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These concerns are heightened in the context of online platforms for two reasons.First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have rewarded.The company reported losses in two of the last five years, for example, and its highest yearly net income was still less than 1% of its net sales.9 Despite the company’s history of thin returns, investors have zealously backed it: Amazon’s shares trade at over 900 . pour into the stock.”11 Another commented that Amazon is in “a class of its own when it comes to valuation.”12 Reporters and financial analysts continue to speculate about when and how Amazon’s deep investments and steep losses will pay off.13 Customers, meanwhile, universally seem to love the company.Close to half of all online buyers go directly to Amazon first to search for products,14 and in 2016, the Reputation Institute named the firm the “most reputable company in America” for the third year running.15 In recent years, journalists have exposed the aggressive business tactics Amazon employs.

Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive.I am deeply grateful to David Singh Grewal for encouraging me to pursue this project and to Barry C.Lynn for introducing me to these issues in the first place.Amazon is the titan of twenty-first century commerce.In addition to being a retailer, it is now a marketing platform, a delivery and logistics network, a payment service, a credit lender, an auction house, a major book publisher, a producer of television and films, a fashion designer, a hardware manufacturer, and a leading host of cloud server space.

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