Market Structure (The Video Series) - Oligopsony (Is Steem an oligopsony for content creators?)

in dtube •  3 months ago


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.

MS1.jpg

Perfect competition written post can be accessed using the following link.

Perfect_THUMB.jpg

Monopolistic competition written post can be accessed using the following link.

MonopolisticTHUMB.jpg

Oligopoly written post can be accessed using the following link.

OligTHUMB.jpg

Monopoly written post can be accessed using the following link.

Mono_THUMB.jpg

Monopsony written post can be accessed using the following link.

MonopsTHUMB.jpg

Oligopsony written post can be accessed using the following link.

ThumbOLIg.jpg

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You can also watch this video on YouTube using the following link.

Hi @spectrumecons!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 4.394 which ranks you at #2100 across all Steem accounts.
Your rank has improved 12 places in the last three days (old rank 2112).

In our last Algorithmic Curation Round, consisting of 361 contributions, your post is ranked at #323.

Evaluation of your UA score:
  • Some people are already following you, keep going!
  • You have already convinced some users to vote for your post, keep trying!
  • Your contribution has not gone unnoticed, keep up the good work!

Feel free to join our @steem-ua Discord server

·

I am a little curious regarding the correlation between post ranking and UA score. My UA score has been improving but most of my posts are ranking very low. I have looked at a few other accounts that have posts that rank higher and some of their UA scores are falling. Do you think this could be an anomaly?

I think you guys are doing a great job, this is just a bit of feedback. I know working on algorithms can be difficult when there are so many parameters to consider.