Platform-run marketplaces may exploit third-party sellers' data to develop competing products, but potential for future competition can deter sellers' entry. We explore how this trade-off affects the platform's referral fee and its own entry decision. We first characterize the platform's optimal...

Due to time constraints and search costs, consumers are unable to explore millions of pieces of digital content, such as e-books, music, and movies, before making consumption decisions. Previous studies have extensively scrutinized how pre-consumption information artifacts—e.g., online...