J. Econom. 37(3):720–737.Crossref, Google Scholar
- (2009a) Multi-sided platforms: From microfoundations to design and expansion strategies. Working Paper No. 09-115, Harvard Business School Strategy Unit, Cambridge, MA.Google Scholar
- (2009b) Quantity vs. quality: Exclusion by platforms with networks effects. Working Paper No. 09-094, Harvard Business School Strategy Unit, Cambridge, MA.Google Scholar
- (2009c) Two‐sided platforms: Product variety and pricing structures. J. Econom. Management Strategy 18(4):1011–1043.Crossref, Google Scholar
- (2003) Measuring the frictional costs of online transactions: The case of a name-your-own-price channel. Management Sci. 49(11):1563–1579.Link, Google Scholar
- (2022) Profit or growth? Dynamic order allocation in a hybrid workforce. Management Sci. 68(8):5891–5906.Link, Google Scholar
- (2013) Measuring the effect of Napster on recorded music sales: Difference‐in‐differences estimates under compositional changes. J. Appl. Econometrics 28(2):297–324.Crossref, Google Scholar
- (1997) Secret reserve prices in a bidding model with a resale option. Amer. Econom. Rev. 87(4):663–684.Google Scholar
- (2019) Buyer uncertainty about seller capacity: Causes, consequences, and a partial solution. Management Sci. 65(8):3518–3540.Link, Google Scholar
- (2021) Cheap Talk Messages for Market Design: Theory and Evidence from a Labor Market with Directed Search (National Bureau of Economic Research, Cambridge, MA).Google Scholar
- (2010) A general approach to causal mediation analysis. Psych. Methods 15(4):309.Crossref, Google Scholar
- (2000) When choice is demotivating: Can one desire too much of a good thing? J. Personality Soc. Psych. 79(6):995.Crossref, Google Scholar
- (2024) Investor composition and the market for music NFTs. Preprint, submitted January 10, http://dx.doi.org/10.2139/ssrn.4677535.Google Scholar
- (1985) Network externalities, competition, and compatibility. Amer. Econom. Rev. 75(3):424–440.Google Scholar
- (1984) Advertising as a signal. J. Political Econom. 92(3):427–450.Crossref, Google Scholar
- (2000) No pain, no gain: A critical review of the literature on signaling unobservable product quality. J. Marketing 64(2):66–79.Crossref, Google Scholar
- (2014) Search for differentiated products: Identification and estimation. RAND J. Econom. 45(3):553–575.Crossref, Google Scholar
- (2020) Higher market thickness reduces matching rate in online platforms: Evidence from a quasi-experiment. Management Sci. 66(1):271–289.Link, Google Scholar
- (2018) Herding and social media word-of-mouth: Evidence from Groupon. MIS Quart. 42(4):1331–1351.Crossref, Google Scholar
- (2024) In art we trust. Management Sci. 70(1):98–127.Link, Google Scholar
- (1986) Price and advertising signals of product quality. J. Political Econom. 94(4):796–821.Crossref, Google Scholar
- (1982) A theory of auctions and competitive bidding. Econometrica 50(5):1089–1122.Crossref, Google Scholar
- (1995) Signaling quality with a money-back guarantee: The role of transaction costs. Marketing Sci. 14(4):442–466.Link, Google Scholar
- (2022) Competing with the sharing economy: Incumbents’ reaction on review manipulation. MIS Quart. 46(3):1573–1602.Crossref, Google Scholar
- (2003) Limits to growth in the new economy: Exploring the ‘get big fast’ strategy in e‐commerce. System Dynam. Rev. 19(2):83–117.Crossref, Google Scholar
- (2014) Inefficient hiring in entry-level labor markets. Amer. Econom. Rev. 104(11):3565–3599.Crossref, Google Scholar
- (2005) Two-sided network effects: A theory of information product design. Management Sci. 51(10):1494–1504.Link, Google Scholar
- (2008) The auction market for modern prints: Confirmations, contradictions, and new puzzles. Econom. Inquiry 46(2):149–159.Crossref, Google Scholar
- (2007) The impact of length of the school year on student performance and earnings: Evidence from the German short school years. Econom. J. 117(523):1216–1242.Google Scholar
- (2008) What have we learned from market design? Econom. J. 118(527):285–310.Crossref, Google Scholar
- (2023) What’s trending in difference-in-differences? A synthesis of the recent econometrics literature. J. Econom. 235(2):2218–2244.Crossref, Google Scholar
- (2006) Experimental study of inequality and unpredictability in an artificial cultural market. Science 311(5762):854–856.Crossref, Google Scholar
- (2020) Doubly robust difference-in-differences estimators. J. Econom. 219(1):101–122.Crossref, Google Scholar
- (2020) Consumer reactions to drip pricing. Marketing Sci. 39(1):188–210.Link, Google Scholar
- (2021) Entry of platforms into complementary hardware access product markets. Marketing Sci. 40(2):325–343.Link, Google Scholar
- (2020) Spillover effect of consumer awareness on third parties’ selling strategies and retailers’ platform openness. Inform. Systems Res. 32(1):172–193.Link, Google Scholar
- (1973) Job market signaling. Quart. J. Econom. 87(3):355–374.Crossref, Google Scholar
- (2007) Getting big too fast: Strategic dynamics with increasing returns and bounded rationality. Management Sci. 53(4):683–696.Link, Google Scholar
- (2014) Using propensity scores in difference-in-differences models to estimate the effects of a policy change. Health Services Outcomes Res. Methodology 14(4):166–182.Crossref, Google Scholar
- (1986) Vertical product differentiation: Some basic themes. Amer. Econom. Rev. 76(2):393–398.Google Scholar
- (2015) Information disclosure as a matching mechanism: Theory and evidence from a field experiment. Amer. Econom. Rev. 105(2):886–905.Crossref, Google Scholar
- (2025) Resale royalty in non-fungible token marketplaces: Blessing or burden for creators and platforms? Inform. Systems Res. 36(3):1543–1564.Link, Google Scholar
- (2003) Symbolic meanings of prices: Constructing the value of contemporary art in Amsterdam and New York galleries. Theory Soc. 32(2):181–215.Crossref, Google Scholar
- (2013) Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art (Princeton University Press, Princeton, NJ).Google Scholar
- (2017) Health consequences of the US deferred action for childhood arrivals (DACA) immigration programme: A quasi-experimental study. Lancet Public Health 2(4):e175–e181.Crossref, Google Scholar
- (2024) Quality differentiation and matching performance in peer-to-peer markets: Evidence from Airbnb Plus. Management Sci. 70(7):4260–4282.Link, Google Scholar
- (2022) Competition, contracts, and creativity: Evidence from novel writing in a platform market. Management Sci. 68(12):8613–8634.Link, Google Scholar
- (2021) The race for online reputation: Implications for platforms, firms, and consumers. Inform. Systems Res. 32(4):1262–1280.Link, Google Scholar
- (2010) The social construction of quality: Status dynamics in the market for contemporary art. Socioeconom. Rev. 8(3):511–536.Crossref, Google Scholar
- (2024) A nascent market for digital assets: Exploration of consumer value of NFTs. Digital Bus. 4(2):100084.Crossref, Google Scholar
- (2022) Signaling quality with return insurance: Theory and empirical evidence. Management Sci. 68(8):5847–5867.Link, Google Scholar
- (2020) The long-term and spillover effects of price promotions on retailing platforms: Evidence from a large randomized experiment on Alibaba. Management Sci. 66(6):2589–2609.Link, Google Scholar

