competition model with entry in which exchanges supply technological services, and have market power. We find that technological … services can be strategic substitutes or complements in platform competition. Free entry of platforms delivers a superior …

rival hospitals, and lower premiums. Competition for enrollees forces non-integrated insurers to provide additional coverage … to high-quality non-integrated hospitals, resulting in plan networks that limit hospital competition. Whereas vertical … integration reduces double marginalization, skewed cost-sharing structures--and their effect on hospital competition--more than …