The Sharing Economy Revolution

and Peer-to-peer Online Platforms.

The Case of Airbnb

Linda Meleo(&), Alberto Romolini, and Marco De Marco

International Telematic University Uninettuno,

corso Vittorio Emanuele II, 39, 00187 Rome, Italy
{l.meleo,a.romolini,
m.demarco}@uninettunouniversity.net

Abstract. The sharing revolution would not be possible without digital

technologies and the diffusion of ICT worldwide. ICT has created a new level
playing eld also thanks to peer-to-peer (P2P) platforms, and a new concept, the
sharing and collaborative consumption online, is expanding. This concept is
based on what can be called CASH - collaboration, access, sharing rather
than ownership meant also as a chance to collect money in addition to
monthly salary. This paper aims to describe a successful P2P platform that well
reflect the CASH concept, Airbnb, currently the leader of the online accom-
modation marketplace, using the case study approach and the SWOT analysis
methodology. This analysis is useful in order to understand the main features
and functioning of such a platform and what to expect for the years to come.
Results show that Airbnb is growing at high speed in terms of users and prots
but some challenges have to be faced in the next future linked to regulatory
issues and to traditional accommodation market and citizens reactions.

Keywords: Sharing economy
Collective consumption
ICT
Peer-to-peer

Airbnb

1 Introduction

In recent years, the sharing economy has opened new opportunities for individuals and
companies. There is not a unique notion of sharing economy and there is some con-
fusion about the activities that can be linked to this concept i.e. on-demand, social
economy, cooperative economy, etc. (see i.e. [1, 2, 3, 4]). In general, the term sharing
economy indicates different forms of exchange that can involve for-prot and
non-prot activities and the main goal is to maximize the usage of under-utilized
resources. Despite the debate on how the sharing economy should be dened, the
sharing revolution would not be possible without digital technologies and the dif-
fusion of ICT worldwide. In fact, ICT usage has dramatically increased the spread of
information and reduced transaction costs, especially searching and bargaining costs.
This had been possible especially thanks to Internet platforms that keep a myriad of
individuals and businesses all over the world in contact, via a peer-to-peer relationship

Springer International Publishing Switzerland 2016

T. Borangiu et al. (Eds.): IESS 2016, LNBIP 247, pp. 561570, 2016.
DOI: 10.1007/978-3-319-32689-4_43
562 L. Meleo et al.

where actors interact providing, requesting or sharing resources for [co-]creating

value [5]. In this scenario, the active contribution of Information Management in
developing value-added services may transform IT from a perceived cost center to a
perceived prot [6].
Peer-to-peer (P2P) platforms are nothing new on the Internet; in the past many
other attempts were made such as the late nineties Napster for music sharing (even if
some authors argued that it was not a true example of sharing economy as ownership
of the music changed from one user to another [7]). Given the rapid access of people to
the Internet thanks to the reduction of the so called digital divide, and to the diffusion of
pc and mobile devices with internet access, these platforms are well known worldwide
and in different sectors [8]. In this scenario, where also the Public Administrations
develop innovation-friendly business environment with appropriate ICT investments
[9, 10], there is an higher propensity of consumers to use the Internet and all the
services offered by the Internet through the access to several digital platforms [11],
having an ubiquitous relationship with different applications and business services [12].
In short, P2P platforms have created a new level playing eld where a new concept,
based on what can be called CASH - collaboration, access, sharing rather than -
ownership, forms the basis for what is called sharing and collaborative consumption
online, as well as for new work opportunities. As a consequence, the acronym CASH
has a twofold nature and accurately reflects these two points, namely a new way of
consumption and the chance for individuals to collect money in addition to their
monthly salary. The P2P platforms that reflect the CASH concept, mainly the not for
prot ones, are several and represent the source of disruptive innovation among
markets and business models.
Collaborative consumption, in particular, is based on the P2P online marketplace.
The core idea of this kind of platform is renting or swapping different types of goods or
services such as housing, cars, study materials and even food. Collaborative con-
sumption has affected many sectors (see i.e. [13, 14]), and, as one of the most suc-
cessful business developments has been experienced by the accommodation industry,
an analysis of the main characteristics, strategies and business models adopted in this
sector is an aid to understanding the forces at work.
Given this importance of understanding the main features of the CASH plat-
forms, this paper aims to analyze the strengths, weaknesses, opportunities, and threats
(SWOT analysis) of the successful P2P platform Airbnb, currently the leader of the
online accommodation marketplace. The high levels of diffusion and use of the Airbnb
platform worldwide together with the economic effects created for both consumers and
producers reflect the CASH paradigm described above and make it an appropriate case
study. In fact, Airbnb get in touch hosts and users reducing transaction costs and let
hosts rent assets (rooms or houses) that would be otherwise underused, collecting
additional money, and guest to nd cheaper alternatives to traditional accommoda-
tions such as hotels.
Section 2 provides a short theoretical background to collaborative consumption,
and Sect. 3 illustrates the Airbnb case. Section 4 shows the Airbnb SWOT analysis,
and, nally, Sect. 5 closes the paper with conclusions and a number of indications for
further research.
 The Sharing Economy Revolution and Peer-to-peer Online Platforms 563

2 Methodology

The sections below examine one of the most successful examples of collective con-
sumption, Airbnb, using a case study approach and the SWOT methodology. In details,
this paper uses an illustrative approach based on the analysis of 3 main aspects:
1. Airbnb investment strategy; 2. Airbnb business model; 3. Airbnb main legal and
debated issues. Data are collected from different sources. For point 1 this paper refers to
Marketline database [15], CBInsights database [16], Airbnb website and economic
newspapers, and for point 2 Airbnb website, economic literature and economic
newspapers. Finally, for point 3 data are gathered from economic literature, internet
sources and economic newspapers. The information collected is nally used to develop
the SWOT matrix.

3 Results and Discussion

3.1 Airbnb, History and General Information

Airbnb (formerly named AirBed & Breakfast) is a P2P platform launched in October
2007, with headquarters in San Francisco, California. Since then, it has experienced a
rapid expansion and growing number of listed accommodation all over the world. Data
provided by the company indicates that more than 6 million nights have been booked in
more than 190 countries and more than 34 thousand cities [17] since its start. Data from
a 2015 survey indicates that almost 12 % of leisure and business travellers have chosen
Airbnb at least once to nd accommodation, and that, among the 41 % of the sample
aware of Airbnb, 25 % has used its services [18]. For 2016, demand is expected to
grow further reaching 18 % of both leisure and business travellers [18]. The company is
currently worth 25 billion dollars, more than the Marriott group [18].
The idea was the fruit of the personal experience of the 3 founders who wanted to
make enough money to attend a conference and decided to rent out their airbed as
accommodation. The company has since expanded to offer apartments, houses, rooms,
and other types of accommodation with or without onsite hosts.
The Airbnb platform represents the typical case of two-sided market with positive
network externalities on both sides; the more the one side grows the higher the benets
for the other side [19]. Given the importance to improve the number of guests and hosts
due to these network externalities, the platform is user-friendly. Once becoming a
validated member by providing a scan of an identity card or passport, the user can be a
host and a guest at the same time and receive and provide feedback on his experience.
Guests can look for accommodation by selecting the date and destination and thus
obtaining a list of solutions and the price charged. The user then chooses a solution and
sends a request to the owner of the property. When he accepts, the transaction is closed.
The arrival and the departure times are at the hosts agreement. Money is transferred by
Airbnb to the host on the day of the guests arrival.
Airbnb currently owns roughly 4 % of the market share of the Vacation Rental and
P2P rental sector [7]. The economic performance experienced by the company saw
important revenues increase from its launch. Estimates indicate that revenues were
564 L. Meleo et al.

approximately 423 million dollars in 2014 and 675 million in 2015 (+55 %) [7]. This
growth is due to a demand increase but also to specic and on-going investment
strategies that rely on signicant nancial funding (see Sect. 3.2.).

3.2 Investment and Financial Strategies

Looking at the company nancial strategy, it is expected that Airbnb will expand its
activity in efforts to catch other market segments. The aim is probably to enrich the
platform options by offering new and integrated travelling and accommodation services.
This differentiation strategy is probably needed in order to improve Airbnbs reputation
and brand delity and to counter growing competition from other platforms offering
similar services such as Homeaway (its main competitor), Couchsurng, or Roomrama.
In 2010 the company secured $7.2 million in Series A funding from 3 main
investors, Sequoia Capital, Greylock Partners, and a third, undisclosed source [15].
Then, in 2011, it started a fund-raising campaign that enabled Airbnb to enlarge its
international network and acquire the majority of shares on 1 June, in Accoleo, a
German company providing the same hosting services locally as Airbnb. In July of the
same year, Airbnb secured an additional $112 million in Series B round of venture
funding led by Andreessen Horowitz. On 20th November 2015, total funding was equal
to 2493.8 million dollars vis-a-vis 711.5 million dollars of Homeaway [16].
The expansion policy of Airbnb continued with the acquisition of [15]: 1. Crash-
padder, a British online marketplace for individuals to list accommodation to be rented
out only for short periods of time (21st March 2012); 2. Dailybooth a website where
people can nd photo and blogging services (24th July 2012); 3. Localmind, a question
and answer platform where users can ask what is happening in any country in the world
and provide replies to these questions (13th December 2012); 4. Pencil Labs, a rm that
develops calendar and messaging applications (1st December 2014); 5. and Lapka, a
Russian start-up producing manufacturing sensors (29th September 2015).
There is also a plan to acquire Vamo Labs, a platform for planning and booking
travel, in future months.

3.3 Airbnb Business Model

As mentioned in Sect. 3.1., the Airbnb business model is quite simple. Thanks to its
platform, Airbnb matches the supply and demand for accommodation. In this way,
transaction costs are dramatically reduced, and will continue to fall as more individuals
sign up to the platform (network externalities) [20]. Membership is free of charge and
requires only identity card verication. When a person books a room or an apartment
and the host accepts the reservation, he will be charged a sum. This sum includes the
price per night that is decided by the hosts (that can include also a cleaning fee), and
revenues for Airbnb. These revenues are calculated as below:
Revenues from guest that is charged by a 612 % fee, according to the type of
accommodation, and to the length of the stay.
Revenues from the host that is also charged by a 3 % credit card transaction fee.
 The Sharing Economy Revolution and Peer-to-peer Online Platforms 565

Hosts can be individuals and bed and breakfast (B&B) owners can also register.
However, listing a block of identical rooms is forbidden [21]. This means that the
platform enables small and less well-known accommodation to access demand [22].
Trust and reputation are two fundamental principles for enhancing and protecting
any online business and allowing the company to grow. The basic strategy adopted by
Airbnb to foster the trust is not a novelty as they introduced online reviews in a similar
manner to hotel. However, for Airbnb there is a double review mechanism as for other
platforms (such as eBay), one for the host and one for the guest. The platform offers a
number of additional special features, such as the opportunity to send messages and
questions directly to the host [20], see pictures, and other personal information linked
to Facebook or LinkedIn hosts and guests proles.
Data indicates that business travellers currently prefer to book traditional hotels due
to safety and services offered in this type of accommodation [20]. Airbnb is trying to
conquer part of this market segment by investing in client satisfaction launching a 24/7
telephone concierge service. Guests can call for advices, book tickets, for example, and
generally receive the same type of information as they would in a hotel. The entrance
strategy of Airbnb in business and luxury travellers segments, traditionally managed by
hotels, has started in July 2014 after the partnership with Concur, an American travel
management enterprise that offers travel and expenses management services to com-
panies [23].

3.4 Legal Issue on Safety and Tax

Airbnb is a pioneer in P2P accommodation platforms and this is the main reason why
the company is encountering problems on both legal and regulatory grounds. In fact, it
is facing several legal actions as the result of damage and vandalism by guest travelers,
especially in the US. This has led the company to establish rules to protect hosts, and
design strategies in order to discourage dishonest and hazardous behaviour [17]. This
represents a fundamental step in order to preserve the trustworthiness of the platform
and overall reputation. Airbnb is already dening a number of measures to improve
safety and identication mechanisms, such as a 24-hour hotline. The company has
insurance coverage for damage caused during the stay.
Other problems are linked to the tax issues as many local government complained
against Airbnb because the platform represents a way to elude local taxes, mainly city
hotel taxes. This issue is still controversial, even if Airbnb has reached several
agreements in order to gather and remit these taxes to local authorities (i.e. San
Francisco, Chicago and Amsterdam) [20].

3.5 Regulatory Issues and the Impact on the Accommodation Market

Legal issues are not the only obstacles encountered by Airbnb; there are also those of a
regulatory nature. As a P2P accommodation marketplace, the company lowers trans-
action costs, and allows individuals to offer a tangible service (the room) by means of
an intangible asset (the platform), enhancing the growth of the so-called Internet of
566 L. Meleo et al.

things. As a consequence, barriers to entry to the accommodation market are

dramatically lower. Referring to the contestable market theory [24], this means that
more competitors are offered an incentive to enter the market, thus lowering the price
for the stay.
This situation generates a twofold effect. On the one side, Airbnb is becoming an
attractive, cheaper alternative to hotels, and consumers on a tight budget have a greater
opportunity to travel. Morgan Stanley 2015 survey [18] indicates price is the main
reasons for which travellers chose Airbnb (55 % of respondents), even if for more than
1 night stays. Guttentag [25] showed that in selected cities of the North America, the
average Airbnb price for a private room is roughly equal to the average room price of
12 star hotel accommodation. However, the average of the 10 lowest Airbnb prices for
a home-apartment are comparable to the price of 12 star hotel room, whereas for a
single private room, Airbnb prices are as low as those offered by hostels. Rental costs
are lower than hotels because the host generally lives in the house and already pays the
xed costs (i.e. utilities).
That being said, there is also a signicant impact on competition. The market entry
of private accommodations is creating drawbacks for the hotel and online travel
agencies (OTAs) sectors, which can be considered as part of the same relevant market.
Morgan Stanley 2015 survey [18] indicates that 42 % and 20 % of travellers have
decided to rent an Airbnb listed accommodation to the expense of hotels and OTAs
respectively. Despite the fact that the services offered are not totally comparable with
hotels, Airbnb is perceived as an alternative with a number of additional features, such
as the chance to experience the cultural and every-day life of the destination, a value
that appears to be more and more important for travellers [26], and is expanding to
catch also business travellers as already mentioned. It is therefore generating dis-
ruptive innovation in the accommodation market that could lead to the same degree of
change as that experienced when OTAs such as Expedia began to challenge High Street
travel agencies, many of which went out of business because they could not exploit the
same cost advantages as the online agencies ([25, 27]).
There is also a problem of a level playing eld in regulatory terms. At the time of
the writing, there is a regulatory gap to ll as a shared set of rules or strategies
worldwide has yet to be devised, with the result that the business model of Airbnb, and
other P2P platforms, has opened up new challenges in terms of regulation.
As well documented in the literature (i.e. [28]), regulation could incentivize proper
behaviour if adequately dened. To avoid the situation of over- or under-regulation,
one fundamental step is the denition of ex-ante regulatory goal(s). At the moment, it
seems that policy makers all over the world do not yet have a clear picture of the
acceptability of the sunrise of such a phenomenon as the collective consumption
platforms, especially when considering the tax payment issue as mentioned in the
previous section. This uncertainty is quite clear when observing what is going on in
different countries. In San Francisco and New York, for example, there have been
signicant knock-on effects.
In details, a number of San Francisco citizens, aided by hotel associations, are
arguing that rents in the city have risen because of Airbnb (data indicates a 40 % price
rise since 2010, [29]). This has been explained by the fact that households nd it more
protable to rent on a short stay basis, causing a shortage of long term rental properties
 The Sharing Economy Revolution and Peer-to-peer Online Platforms 567

and an increase in rent prices which forces long-term tenants, especially those of
middle to low income, to leave. Some proposals have been under review by San
Francisco authorities over recent months. One of them, proposition F, proposes a
reduction in short term rentals to 75 days per year from 90 if the host does not live in
the same place, but no limitation if the owner lives in the house listed on the Airbnb
platform.
The issue was temporary resolved by referendum on 4th November 2015 in favour
of Airbnb (55 % of citizens voted against proposition F) [30], but there is an uncertain
scenario for the months to come as Airbnb could be a factor influencing long term rent
prices in other cities. The shortage of houses could be a problem especially in cities
where rents are already high. For example, in February 2016, the average Airbnb price
for an accommodation for a one month stay in Rome is equal to 2,766.00 euros (Airbnb
list, last access 19th December 2015). This price is considerably higher than the average
long term monthly rental of 864.00 euros [31]. At the time of the writing, additional
legal disputes have been registered in New York City [32]. Long term rental prices
have increased substantially. Local authorities and a part of the population alleged that
this is due to the fact that Airbnb lists also short-term accommodation that infringes
local regulation. In fact, New York law settles that less than 30 days stays are forbidden
in case the host does not live in the rented accommodation. This is the reasons for
which, in January 2016, several house previously listed were cancelled from Airbnb
site [33].
Finally, regulation should also determine how competition should flow in the
accommodation market as a whole and how to handle competition with hotels. In fact,
it is important to recall that, given the Airbnb expansionary strategy (see Sects. 3.2 and
3.3), hotels associations joint the local population causes against Airbnb above
described. As a consequence, it is expected that some regulatory actions will be
introduced in order to set rules to settle an appropriate competitive framework.

4 Airbnb SWOT Analysis

The sections above provide an examination of the strategy and problems encountered
by Airbnb since its foundation and form the basis of the SWOT analysis illustrated in
Table 1.
As the SWOT analysis shows, Airbnb still has a number of important opportunities
for growth linked for the most part to the possibility of enforcing price competition and
increasing market shares to the detriment of traditional accommodation, but adding
an everyday life experience that you would not have in a hotel. Airbnb would benet
from a strong brand reputation, facilitated by a dual rating system, and from growing
network externalities thanks to its user-friendly platform where hosts and guests can
interact. The brand is currently well known and new services have been introduced to
overcome some quality issues.
However, Airbnb still has to face a number of weaknesses, such as opposition from
the hotel industry, whose future is jeopardized by this new type of business. Other
weaknesses are related to the growing legal disputes linked for the most to vandalism
or other guests moral hazard behaviour. This issue represents a threat if episodes of
568 L. Meleo et al.

Table 1. The SWOT matrix (Source: own elaboration)

Strengths Weaknesses
- Low prices - Lobby action from hotel industry
- Low transaction costs - Legal disputes
- Network externalities - Low entry and exit barriers to enter online rental
- Daily-life experience markets
- Direct exchange of information
between host and guest
- Easy to use the platform
- Clear fees and charges
- Dual rating system
- High brand reputation and new
services
Opportunities Threats
- Tourism flow can increase due to - Regulation across different countries
lower prices - Tax issue
- Demand could grow especially where - Rise in prices of long-term rents as owners nd
hotels are expensive short-term stays more protable
- Venture capital - Increasing episodes of vandalism, and other moral
- Expansion initiatives in related hazard behaviour
markets to diversify offer - Increasing number of competitors
- Growing number of travellers in
addition to tourists

this kind are not limited and if individuals are discouraged from listing property on
Airbnb, affecting the system and the effects of the network externalities. Another
weakness is related to the fact that entry and exit barriers for the online marketplace are
quite low and consequently new entrants could easily copy the Airbnb model, thereby
reducing protability.
On the other hand, Airbnb can exploit several opportunities in the future. The more
competitive prices of the company compared with hotels, especially in more expensive
cities, would attract new demand; the Airbnb expansion strategy, as evidenced by the
nancial operations carried out over recent years, will permit the company to enter
related markets and enable Airbnb to diversify its core business and offer higher quality
and integrated services. Finally, the number of people who can be dened as travellers
rather than tourists is increasing and means that individuals are increasingly interested
in experiencing the local culture and way of life, the fundamental idea behind Airbnbs
proposal of staying in private accommodation.
Nevertheless, the analysis has highlighted a number of threats linked mainly to the
local regulatory uncertainty regarding the Airbnb business, including the tax issue.
Other threats are related to the issues coming from citizens in places where long-term
rent prices have increased due to the higher prots guaranteed by short-term stays,
increasing vandalism and other moral hazard behaviour of guests and hosts. Finally, the
number of competitors is growing and forcing Airbnb to invest in quality and other
services in order to preserve its accommodation market share.
 The Sharing Economy Revolution and Peer-to-peer Online Platforms 569

5 Conclusions

The analysis developed in this paper on Airbnb case study of collaborative con-
sumption, has highlighted several points for discussion.
At rst, even if the denition and the borders of what can be called sharing
economy are still an open debate, there is strong evidence that this kind of model is
going to improve and spread over time. The case study on Airbnb is a good description
of the innovative solutions and the growing success of online marketplace platforms
and perfectly realizes the CASH concept described in the introduction. In fact, Airbnb
experiences all the features of CASH: 1. Collaboration as it keeps in contact persons
that desire to use underutilized resources (an entire house, a room, etc.) and persons
that need accommodation; 2. Access as Airbnb provides the chance to nd accom-
modation opportunities also at lower prices than B&B and hotels, thanks to its plat-
form; 3. Sharing as property owners choose to share their accommodation with
unknown hosts knowing that they would exploit the same benets in case of leisure or
business travels; 4. Hosts gain extra-cash from renting their properties.
The main ndings of the analysis suggest that Airbnb platform appears to work
properly and they are supposed to grow further as data shows. However, there are still
many challenges to manage linked to reputation, to the reactions of the main com-
petitors (hotels for the most) to Airbnb expansion, to the future regulatory decisions,
and to the competitive forces that will characterize the accommodation market in the
next future. For these reasons, this paper represents a useful starting point for under-
standing and monitoring the evolution of online P2P platform markets and for further
studies on Airbnb and similar platforms.

References
1. Belk, R.: Sharing. J. Cons. Res. 36, 715734 (2010)
2. Gansky, L.: The Mesh: Why the Future of Business is Sharing. Portfolio Penguin, New York
(2012)
3. Ritzer, G., Jurgenson, N.: Production, consumption, prosumption: the nature of capitalism in
the age of the digital Prosumer. J. of Consum. Cult. 10, 1336 (2010)
4. Morozov, E.: The sharing economy undermines workers rights. The Financial Times, 14
October 2013
5. Za, S., Marzo, F., De Marco, M., Cavallari, M.: Agent based simulation of trust dynamics in
dependence networks. In: Sampaio da Nvoa, H., Dragoicea, M. (eds.) Exploring Services
Science, pp. 243252. Springer, Heidelberg (2015)
6. Ricciardi, F., De Marco, M.: The challenge of service oriented performances for chief
information ofcers. In: Snene, M. (ed.) Exploring Services Science. Lecture Notes in
Business Information Processing, vol. 103, pp. 258270. Springer, Heidelberg (2012)
7. Piper Jaffray: Sharing Economy. An In-Depth Look At Its Evolution & Trajectory Across
Industries. Piper Jaffray Investment Research (2015)
8. Carillo, K., Scornavacca, E., Za, S.: An investigation of the role of dependency in predicting
continuance intention to use ubiquitous media systems: combining a media sytem perspective
with expectation-conrmation theories. In: Proceedings Twenty Second European Conference
on Information Systems (ECIS 2014) (2014). http://aisel.aisnet.org/ecis2014/proceedings/
track16/11/
570 L. Meleo et al.

9. Sorrentino, M., De Marco, M.: Implementing e-government in hard times: when the past is
wildly at variance with the future. Inform. Polity 18, 331342 (2013)
10. Dameri, R.P., Benevolo, C., Rossignoli, C., Ricciardi, F., De Marco, M.: Centralization vs.
decentralization of purchasing in the public sector: the role of e-procurement in the italian
case. Contemporary Research on E-business Technology and Strategy. Communications in
Computer and Information Science, vol. 332, pp. 457470. Springer, Heidelberg (2012)
11. Resca, A., Za, S., Spagnoletti, P.: Digital platforms as sources for organizational and
strategic transformation: a case study of the Midblue project. J. Theor. Appl. Electron.
Commer. Res. 8, 7184 (2013)
12. Za, S., DAtri, E., Resca, A.: Single sign-on in cloud computing scenarios: a research
proposal. In: DAtri, A., Ferrara, M., George, J.F., Spagnoletti, P. (eds.) Information
Technology and Innovation Trends in Organizations, pp. 4552. Springer-Verlag, Berlin
Heidelberg (2011)
13. Botsman, R., Rogers, R.: Whats Mine Is Yours: The Rise of Collaborative Consumption.
Harper Business, New York (2010)
14. Geron, T.: Airbnb and the unstoppable rise of the share economy. Forbes, 23 January 2013
15. Marketline database. http://www.marketline.com
16. Cbinsights database. https://www.cbinsights.com
17. Airbnb web site. https://www.airbnb.it/
18. Morgan Stanley: Internet, Lodging, Leisure and Hotels. Global Insight: Who Will Airbnb
Hurt More - Hotels or OTAs?. Morgan Stanley, 15 November 2015
19. Lin, M., Wu, R., Zhou, W.: Platform Pricing with Endogenous Network Effects (2015).
SSRN, http://ssrn.com/abstract=2426033
20. Henter, A.H., Windekilde, I.M.: Transaction costs and the sharing economy. Info 18, 115
(2016)
21. The Economist: Airbnb in New York City: After the ne, 28 May 2012
22. Vermeulen, I.E., Seegers, D.: Tried and tested: the impact of online hotel reviews on
consumer consideration. Tourism Manage. 30, 123127 (2009)
23. Concur Business Travel & Expense Management, https://www.concur.com/blog/en-us/
concur-airbnb-sharing-economy
24. Baumol, W.J., Panzar, J.C., Willig, R.D.: Contestable markets and the theory of industry
structure. Am. Econ. Rev. 72, 115 (1982)
25. Guttentag, D.: Airbnb: disruptive innovation and the rise of an informal tourism
accommodation sector. Curr. Issues Tour. 18, 11921217 (2013)
26. PricewaterhouseCoopers: The Sharing Economy. Consumer Intelligence Series (2015).
http://download.pwc.com/ie/pubs/2015-pwc-cis-sharing-economy.pdf
27. Law, R.: Disintermediation of hotel reservations: the perception of different groups of online
buyers in Hong Kong. Int. J. Contemp. Hospit. Manag. 21, 766772 (2009)
28. Stigler, G.J.: The Theory of Economic Regulation. Bell J. Econ. 2, 321 (1971)
29. Hall, B.S.: Airbnb Fights Back Against An Increasingly Hostile San Francisco. Forbes, 24
September 2015
30. Money CNN. http://money.cnn.com/2015/11/04/technology/san-francisco-prop-f-airbnb-
results/
31. Case.trovi.it. http://case.trovit.it/136/prezzo-aftto-casa-provincia-roma
32. Airbnb action. https://www.airbnbaction.com/data-on-the-airbnb-community-in-nyc/
33. The Guardian. http://www.theguardian.com/technology/2016/feb/10/airbnb-new-york-city-
listings-purge-multiple-apartment-listings