Using staggered entry of two dockless bike-sharing firms, we study whether the entrant expands or steals the market from the incumbent in 59 cities. Compared with 23 cities without entry, the entry helps the incumbent to serve more trips, make more bike investment, achieve higher revenue per trip, improve bike utilization, and form a wider and more dispersed network. The market-expanding effect on new users dominates a significant market-stealing effect on old users. These findings, plus a theory that highlights consumer search and network effects, suggest that a market with positive network effects and multihoming users is not necessarily winner-takes-all.

中文翻译：

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扩大市场还是窃取市场？共享单车的网络效应竞争

使用两家无桩共享单车公司的交错进入，我们研究了进入者是扩大还是从 59 个城市的现有公司那里抢夺市场。与没有进入的23个城市相比，进入有助于在职者服务更多的出行，进行更多的自行车投资，实现更高的单车收入，提高自行车利用率，形成更广泛、更分散的网络。对新用户的市场扩张效应主导着对老用户的显着市场窃取效应。这些发现，加上强调消费者搜索和网络效应的理论，表明具有积极网络效应和多宿主用户的市场不一定是赢家通吃的。