Hi Everyone,
Welcome to my final video and final post for my market structure series. I am going to wrap everything up with oligopsony. I will also attempt to answer the question of whether content creators on Steem are facing an oligopsony market structure.
This video series is intended to supplement my written posts on market structures. Video offers an alternative way of viewing my content. Most of what is presented in the video is similar to the written posts; though some areas are given slightly more emphasis while other areas are given slightly less emphasis. So even if you have read the posts, the videos offers something a little different and hopefully brings the subject matter to life.
Quick Summary of the main points in the video
This video describes the oligopsony market structure in the context of Steem content creators. Oligopsony is almost never touched or considered in economics textbooks or courses. A possible reason for this could be the lack of real life examples and the similarities to the monopsony market structure. Real life examples include book publishers and supermarkets for agricultural products.
Oligopsony has the following characteristics:
- Just a few main buyers
- Normally, many sellers
- Very limited demand for the good or service being offered
- The buyers have considerable control over price
- Both price and quantity are below the allocative efficient price and quantity
- Oligopsony has very few real life examples
- There are often barriers to entry to become a buyer
This post takes a close look at the market for user’s content on Steem. The high concentration of wealth combined with the stake-based voting system appears to have created an oligopsony market for many user’s content on Steem. The video looks at the percentage payout that some of Steem's top content creators receive from their top 5 highest upvoters.
I hope you enjoyed the video. I also hope this video sheds some light on the very unique market structure that we face here on Steem.
Here is the link to the monopsony video, the monopsony video should add some additional economic perspective to this video.
All of my written market structure posts can be accessed using the following links.
Introduction to market structure written post can be accessed using the following link.
Perfect competition written post can be accessed using the following link.
Monopolistic competition written post can be accessed using the following link.
Oligopoly written post can be accessed using the following link.
Monopoly written post can be accessed using the following link.
Monopsony written post can be accessed using the following link.
Oligopsony written post can be accessed using the following link.
▶️ DTube
▶️ IPFS
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