We use a formal value-based model to study how frictions in the product market affect value creation and value capture. We define frictions as incomplete linkages in the industry value chain that keep some parties from meeting and transacting. Frictions, which arise from search and switching...

How to extend the use of value-based strategy models to situations with large quasi-rents shared among multiple actors, such as ecosystems? How to consider how players understand competition in value-based models? How to overcome some limitations of these models such as lack of uniqueness of...