New economy handbook:
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Amsterdam ; Heidelberg [u.a.]
Elsevier
2003
San Diego, Calif. [u.a.] Academic Press |
| Schlagworte: | |
| Online-Zugang: | Publisher description Table of contents Inhaltsverzeichnis |
| Beschreibung: | Includes index. - Bibliography |
| Beschreibung: | LV, 1118 S. graph. Darst. |
| ISBN: | 0123891728 |
Internformat
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| 245 | 1 | 0 | |a New economy handbook |c ed. by Derek C. Jones |
| 264 | 1 | |a Amsterdam ; Heidelberg [u.a.] |b Elsevier |c 2003 | |
| 264 | 1 | |a San Diego, Calif. [u.a.] |b Academic Press | |
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| 500 | |a Includes index. - Bibliography | ||
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| 650 | 4 | |a Electronic commerce | |
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Datensatz im Suchindex
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| adam_text | CONTENTS CONTRIBUTORS XXXI PREFACE XXXV INTRODUCTION XXXVII JONES
SECTION I THE NEW ECONOMY: MEANING, MEASUREMENT, AND STYLIZED FACTS
CHAPTER 1 A STATISTICAL PORTRAIT OF THE NEW ECONOMY HALTIWANGER AND
JARMIN L II. III. IV. INTRODUCTION 4 DELINEATING THE NEW ECONOMY 5 A. IT
PRODUCERS B. IT USERS 12 C. E-COMMERCE MEASUREMENT GAPS IN A. IT
PRODUCERS B. IT USERS 19 C. E-COMMERCE D. DATA INTEGRATION CONCLUDING
REMARKS REFERENCES 24 6 17 THE NEW ECONOMY 18 20 21 23 18 VI CONTENTS
CHAPTER 2 THE NEW ECONOMY IN HISTORICAL PERSPECTIVE: EVOLUTION OF
DIGITAL ELECTRONICS TECHNOLOGY FLAMM I. SEMICONDUCTORS AND THE NEW
ECONOMY 28 II. THE HISTORY OF MOORE S LAW 30 III. THE ECONOMICS OF
DECLINING INTEGRATED CIRCUIT PRICES 33 IV. THE HISTORICAL RECORD ON
SEMICONDUCTOR PRICES 35 V. THE INGENUITY (DRAM) COROLLARY 36 VI.
TINKERING WITH MOORE S LAW: THE TECHNOLOGY ROADMAP PROCESS 39 VII. THE
IMPACT OF FASTER INNOVATION ON IC COST 41 VIII. CAUSES AND CONSEQUENCES
OF DECLINING SEMICONDUCTOR COSTS 42 IX. THE LAGGING EDGE 44 X.
GENERALIZATIONS OF MOORE S LAW 45 XI. IMPACTS DOWNSTREAM: COMPUTERS AND
COMMUNICATIONS 49 XII. THE DYNAMICS OF MOORE S LAW 50 XIII. CONCLUSION
52 REFERENCES 53 CHAPTER 3 DATA ISSUES IN THE NEW ECONOMY ENGELBRECHT I.
INTRODUCTION 58 II. THE NEW ECONOMY AND RELATED CONCEPTS 59 M. TOWARD AN
ECONOMICS OF THE NEW ECONOMY 60 IV. NEW ECONOMY DATA ISSUES: ECONOMIC
GROWTH AND INTANGIBLE CAPITAL 62 V. NEW ECONOMY DATA ISSUES: NETWORKS,
INFORMATION FLOWS, AND KNOWLEDGE SPILLOVERS 65 A. INTERNATIONAL R&D
SPILLOVERS 66 B. DIRECT MEASUREMENT OF NETWORK FLOWS 67 VI. NEW ECONOMY
DATA ISSUES: COMPOSITE INDICES 69 A. THE INFORMATION SOCIETY INDEX 69
CONTENTS VII B. THE TECHNOLOGY ACHIEVEMENT INDEX 70 C. THE NETWORKED
READINESS INDEX 71 VII. OTHER OPPORTUNITIES AND CHALLENGES 72 VIII.
FINAL COMMENT 75 REFERENCES 75 CHAPTER 4 THE ADOPTION AND DIFFUSION OF
ICT ACROSS COUNTRIES: PATTERNS AND DETERMINANTS POHJOLA I. TECHNOLOGY
AND DEVELOPMENT 78 II. ACCESS TO ICT INFRASTRUCTURE 80 III. PATTERNS OF
ICT SPENDING 83 IV. EXPLAINING THE ADOPTION OF ICT 86 V. STATISTICAL
ANALYSIS 92 VI. DISCUSSION 95 CONCLUSIONS 97 ACKNOWLEDGMENTS 98
REFERENCES 98 CHAPTER 5 INFORMATION TECHNOLOGY AND PRODUCTIVITY GROWTH
ACROSS COUNTRIES AND SECTORS DAVERI I. INFORMATION TECHNOLOGY AND
PRODUCTIVITY GROWTH: THE AGGREGATE EVIDENCE 102 A. AGGREGATE
PRODUCTIVITY GROWTH ACROSS COUNTRIES 102 B. IT DIFFUSION ACROSS
COUNTRIES 105 C. HAS SOLOW S PRODUCTIVITY PARADOX FLED THE UNITED STATES
AND MOVED TO EUROPE AND JAPAN? 108 II. INFORMATION TECHNOLOGY AND
PRODUCTIVITY GROWTH: SECTOR EVIDENCE 113 III. CONCLUSIONS 119 REFERENCES
119 VIUE CONTENTS SECTION II PRODUCT MARKETS AND INDUSTRIAL ORGANIZATION
CHAPTER 6 AUCTION THEORY FOR THE NEW ECONOMY AUSUBEL I. INTRODUCTION 126
II. SEALED-BID AUCTIONS FOR SINGLE ITEMS 127 A. RATIONALE FOR STUDYING
THE SECOND-PRICE AUCTION 128 B. THE PRIVATE VALUES MODEL 129 C. SOLUTION
OF THE SECOND-PRICE AUCTION 130 D. INCENTIVE COMPATIBILITY IN ANY
SEALED-BID AUCTION FORMAT 131 E. SOLUTION OF THE FIRST-PRICE AUCTION 132
F. REVENUE EQUIVALENCE 134 III. DYNAMIC AUCTIONS FOR SINGLE ITEMS 135 A.
SOLUTION OF THE DUTCH AUCTION 136 B. SOLUTION OF THE ENGLISH AUCTION 137
C. THE WINNER S CURSE AND REVENUE RANKING UNDER INTERDEPENDENT VALUES
138 IV. SEALED-BID AUCTIONS FOR MULTIPLE ITEMS 140 A. SEALED-BID,
MULTIUNIT AUCTION FORMATS FOR HOMOGENEOUS GOODS 140 B. EQUILIBRIUM OF
THE PAY-AS-BID AUCTION 141 C. EQUILIBRIUM OF THE UNIFORM-PRICE AUCTION
142 D. EQUILIBRIUM OF THE VICKREY AUCTION 145 E. THE
VICKREY-CLARKE-GROVOS (VCG) MECHANISM 148 V. CLOCK AUCTIONS FOR MULTIPLE
ITEMS 149 A. UNIFORM-PRICE ASCENDING-CLOCK AUCTIONS 149 B. EFFICIENT
ASCENDING AUCTIONS 151 VI. GENERALIZATIONS OF THE ENGLISH AUCTION FOR
HETEROGENEOUS ITEMS 154 A. SIMULTANEOUS ASCENDING AUCTIONS 154 B.
ASCENDING AUCTIONS WITH PACKAGE BIDDING 157 VII. CONCLUSION 160
ACKNOWLEDGMENTS 161 REFERENCES 161 CONTENTS IX CHAPTER 7 CYBERSPACE
AUCTIONS AND PRICING ISSUES: A REVIEW OF EMPIRICAL FINDINGS BAJARI AND
HORTACSU I. INTRODUCTION 164 II. PRICE FORMATION IN INTERNET AUCTIONS
166 A. AUCTION FORMATS 167 B. ASYMMETRIC INFORMATION: ADVERSE SELECTION
168 C. ASYMMETRIC INFORMATION: THE WINNER S CURSE 172 D. LATE BIDDING
174 III. SOME MARKET DESIGN INSIGHTS FROM INTERNET AUCTIONS 178 A. WHY
ASCENDING AUCTIONS? 179 B. MINIMUM BIDS AND BIDDER PARTICIPATION 182 C.
SECRET RESERVE PRICES 185 IV. CONCLUSION 187 REFERENCES 188 CHAPTER 8
INTERNET AND PRICING ISSUES: RELATIONSHIP OF PRICES CHARGED BY FIXED
PRICE VENDORS IN CYBERSPACE AND THOSE IN BRICKS AND MORTAR STORES
FRIBERG I. E-COMMERCE: ALIVE AND KICKING 192 II. AN EMPIRICAL BACKGROUND
195 III PRICE DISCRIMINATION: PRELIMINARIES 197 IV. CONSUMERS SEPARATED
INTO DIFFERENT GROUPS: THIRD-DEGREE PRICE DISCRIMINATION 199 A. CONSUMER
CHARACTERISTICS 199 B. DIFFERENTIAL STRENGTH OF COMPETITION 200 C. PRICE
DISCRIMINATION VS UNIFORM PRICES 201 D. DYNAMIC ISSUES: SWITCHING COSTS
202 E. GEOGRAPHIC COVERAGE 203 F. COST DIFFERENCES 204 G. PRICE
RIGIDITIES 204 V. SELF-SELECTION BY CONSUMERS: SECOND-DEGREE PRICE
DISCRIMINATION 206 VI. KNOWING EACH CONSUMER S WILLINGNESS TO PAY:
FIRST-DEGREE PRICE DISCRIMINATION 208 CONTENTS VII. FAIRNESS CONCERNS
208 VIII. THE FUTURE 210 ACKNOWLEDGMENTS 211 REFERENCES 211 CHAPTER 9
INFORMATION TECHNOLOGY AND PRODUCTIVITY GAINS AND COST SAVINGS IN
COMPANIES BERTSCHEK I. INTRODUCTION 214 II. CHARACTERISTICS OF IT 215
III. DIFFUSION OF IT 216 IV. PRODUCTIVITY EFFECTS OF IT 217 V. COST
SAVINGS BY USING IT 220 VI. COMPLEMENTARITIES 222 VII. CONCLUSIONS 226
ACKNOWLEDGMENTS 226 REFERENCES 226 CHAPTER 10 ADOPTION OF NEW TECHNOLOGY
HALL AND KHAN I. INTRODUCTION 230 II. MODELING DIFFUSION 231 III. DEMAND
DETERMINANTS 234 A. SKILL LEVEL OF WORKERS AND STATE OF CAPITAL GOODS
SECTOR 234 B. CUSTOMER COMMITMENT AND RELATIONSHIPS 235 C. NETWORK
EFFECTS 237 IV. SUPPLY BEHAVIOR 240 A. IMPROVEMENTS IN THE NEW
TECHNOLOGY 240 B. IMPROVEMENTS IN THE OLD TECHNOLOGY 240 C.
COMPLEMENTARY INPUTS 241 V. ENVIRONMENTAL AND INSTITUTIONAL FACTORS 241
A. MARKET STRUCTURE AND FIRM SIZE 241 B. GOVERNMENT AND REGULATION 244
VI. CONCLUDING THOUGHTS 246 REFERENCES 247 CONTENTS XI CHAPTER 11 IS AN
AUCTION THE BEST MARKET MECHANISM FOR DIGITAL GOODS? KIM, BARUA, AND
WHINSTON I. INTRODUCTION 252 II. VIRTUAL FIELD EXPERIMENTS 253 III.
MARKET MECHANISMS 254 A. POSTED-PRICE MARKETS 255 B. AUCTIONS 256 IV.
VIRTUAL FIELD EXPERIMENTS ON POSTED-PRICE AND AUCTION INSTITUTIONS 259
A. EXPERIMENTAL SETUP FOR A VIRTUAL FIELD EXPERIMENT 260 B. RESULTS AND
ANALYSIS FROM VIRTUAL FIELD EXPERIMENTS 260 V. STRATEGIC IMPLICATIONS
266 VI. CONCLUSION 267 REFERENCES 268 CHAPTER 12 THE IMPLICATIONS OF THE
NEW ECONOMY FOR INDUSTRIAL LOCATION BRISTAW I. INTRODUCTION 270 II. THE
NEW ECONOMY INDUSTRIES 271 III. THE LOCATION OF THE INTERNET CONTENT
INDUSTRY 275 IV. THE LOCATION OF ADVANCED SERVICES 278 V. IMPLICATIONS:
RESEARCH, REGIONS, AND UNEVEN DEVELOPMENT 283 REFERENCES 286 CHAPTER 13
DIGITAL GOODS AND THE NEW ECONOMY QUAH I. INTRODUCTION 291 A. WHAT IS A
DIGITAL GOOD IN THE NEW ECONOMY AND WHAT IS NOT 293 B. EATING 1S AND 0S
296 XII CONTENTS II. SOME ECONOMICS OF DIGITAL GOODS 298 III.
IMPLICATIONS AND PUZZLES 303 A. INTELLECTUAL PROPERTY 303 B.
INSTITUTIONS AND INCENTIVES 308 G COMPUTER SOFTWARE AND OPEN SOURCE 311
D. GEOGRAPHY 316 IV. CONCLUSIONS 318 ACKNOWLEDGMENTS 319 REFERENCES AND
FURTHER READING 319 CHAPTER 14 THE ECONOMICS OF AUTOMATED E-COMMERCE
VULKAN I. INTRODUCTION 324 II. PERSONALIZATION TECHNOLOGIES 325 A.
ECONOMIC ANALYSIS OF PERSONALIZATION TECHNOLOGIES 326 III. AUTOMATED
NEGOTIATIONS 331 A. AUTOMATED BARGAINING WITH DEADLINES 332 B. AN
EFFICIENT PROTOCOL FOR BARGAINING WITH DEADLINES 335 C. THE EFFECT OF
DEADLINES ON ON-LINE AUCTIONS 336 IV. FURTHER ISSUES HI AUTOMATED
E-COMMERCE 338 A. DELAYED BIDDING IN ON-LINE DUTCH AUCTIONS:
IMPLEMENTATION 338 B. MULTIPLE BIDDING AND NEGOTIATIONS IN CORPORATE
PURCHASING: THEORY AND IMPLEMENTATION 338 C LEARNING TO TRUST AN AGENT:
IMPLEMENTATION 339 V. CONCLUSIONS 340 REFERENCES 341 CHAPTER 15 THE NEW
ECONOMY AND NETWORKING FISCHER I. INTRODUCTION 346 II. CREATION AND
DIFFUSION OF KNOWLEDGE 347 A. ON THE NATURE OF KNOWLEDGE 347 B. TACIT
AND CODIFIED KNOWLEDGE 349 CONTENTS XIII C. KNOWLEDGE CONVERSION 349 D.
THE SPREAD OF KNOWLEDGE 351 III. NETWORKS AND NETWORK FORMATION 353 A.
WHAT IS A NETWORK? 353 B. DIFFERENT TYPES OF NETWORKS 354 C. MOTIVATIONS
FOR INTERFIRM COOPERATION 354 IV. NETWORKS OF EXTERNALIZED RELATIONSHIPS
356 A. SUPPLIER NETWORKS 357 B. CUSTOMER NETWORKS 358 C. TECHNOLOGICAL
COOPERATIONS 358 D. RESEARCH AND DEVELOPMENT COOPERATIVE NETWORKS 359 E.
PRODUCTION NETWORKS AND STRATEGIC ALLIANCES 359 F. THE TECHNOLOGICAL
ENVIRONMENT TO MANAGE THE NETWORK ARRANGEMENTS 360 V. THE EMERGENCE OF
THE NETWORK ENTERPRISE OF CORPORATE ORGANIZATION 361 A. GENERAL
CHARACTERISTICS OF THE NETWORK ENTERPRISE 361 B. THE JAPANESE MODEL OF
THE NETWORK ENTERPRISE 362 C. GENUINE NETWORK ENTERPRISES: THE ITALIAN
EVIDENCE 363 D. NEW TYPES OF TRANSNATIONAL CORPORATIONS WITH
NETWORK-LIKE FORMS 364 VI. BY WAY OF CONCLUSIONS 365 REFERENCES AND
FURTHER READING 366 SECTION III FINANCIAL MARKETS CHAPTER 16 THE NEW
ECONOMY: IMPLICATIONS FOR THE ORGANIZATION AND STRUCTURE OF SECURITIES
MARKETS PIRRONG I. INTRODUCTION 372 II. THE ECONOMICS OF PHYSICALLY
CENTRALIZED SECURITIES AND DERIVATIVES MARKETS 375 III. THE ECONOMICS OF
VIRTUALLY CENTRALIZED SECURITIES AND DERIVATIVES MARKETS 379 IV.
BUSINESS-TO-BUSINESS MARKETS 384 V. SUMMARY AND CONCLUSIONS 386
REFERENCES 386 XIV CONTENTS CHAPTER 17 THE NEW ECONOMY: PRICING OF
EQUITY SECURITIES HAND I. WHAT IS THE NEW ECONOMY? 389 II. PRICING OF
INTERNET STOCKS: ECONOMIC AND FINANCIAL THEORY 391 A. NONSTANDARD
RISK-RETURN PROFILE 391 B. INCREASING PROFITABILITY RETURNS-TO-SCALE FOR
SUCCESSFUL INTANGIBLES 392 C. A GREATER LIKELIHOOD OF CREATING REAL
OPTIONS 393 D. UNUSUAL COSTS 394 III. PRICING OF INTERNET STOCKS:
MAINSTREAM EVIDENCE 395 IV. PRICING OF INTERNET STOCKS: ANOMALIES 401 A.
BAD MONEY THROWN SYSTEMATICALLY AFTER GOOD 401 B. CHANGING A FIRM S NAME
TO INCLUDE DOT COM 402 C. INTERNET EQUITY CARVE-OUTS 402 D.
PREDICTABLE STOCK RETURNS AROUND INTERNET FIRMS EARNINGS ANNOUNCEMENTS
403 E. INTERNET FIRMS IPO UNDERPRICING 403 F. INTERNET AND
HIGH-TECHNOLOGY PRICING BUBBLES 405 V. PRICING OF BIOTECHNOLOGY STOCKS
407 VI. STOCK OPTIONS 409 A. FIRM PERFORMANCE 410 B. SOLVING VERSUS
CREATING AGENCY PROBLEMS 410 C. TAX BENEFITS OF STOCK OPTIONS 411 D.
MARKET PRICING OF STOCK OPTIONS 412 E. STOCK OPTION REPRICINGS 413
CONCLUSIONS 413 REFERENCES 414 CHAPTER 18 THE NEW ECONOMY AND BANKS AND
FINANCIAL INSTITUTIONS WHITE I. THE FUNCTIONS OF THE FINANCIAL SECTOR
419 II. FINANCE IS SPECIAL 419 III. THE NEW ECONOMY 420 IV. INFORMATION,
FINANCE, AND THE NEW ECONOMY 421 CONTENTS XV V. MANIFESTATIONS 423 A.
CHANGES IN THE STRUCTURE OF BANKING 424 B. SECURITIZATION 426 C. THE
INTERNATIONALIZATION OF THE SECURITIES MARKETS 428 D. EXPANDED FINANCE
431 E. FINANCE AND THE NEW ECONOMY EXPANSION 432 F. CONCERNS ABOUT TOO
MUCH FINANCE 433 G. CONCERNS ABOUT INCREASES IN RISK AND EXCESSIVE
RISK-TAKING 433 VI. A FEW LAGGING AREAS 434 VII. CONCLUSION 435
REFERENCES AND FURTHER READING 436 CHAPTER 19 E-MONEY AND PAYMENT
SYSTEMS GOOD I. INTRODUCTION 438 II. WHAT IS E-MONEY? 439 A. THE
EVOLUTION OF E-MONEY 439 B. WHAT ARE SMART CARDS ANYWAY? 440 C. HOW DOES
E-MONEY WORK? 443 III. POLICY CONCERNS ABOUT E-MONEY 447 IV. PROSPECTS
FOR ACCEPTANCE OF E-MONEY 450 V. ADDITIONAL SOURCES OF INFORMATION
REGARDING E-MONEY SYSTEMS 453 REFERENCES AND FURTHER READING 454 CHAPTER
20 ACCOUNTING ISSUES IN THE NEW ECONOMY WALLISON I. INTRODUCTION 456 II.
THE CHALLENGE TO ACCOUNTING IN THE NEW ECONOMY 457 III. CURRENT EFFORT
AND OBSTACLES 461 IV. THE ROLE OF REGULATORS 464 V. RECENT DEVELOPMENTS
AND PROJECTIONS 465 VI. SUMMARY 467 REFERENCES AND FURTHER READING 467
XVI CONTENTS CHAPTER 21 NEW ELECTRONIC TRADING SYSTEMS IN FOREIGN
EXCHANGE MARKETS RIME I. INTRODUCTION 471 II. THE STRUCTURE OF FOREIGN
EXCHANGE MARKETS 473 A. INFORMATION AND AGENTS 473 B. INSTITUTIONS 475
C. INTERBANK TRADING OPTIONS 476 D. TRANSPARENCY 477 III. DIRECT TRADING
AND VOICE BROKERS 478 A. DEALER BEHAVIOR 481 IV. ELECTRONIC BROKERS 484
A. TRANSPARENCY 486 B. LIQUIDITY 491 C. TRANSACTION COSTS 492 D. THE
FUTURE OF DIRECT TRADING AND VOICE BROKERS 493 E. POLICY IMPLICATIONS
494 V. INTERNET TRADING 495 A. THE EMERGENCE OF NONBANK CUSTOMER TRADING
495 B. INTERNET TRADING WITH BANKS 497 C. POSSIBLE SCENARIOS 499 VI.
SUMMARY 500 A. WEB SITES ON TRADING AND NETWORKS 502 ACKNOWLEDGMENTS 504
REFERENCES AND FURTHER READING 504 SECTION IV LABOR MARKETS CHAPTER 22
THE INTERNET AND MATCHING IN LABOR MARKETS KUHN I. WHAT IS INTERNET JOB
SEARCH (US)? 508 II. WHAT IS INTERNET RECRUITING (IR)? 509 III. THE
GROWTH IN IJS-IR 510 CONTENTS XVII IV. WHO LOOKS FOR WORK ON-LINE? 513
V. POSSIBLE ECONOMIC EFFECTS OF US 514 VI. EVIDENCE ON THE EFFECTS OF US
517 VII. SUMMARY AND POLICY IMPLICATIONS 519 REFERENCES AND FURTHER
READING 521 CHAPTER 23 WHO USES COMPUTERS AND IN WHAT WAYS: EFFECTS ON
THE EARNINGS DISTRIBUTION GITTLEMAN AND HANDEL I. INTRODUCTION 524 II.
TRENDS IN THE EARNINGS DISTRIBUTION 526 III. THEORIES OF TECHNOLOGY,
SKILL, AND WAGES 528 IV. WHO USES COMPUTERS AND WHY? 531 V. WHAT IS THE
EVIDENCE ON COMPUTERS AND LABOR DEMAND? 535 A. THE DEBATE OVER THE
COMPUTER WAGE PREMIUM 536 B. ALTERNATIVE EXPLANATIONS AND ECONOMETRIC
EVIDENCE REGARDING THE LINKS AMONG COMPUTERS, SKILLS, AND WAGES 538 VI.
CONCLUSIONS 541 REFERENCES 542 CHAPTER 24 THE NEW ECONOMY AND THE
ORGANIZATION OF WORK BLACK AND LYNCH I. INTRODUCTION 546 II. THE IMPACT
OF TECHNOLOGICAL AND WORKPLACE INNOVATION ON WORKERS AND FIRMS 548 A.
PRODUCTIVITY 551 B. WORKERS WAGES AND WAGE INEQUALITY 554 C. LABOR
DEMAND 556 III. THE POLICY RESPONSE 557 A. PROGRAMS FOR DISADVANTAGED
YOUTH 557 B. WORKPLACE TRAINING 558 C. DESIGNING TRAINING POLICY 560 IV.
CONCLUSIONS 561 REFERENCES AND FURTHER READING 562 XVIII CONTENTS
CHAPTER 25 SKILL-BIASED TECHNOLOGY CHANGE IN THE NEW ECONOMY MACHIN I.
INTRODUCTION 566 II. CHANGES IN THE SKILL STRUCTURE OF LABOR MARKETS 567
A. EDUCATIONAL UPGRADING 567 B. RISING WAGE RETURNS TO EDUCATION 567 C.
SHIFTS IN RELATIVE DEMAND AND SUPPLY 569 III. CHANGES IN RELATIVE LABOR
DEMAND AND TECHNOLOGY 570 A. SKILL-BIASED TECHNOLOGY CHANGE 570 B.
INDIRECT EVIDENCE ON SBTC 571 C. MORE DIRECT EVIDENCE ON SBTC 572 D.
SOME MORE RECENT EVIDENCE ON RELATIVE DEMAND SHIFTS 573 E. WHAT OF OTHER
POSSIBLE EXPLANATIONS? 576 IV. CONCLUSIONS 579 ACKNOWLEDGMENTS 580
REFERENCES AND FURTHER READING 580 CHAPTER 26 THE NEW ECONOMY AND THE
IMPACT OF IMMIGRATION AND THE BRAIN DRAIN SCHMIDT AND ROTHGANG I.
BACKGROUND 585 II. HOW WILL THE NEW ECONOMY SHAPE FUTURE MIGRATION? 586
A. THE PATTERNS OF HIGH-SKILLED MIGRATION 586 B. THE MIGRATION DECISION
589 G MIGRANT PERFORMANCE 597 III. THE NEW ECONOMY AND THE IMPACT OF
MIGRATION 599 A. THE LABOR MARKET AND WELFARE EFFECTS OF MIGRATION 599
B. THE ROLE OF MIGRATION FOR ICT DIFFUSION, LOCATION DECISIONS, AND
ECONOMIC GROWTH 604 C. EMPIRICAL ASPECTS OF THE BRAIN DRAIN 608 IV.
IMMIGRATION AND INTEGRATION POLICY 612 A. HIGH-SKILLED IMMIGRATION
POLICIES IN OPERATION 612 B. EFFECTIVENESS OF RECRUITMENT AND
MIGRATION-RELATED POLICIES 616 CONTENTS XIX C. ALTERNATIVE POLICY
STRATEGIES FOR INCREASING THE SUPPLY OF HIGH-SKILLED WORKERS 619 V.
FUTURE PERSPECTIVES AND IMPLICATIONS 620 ACKNOWLEDGMENTS 621 REFERENCES
621 CHAPTER 27 THE NEW ECONOMY AND FORMS OF COMPENSATION KLINEDINST I.
INTRODUCTION 628 II. WHY COMPENSATION MATTERS FOR THE NEW ECONOMY 630
III. PRACTICAL EXAMPLES AND ANECDOTAL EVIDENCE 634 IV. ECONOMETRIC
STUDIES ON THE IMPACT OF COMPENSATION AND PARTICIPATION ON PRODUCTIVITY
636 V. SUMMARY AND POLICY IMPLICATIONS 639 REFERENCES AND FURTHER
READING 641 SECTION V ENTREPRENEURSHIP CHAPTER 28 THE REGIONAL ORIGINS
OF THE NEW ECONOMY NORTON I. WHAT WAS THE NEW ECONOMY? 646 II. NEW MEN
SETTING UP NEW FIRMS 648 A. HEROIC ASPIRATIONS 650 B. THE VITAL FEW 650
C. STRATEGIC INFORMATION 651 III. EPOCHAL INVENTIONS, ENTREPRENEURIAL
WINDOWS? 652 A. THE TRANSISTOR AND DIGITIZATION 652 B. FROM INVENTION TO
INNOVATION: NEWCOMER FIRMS 654 C. SEMICONDUCTOR TECHNOLOGY MOVES WEST
(AND EAST) 655 IV. HEROES OF THE REVOLUTION? 656 A. THE CLARITY OF THE
OUTSIDER 657 B. OUTSIDERS (2): NEW BOYS, NEW FIRMS 658 XX CONTENTS C.
CULTURES OF CONSTRAINT 661 D. REBEL ANGELS 662 V. OR JUST LUCKY FOOLS?
663 VI. THE NEW ECONOMY IN ECONOMIC HISTORY 665 VII. SUMMARY 667
REFERENCES AND FURTHER READING 668 CHAPTER 29 VENTURE CAPITAL IN THE NEW
ECONOMY GUILHON AND MONTCHAUD I. DEFINITION AND SOME QUANTITATIVE MARKS
672 II. THE EMERGENCE OF VENTURE CAPITAL: THE NEW ECONOMY SPECIFICITIES
675 A. WHY IS VENTURE CAPITAL NECESSARY? 676 B. THE IMPACT OF VENTURE
CAPITAL 678 III. THE MECHANISMS OF VENTURE CAPITAL 681 A. VENTURE
CAPITAL: A TWO-STAGE STRUCTURE OF INTERMEDIATION 681 B. ORGANIZATION OF
THE VENTURE CAPITAL 682 C. THE THREE STAGES: SCREENING, CONTRACTING, AND
MONITORING 684 D. EXIT: THE INITIAL PUBLIC OFFERINGS (IPOS) 686 IV. THE
REQUIREMENTS OF NEW MANAGEMENT TOOLS IN THE NEW ECONOMY 687 A.
DESCRIPTIVE METHODS AND LINEAR METHODS OF MULTIPLE REGRESSIONS 689 B.
MULTICRITERIA ANALYSIS 691 C. ADEQUACY OF THE MULTICRITERIA APPROACH TO
THE NEW ECONOMY SPECIFICITIES 693 V. CONCLUSION 695 REFERENCES AND
FURTHER READING 695 CHAPTER 30 BUSINESS MODELS IN THE NEW ECONOMY
EHRMANN I. INTRODUCTION 700 II. BUSINESS MODELS: DEFINITIONS AND MARKET
ROLES 701 A. DEFINITIONS OF BUSINESS MODELS 701 B. MARKET ROLES 703
CONTENTS XXI III. BUSINESS MODELS: INNOVATION AND VALUE CHAIN 706 A.
PAYMENT MODE OR VALUE CREATION? 706 B. PROCESS INNOVATION 707 C. PRODUCT
INNOVATION AND INTEGRATION 707 D. MARKET ROLES, INNOVATION, AND VALUE
CREATION: BASIC CONSIDERATIONS 708 E. NEWNESS, PATENTS, AND INTEGRATION
711 IV. STRUCTURE, CONTENT, AND GOVERNANCE OF BUSINESS MODELS 712 A.
CONTENT 713 B. STRUCTURE 714 C. GOVERNANCE 715 V. APPRAISAL OF A
BUSINESS MODEL 716 A. GENERIC STRENGTHS OF ELECTRONIC BUSINESS MODELS?
THE CASE OF FIRST MOVER ADVANTAGES AND NETWORK EFFECTS 717 B. THE
PROCEDURE OF APPRAISING A BUSINESS MODEL 718 REFERENCES 720 SECTION VI
MACROECONOMICS AND GROWTH CHAPTER 31 GROWTH AND INNOVATION IN THE NEW
ECONOMY STIROH I. INTRODUCTION 724 II. MODELS OF ECONOMIC GROWTH 728 A.
NEOCLASSICAL MODEL 728 B. ENDOGENOUS GROWTH MODEL 731 C DISCUSSION 734
III. PRODUCTIVITY GAINS AND INNOVATION 734 A. U.S. PRODUCTIVITY REVIVAL
735 B. IT PRODUCTION AND USE 736 C. AGGREGATE EVIDENCE ON THE IMPACT OF
IT ON U.S. PRODUCTIVITY 740 D. DISAGGREGATED EVIDENCE ON THE IMPACT OF
IT ON U.S. PRODUCTIVITY 745 IV. CONCLUSIONS 748 ACKNOWLEDGMENTS 749
REFERENCES 749 XXII CONTENTS CHAPTER 32 INTERNATIONAL PRODUCTIVITY
CONVERGENCE IN THE NEW ECONOMY: MORE OR LESS LIKELY? LUTZKER I. THEORIES
OF GROWTH AND CONVERGENCE 754 II. INFORMATION TECHNOLOGY AND CONVERGENCE
760 III. CONCLUSION 765 REFERENCES AND FURTHER READING 766 CHAPTER 33
THE NEW ECONOMY AND BUSINESS CYCLES LOUCA I. INTRODUCTION 768 II. THE
CLUSTER OF INFORMATION AND COMMUNICATION TECHNOLOGIES 771 A. COMPUTERS:
THE CARRIER BRANCH OF THE NEW ECONOMY 775 B. TELECOMMUNICATIONS: THE
INFRASTRUCTURE OF THE NEW ECONOMY 780 G ORGANIZATIONAL CHANGE: THE
NETWORK FIRM 782 D. THE INSTITUTION AND SOCIAL FRAMEWORK AND REGIME OF
REGULATION 784 III. ECONOMIC DEPRESSION IN THE NEW CENTURY 786 IV.
STRUCTURAL CHANGE AND ECONOMIC CYCLES 790 A. THE RECURRENCE OF
EXCEPTIONAL SUPERPROFITS OF INNOVATIVE ENTREPRENEURSHIP 790 B. THE
RECURRENCE OF PERVASIVE CONSTELLATIONS OF TECHNICAL AND ORGANIZATIONAL
INNOVATIONS 792 C. THE RECURRENCE OF WAVES OF ORGANIZATIONAL AND
MANAGEMENT CHANGES IN ENTERPRISES 793 D. RECURRENT CRISES OF STRUCTURAL
ADJUSTMENT 794 E. RECURRENT CHANGES IN THE REGULATORY REGIME 795 V.
CONCLUSION AND ALTERNATE VIEWS 796 REFERENCES AND FURTHER READING 799
CONTENTS XXIII SECTION VII POLICY AND INSTITUTIONAL FRAMEWORK CHAPTER 34
MACRO POLICY-MAKING IN THE NEW ECONOMY BAKER I. INTRODUCTION*THE GOALS
OF MACROECONOMIC POLICY 804 II. FISCAL POLICY*ARE LOWER DEFICITS ALWAYS
BETTER? 805 III. THE RECORD ON FISCAL POLICY IN THE 1990S 807 IV.
MONETARY POLICY*THE DEATH OF THE NAIRU? 811 V. THE THEORETICAL ROOTS OF
THE NAIRU 812 VI. EVIDENCE FOR THE NAIRU 813 VII. THE COURSE OF
INFLATION AND UNEMPLOYMENT IN THE 1990S 814 VIII. CONCLUSION*WHAT
GOVERNS MACROECONOMIC POLICY IN THE NEW ECONOMY? 819 REFERENCES AND
FURTHER READING 820 CHAPTER 35 THE DIGITAL DIVIDE AND WHAT TO DO ABOUT
IT HARGITTAI I. INTRODUCTION 822 II. DEFINING THE DIGITAL DIVIDE 823
III. FROM DIGITAL DIVIDE TO DIGITAL INEQUALITY 826 A. TECHNICAL MEANS
829 B. AUTONOMY OF USE 829 C SOCIAL SUPPORT NETWORK 830 D. EXPERIENCE
830 E. SKILL 831 IV. GLOBAL DIGITAL INEQUALITY 833 V. INEQUALITY IN
ACCESS TO CONTENT PRODUCTION AND DISTRIBUTION 834 VI. CONCLUSION 837
ACKNOWLEDGMENTS 838 REFERENCES AND FURTHER READING 838 XXIV CONTENTS
CHAPTER 36 PROPERTY RIGHTS IN THE NEW ECONOMY PARK L INTRODUCTION 842
II. INTELLECTUAL PROPERTY RIGHTS 843 III. TRENDS IN LAWS AND INTERNET
IPRS 847 IV. APPROPRIATENESS OF IPRS FOR THE INTERNET 854 A. ON
FUNDAMENTAL KNOWLEDGE 854 B. PUBLIC DOMAIN CONCERNS 855 C. COMMONS
ARGUMENT 856 D. NETWORK EFFECTS ARGUMENT 857 E. VALIDITY ISSUES 859 V.
POLICY REFORMS 859 A. DEALING WITH BOTTLENECKS 860 B. PRESERVING
FUNDAMENTAL KNOWLEDGE IN THE PUBLIC DOMAIN 860 C. REDUCING THE INCIDENCE
OF INVALID PATENTS 861 REFERENCES 863 CHAPTER 37 TAXATION AND THE NEW
ECONOMY WISEMAN I. INTRODUCTION 866 II. UNITED STATES LEGAL AND
LEGISLATIVE HISTORY ON SALES TAXES 867 III. ECONOMICS AND POLITICS OF
SALES TAXES 871 IV. EMPIRICAL SCHOLARSHIP ON INTERNET SALES TAXES 874 V.
SOME POLICY OPTIONS 881 VI. INTERNATIONAL PERSPECTIVES ON ELECTRONIC
COMMERCE TAX POLICY 884 VII. CONCLUSION 886 REFERENCES AND FURTHER
READING 887 CHAPTER 38 REGULATION AND THE NEW ECONOMY LEE I.
INTRODUCTION 890 II. MARKET FAILURE AS A RATIONALE FOR GOVERNMENT
INTERVENTION 893 CONTENTS XXV A. MONOPOLY AND MARKET POWER 893 B.
IMPERFECT/ASYMMETRIC INFORMATION 894 C. EXTERNALITIES AND PUBLIC GOODS
895 III. MARKET FAILURE IN THE NEW ECONOMY? 897 A. MONOPOLY AND MARKET
POWER: COMPETITION IN THE NEW ECONOMY 897 B. EXTERNALITIES AND PUBLIC
GOODS: INTELLECTUAL PROPERTY RIGHTS AND THE NEW ECONOMY 904 C. CONSUMER
PROTECTION: PRIVACY AND THE NEW ECONOMY 905 IV. GLOBAL ASPECTS OF
REGULATION 907 V. SUMMARY AND CONCLUSIONS 908 REFERENCES AND FURTHER
READING 909 CHAPTER 39 PRIVACY AND SECURITY ISSUES IN E-COMMERCE
ACKERMAN AND DAVIS I. INTRODUCTION 912 II. PRIVACY 912 A. SOCIAL AND
BUSINESS ISSUES 914 B. TECHNOLOGIES FOR PRIVACY 916 C. REGULATION,
ECONOMIC ISSUES, AND PRIVACY CODESIGN 917 III. SECURITY 919 A. SECURITY
VULNERABILITIES IN ELECTRONIC COMMERCE 919 B. SECURITY TECHNOLOGIES 921
C. SOCIAL AND ORGANIZATIONAL ISSUES IN SECURITY 924 D. ECONOMIC ISSUES
926 IV. CONCLUSION 926 REFERENCES 927 CHAPTER 40 POLICY ISSUES AND THE
NEW ECONOMY FOR DEVELOPING AND TRANSITION ECONOMIES MANN I. OVERVIEW 933
II. WHAT IS THE NEW ECONOMY? 935 A. WHAT IS NEW ABOUT THE NEW ECONOMY?
936 B. PRODUCTIVITY AND THE NEW ECONOMY 938 XXVI CONTENTS C. SOURCES OF
PRODUCTIVITY GROWTH 938 D. POTENTIAL BENEFITS OF THE NEW ECONOMY 940
III. TRANSFORMATION AND THE POLICY ENVIRONMENT OF THE NEW ECONOMY 942 A.
FINANCIAL DEPTH 943 B. EXTERNAL OPENNESS 944 C. PROCOMPETITIVE
REGULATIONS 945 D. FISCAL EFFICIENCY 946 E. HUMAN CAPACITY BUILDING 946
IV. MANIFESTATIONS OF DIFFERENTIAL PROGRESS: THE DIGITAL DIVIDES 947 V.
INFORMATION, INNOVATION, AND NEW POLICY CHALLENGES 950 A. BALANCING THE
BENEFITS OF AND THE CONCERNS OVER INFORMATION 950 B. BALANCING
INTELLECTUAL PROPERTY RIGHTS AND PROMOTING INNOVATION 952 C. POLICIES TO
PROMOTE INNOVATION AND BACKSTOP BEHAVIOR WITH ENFORCEMENT 954 VI.
ELEMENTS OF A DOMESTIC AND AN INTERNATIONAL STRATEGY 955 A. WTO
PARTICIPATION, SHARING EXPERIENCES, AND EXPLORING INTEROPERABILITY 955
B. GOVERNMENT AS THE CENTERPIECE OF THE DOMESTIC STRATEGY 958 VII.
CONCLUSION: PROMOTE BROAD REFORM AMID TARGETED INTERVENTION 959
REFERENCES AND FURTHER READING 960 CHAPTER 41 THE NEW ECONOMY AND
INTERNATIONAL TRADE KLEINERT AND SCHUKNECHT I. INTRODUCTION 964 IL
FALLING DISTANCE COSTS 965 A. BORDER EFFECTS AND DISTANCE COSTS IN TRADE
THEORIES 967 B. THE EMPIRICAL PICTURE AND THE WTO FRAMEWORK 969
TRANSITION TO THE SERVICE SOCIETY, INFORMATION AND COMMUNICATION COSTS,
AND NEW PATTERNS OF INTERNATIONAL BUSINESS 973 A. TRADE IN SERVICES AND
KNOWLEDGE: CONCEPTUAL ISSUES 973 B. EMPIRICAL EVIDENCE AND CHALLENGES
FOR THE WTO FRAMEWORK 975 CONTENTS IV . DIGITALIZATION AND NEW CHANNELS
OF INTERNATIONAL TRADE 977 A. THE EXAMPLE OF DIGITIZABLE SOFTWARE AND
MEDIA PRODUCTS: CONCEPTUAL ISSUES 979 B. EMPIRICAL EVIDENCE AND
CHALLENGES FOR THE WTO FRAMEWORK 979 V. CONCLUSIONS 982 ACKNOWLEDGMENTS
983 REFERENCES AND FURTHER READING 983 CHAPTER 42 THE RATIONALES FOR
INTELLECTUAL PROPERTY RIGHTS IN THE ELECTRONIC AGE ANDERSEN I.
INTRODUCTION 987 A. THE IPR CONTEXT 989 II. NATURAL RIGHTS AND MORAL
RATIONALES 993 A. THE RIGHT TO CLAIM THE INTELLECTUAL PROPERTY 993 B.
THE RIGHT TO COMPENSATION AND REWARD 995 III. ECONOMIC INCENTIVE
RATIONALES: THE SOCIAL BENEFITS FROM PATENTS 998 A. INCENTIVES TO
INVENT, BE CREATIVE, AND INNOVATE, AS WELL AS MOTIVATING THE DIRECTION
OF SUCH 998 B. INCENTIVES TO USE AND ALLOCATE RESOURCES MORE EFFICIENTLY
1005 IV. INCREASED COMPETITION AND MARKET PROTECTION OF ENTREPRENEURIAL
TALENT RATIONALES: INDUSTRIAL DEVELOPMENT FROM PATENTS 1009 A. THE
INNOVATION-ENHANCED COMPETITION AND NATURE OF IDEAS ARGUMENT 1009 B. THE
MARKET PROTECTION OF ENTREPRENEURIAL TALENT FOR INDUSTRIAL DEVELOPMENT
RATIONALE 1015 V. ECONOMIC RATIONALE OF ORGANIZING SCIENCE, TECHNOLOGY,
AND CREATIVITY: INCREASED INFORMATION SPILLOVER 1016 A. INCENTIVES TO
DISCLOSE IDEAS RATIONALE 1017 B. RATIONALE OF UNIFORMITY, ORDER,
INCREASED INFORMATION, INCREASED SPILLOVER, AND BETTER ADVICE 1020 VI.
CONCLUSION 1021 REFERENCES AND FURTHER READING 1023 XXVIII CONTENTS
CHAPTER 43 INTERNATIONAL GOVERNANCE OF THE INTERNET: AN ECONOMIC
ANALYSIS BRADY I. INTRODUCTION 1026 II. DOT COM VS DOT COW*WHAT S IN A
NAME? 1027 III. THE ECONOMIC THEORY OF REGULATION AND RENT SEEKING 1028
IV. AN OVERVIEW OF THE REGULATION OF THE INTERNET 1030 V. ICANN S SEVEN
NEW TLDS 1033 VI. WHAT WE MAY EXPECT 1035 VII. TECHNOLOGY AND THE ICANN
MONOPOLY 1037 VIII. CONCLUSION 1040 ACKNOWLEDGMENTS 1041 REFERENCES 1041
CHAPTER 44 E-LEARNING WELLER I. WHAT IS E-LEAMMG? 1044 II. THE POTENTIAL
OF E-LEARNING 1045 III. QUALITY OF E-LEARAING 1048 IV. ON-LINE TEACHING
APPROACHES 1050 V. BLENDED LEARNING 1055 VI. MEDIA AND TECHNOLOGY 1058
VII. LEARNING OBJECTS 1062 VIII. PERSONALIZATION 1064 IX. CONCLUSION
1065 REFERENCES AND FURTHER READING 1066 CHAPTER 45 TRUST IN THE NEW
ECONOMY PUTTERMAN AND BEN-TIER L INTRODUCTION 1069 H. DEFINITIONS 1070
CONTENTS XXIX A. TRUSTWORTHINESS 1071 B. TRUSTING 1075 C. INTERACTIONS
BETWEEN TRUSTING AND TRUSTWORTHINESS 1077 III. FROM THE OLD ECONOMY TO
THE NEW ECONOMY: TECHNOLOGICAL, ECONOMIC, AND SOCIAL CHANGES AND THEIR
EFFECTS ON THE DETERMINANTS OF TRUST AND THE LEVEL OF TRUST 1078 A.
INFORMATION COLLECTION, TRANSMISSION, RETRIEVAL AND ANALYSIS, AND
COMMUNICATION 1078 B. FACE-TO-FACE INTERACTIONS AND SOCIAL CONTEXTS 1080
C. MARKET SIZE 1083 D. MOBILITY AND COMMUNITY 1083 E. TRUST IN
BUSINESS-TO-BUSINESS RELATIONS 1084 F. PRIVACY AND IDENTITY THEFT 1085
G. TRUST AND FRAUD ON-LINE 1087 IV. RESPONSES BY FIRMS AND OTHERS TO
CHANGES IN LEVELS OF TRUST 1089 V. CONCLUSIONS 1091 REFERENCES 1093
INDEX 1097
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CONTENTS CONTRIBUTORS XXXI PREFACE XXXV INTRODUCTION XXXVII JONES
SECTION I THE NEW ECONOMY: MEANING, MEASUREMENT, AND STYLIZED FACTS
CHAPTER 1 A STATISTICAL PORTRAIT OF THE NEW ECONOMY HALTIWANGER AND
JARMIN L II. III. IV. INTRODUCTION 4 DELINEATING THE NEW ECONOMY 5 A. IT
PRODUCERS B. IT USERS 12 C. E-COMMERCE MEASUREMENT GAPS IN A. IT
PRODUCERS B. IT USERS 19 C. E-COMMERCE D. DATA INTEGRATION CONCLUDING
REMARKS REFERENCES 24 6 17 THE NEW ECONOMY 18 20 21 23 18 VI CONTENTS
CHAPTER 2 THE NEW ECONOMY IN HISTORICAL PERSPECTIVE: EVOLUTION OF
DIGITAL ELECTRONICS TECHNOLOGY FLAMM I. SEMICONDUCTORS AND THE NEW
ECONOMY 28 II. THE HISTORY OF MOORE'S LAW 30 III. THE ECONOMICS OF
DECLINING INTEGRATED CIRCUIT PRICES 33 IV. THE HISTORICAL RECORD ON
SEMICONDUCTOR PRICES 35 V. THE INGENUITY (DRAM) COROLLARY 36 VI.
TINKERING WITH MOORE'S LAW: THE TECHNOLOGY ROADMAP PROCESS 39 VII. THE
IMPACT OF FASTER INNOVATION ON IC COST 41 VIII. CAUSES AND CONSEQUENCES
OF DECLINING SEMICONDUCTOR COSTS 42 IX. THE LAGGING EDGE 44 X.
GENERALIZATIONS OF MOORE'S LAW 45 XI. IMPACTS DOWNSTREAM: COMPUTERS AND
COMMUNICATIONS 49 XII. THE DYNAMICS OF MOORE'S LAW 50 XIII. CONCLUSION
52 REFERENCES 53 CHAPTER 3 DATA ISSUES IN THE NEW ECONOMY ENGELBRECHT I.
INTRODUCTION 58 II. THE NEW ECONOMY AND RELATED CONCEPTS 59 M. TOWARD AN
ECONOMICS OF THE NEW ECONOMY 60 IV. NEW ECONOMY DATA ISSUES: ECONOMIC
GROWTH AND INTANGIBLE CAPITAL 62 V. NEW ECONOMY DATA ISSUES: NETWORKS,
INFORMATION FLOWS, AND KNOWLEDGE SPILLOVERS 65 A. INTERNATIONAL R&D
SPILLOVERS 66 B. DIRECT MEASUREMENT OF NETWORK FLOWS 67 VI. NEW ECONOMY
DATA ISSUES: COMPOSITE INDICES 69 A. THE INFORMATION SOCIETY INDEX 69
CONTENTS VII B. THE TECHNOLOGY ACHIEVEMENT INDEX 70 C. THE NETWORKED
READINESS INDEX 71 VII. OTHER OPPORTUNITIES AND CHALLENGES 72 VIII.
FINAL COMMENT 75 REFERENCES 75 CHAPTER 4 THE ADOPTION AND DIFFUSION OF
ICT ACROSS COUNTRIES: PATTERNS AND DETERMINANTS POHJOLA I. TECHNOLOGY
AND DEVELOPMENT 78 II. ACCESS TO ICT INFRASTRUCTURE 80 III. PATTERNS OF
ICT SPENDING 83 IV. EXPLAINING THE ADOPTION OF ICT 86 V. STATISTICAL
ANALYSIS 92 VI. DISCUSSION 95 CONCLUSIONS 97 ACKNOWLEDGMENTS 98
REFERENCES 98 CHAPTER 5 INFORMATION TECHNOLOGY AND PRODUCTIVITY GROWTH
ACROSS COUNTRIES AND SECTORS DAVERI I. INFORMATION TECHNOLOGY AND
PRODUCTIVITY GROWTH: THE AGGREGATE EVIDENCE 102 A. AGGREGATE
PRODUCTIVITY GROWTH ACROSS COUNTRIES 102 B. IT DIFFUSION ACROSS
COUNTRIES 105 C. HAS SOLOW'S PRODUCTIVITY PARADOX FLED THE UNITED STATES
AND MOVED TO EUROPE AND JAPAN? 108 II. INFORMATION TECHNOLOGY AND
PRODUCTIVITY GROWTH: SECTOR EVIDENCE 113 III. CONCLUSIONS 119 REFERENCES
119 VIUE CONTENTS SECTION II PRODUCT MARKETS AND INDUSTRIAL ORGANIZATION
CHAPTER 6 AUCTION THEORY FOR THE NEW ECONOMY AUSUBEL I. INTRODUCTION 126
II. SEALED-BID AUCTIONS FOR SINGLE ITEMS 127 A. RATIONALE FOR STUDYING
THE SECOND-PRICE AUCTION 128 B. THE PRIVATE VALUES MODEL 129 C. SOLUTION
OF THE SECOND-PRICE AUCTION 130 D. INCENTIVE COMPATIBILITY IN ANY
SEALED-BID AUCTION FORMAT 131 E. SOLUTION OF THE FIRST-PRICE AUCTION 132
F. REVENUE EQUIVALENCE 134 III. DYNAMIC AUCTIONS FOR SINGLE ITEMS 135 A.
SOLUTION OF THE DUTCH AUCTION 136 B. SOLUTION OF THE ENGLISH AUCTION 137
C. THE WINNER'S CURSE AND REVENUE RANKING UNDER INTERDEPENDENT VALUES
138 IV. SEALED-BID AUCTIONS FOR MULTIPLE ITEMS 140 A. SEALED-BID,
MULTIUNIT AUCTION FORMATS FOR HOMOGENEOUS GOODS 140 B. EQUILIBRIUM OF
THE PAY-AS-BID AUCTION 141 C. EQUILIBRIUM OF THE UNIFORM-PRICE AUCTION
142 D. EQUILIBRIUM OF THE VICKREY AUCTION 145 E. THE
VICKREY-CLARKE-GROVOS (VCG) MECHANISM 148 V. CLOCK AUCTIONS FOR MULTIPLE
ITEMS 149 A. UNIFORM-PRICE ASCENDING-CLOCK AUCTIONS 149 B. EFFICIENT
ASCENDING AUCTIONS 151 VI. GENERALIZATIONS OF THE ENGLISH AUCTION FOR
HETEROGENEOUS ITEMS 154 A. SIMULTANEOUS ASCENDING AUCTIONS 154 B.
ASCENDING AUCTIONS WITH PACKAGE BIDDING 157 VII. CONCLUSION 160
ACKNOWLEDGMENTS 161 REFERENCES 161 CONTENTS IX CHAPTER 7 CYBERSPACE
AUCTIONS AND PRICING ISSUES: A REVIEW OF EMPIRICAL FINDINGS BAJARI AND
HORTACSU I. INTRODUCTION 164 II. PRICE FORMATION IN INTERNET AUCTIONS
166 A. AUCTION FORMATS 167 B. ASYMMETRIC INFORMATION: ADVERSE SELECTION
168 C. ASYMMETRIC INFORMATION: THE WINNER'S CURSE 172 D. LATE BIDDING
174 III. SOME MARKET DESIGN INSIGHTS FROM INTERNET AUCTIONS 178 A. WHY
ASCENDING AUCTIONS? 179 B. MINIMUM BIDS AND BIDDER PARTICIPATION 182 C.
SECRET RESERVE PRICES 185 IV. CONCLUSION 187 REFERENCES 188 CHAPTER 8
INTERNET AND PRICING ISSUES: RELATIONSHIP OF PRICES CHARGED BY FIXED
PRICE VENDORS IN CYBERSPACE AND THOSE IN BRICKS AND MORTAR STORES
FRIBERG I. E-COMMERCE: ALIVE AND KICKING 192 II. AN EMPIRICAL BACKGROUND
195 III PRICE DISCRIMINATION: PRELIMINARIES 197 IV. CONSUMERS SEPARATED
INTO DIFFERENT GROUPS: THIRD-DEGREE PRICE DISCRIMINATION 199 A. CONSUMER
CHARACTERISTICS 199 B. DIFFERENTIAL STRENGTH OF COMPETITION 200 C. PRICE
DISCRIMINATION VS UNIFORM PRICES 201 D. DYNAMIC ISSUES: SWITCHING COSTS
202 E. GEOGRAPHIC COVERAGE 203 F. COST DIFFERENCES 204 G. PRICE
RIGIDITIES 204 V. SELF-SELECTION BY CONSUMERS: SECOND-DEGREE PRICE
DISCRIMINATION 206 VI. KNOWING EACH CONSUMER'S WILLINGNESS TO PAY:
FIRST-DEGREE PRICE DISCRIMINATION 208 CONTENTS VII. FAIRNESS CONCERNS
208 VIII. THE FUTURE 210 ACKNOWLEDGMENTS 211 REFERENCES 211 CHAPTER 9
INFORMATION TECHNOLOGY AND PRODUCTIVITY GAINS AND COST SAVINGS IN
COMPANIES BERTSCHEK I. INTRODUCTION 214 II. CHARACTERISTICS OF IT 215
III. DIFFUSION OF IT 216 IV. PRODUCTIVITY EFFECTS OF IT 217 V. COST
SAVINGS BY USING IT 220 VI. COMPLEMENTARITIES 222 VII. CONCLUSIONS 226
ACKNOWLEDGMENTS 226 REFERENCES 226 CHAPTER 10 ADOPTION OF NEW TECHNOLOGY
HALL AND KHAN I. INTRODUCTION 230 II. MODELING DIFFUSION 231 III. DEMAND
DETERMINANTS 234 A. SKILL LEVEL OF WORKERS AND STATE OF CAPITAL GOODS
SECTOR 234 B. CUSTOMER COMMITMENT AND RELATIONSHIPS 235 C. NETWORK
EFFECTS 237 IV. SUPPLY BEHAVIOR 240 A. IMPROVEMENTS IN THE NEW
TECHNOLOGY 240 B. IMPROVEMENTS IN THE OLD TECHNOLOGY 240 C.
COMPLEMENTARY INPUTS 241 V. ENVIRONMENTAL AND INSTITUTIONAL FACTORS 241
A. MARKET STRUCTURE AND FIRM SIZE 241 B. GOVERNMENT AND REGULATION 244
VI. CONCLUDING THOUGHTS 246 REFERENCES 247 CONTENTS XI CHAPTER 11 IS AN
AUCTION THE BEST MARKET MECHANISM FOR DIGITAL GOODS? KIM, BARUA, AND
WHINSTON I. INTRODUCTION 252 II. VIRTUAL FIELD EXPERIMENTS 253 III.
MARKET MECHANISMS 254 A. POSTED-PRICE MARKETS 255 B. AUCTIONS 256 IV.
VIRTUAL FIELD EXPERIMENTS ON POSTED-PRICE AND AUCTION INSTITUTIONS 259
A. EXPERIMENTAL SETUP FOR A VIRTUAL FIELD EXPERIMENT 260 B. RESULTS AND
ANALYSIS FROM VIRTUAL FIELD EXPERIMENTS 260 V. STRATEGIC IMPLICATIONS
266 VI. CONCLUSION 267 REFERENCES 268 CHAPTER 12 THE IMPLICATIONS OF THE
NEW ECONOMY FOR INDUSTRIAL LOCATION BRISTAW I. INTRODUCTION 270 II. THE
NEW ECONOMY INDUSTRIES 271 III. THE LOCATION OF THE INTERNET CONTENT
INDUSTRY 275 IV. THE LOCATION OF ADVANCED SERVICES 278 V. IMPLICATIONS:
RESEARCH, REGIONS, AND UNEVEN DEVELOPMENT 283 REFERENCES 286 CHAPTER 13
DIGITAL GOODS AND THE NEW ECONOMY QUAH I. INTRODUCTION 291 A. WHAT IS A
DIGITAL GOOD IN THE NEW ECONOMY AND WHAT IS NOT 293 B. EATING 1S AND 0S
296 XII CONTENTS II. SOME ECONOMICS OF DIGITAL GOODS 298 III.
IMPLICATIONS AND PUZZLES 303 A. INTELLECTUAL PROPERTY 303 B.
INSTITUTIONS AND INCENTIVES 308 G COMPUTER SOFTWARE AND OPEN SOURCE 311
D. GEOGRAPHY 316 IV. CONCLUSIONS 318 ACKNOWLEDGMENTS 319 REFERENCES AND
FURTHER READING 319 CHAPTER 14 THE ECONOMICS OF AUTOMATED E-COMMERCE
VULKAN I. INTRODUCTION 324 II. PERSONALIZATION TECHNOLOGIES 325 A.
ECONOMIC ANALYSIS OF PERSONALIZATION TECHNOLOGIES 326 III. AUTOMATED
NEGOTIATIONS 331 A. AUTOMATED BARGAINING WITH DEADLINES 332 B. AN
EFFICIENT PROTOCOL FOR BARGAINING WITH DEADLINES 335 C. THE EFFECT OF
DEADLINES ON ON-LINE AUCTIONS 336 IV. FURTHER ISSUES HI AUTOMATED
E-COMMERCE 338 A. DELAYED BIDDING IN ON-LINE DUTCH AUCTIONS:
IMPLEMENTATION 338 B. MULTIPLE BIDDING AND NEGOTIATIONS IN CORPORATE
PURCHASING: THEORY AND IMPLEMENTATION 338 C LEARNING TO TRUST AN AGENT:
IMPLEMENTATION 339 V. CONCLUSIONS 340 REFERENCES 341 CHAPTER 15 THE NEW
ECONOMY AND NETWORKING FISCHER I. INTRODUCTION 346 II. CREATION AND
DIFFUSION OF KNOWLEDGE 347 A. ON THE NATURE OF KNOWLEDGE 347 B. TACIT
AND CODIFIED KNOWLEDGE 349 CONTENTS XIII C. KNOWLEDGE CONVERSION 349 D.
THE SPREAD OF KNOWLEDGE 351 III. NETWORKS AND NETWORK FORMATION 353 A.
WHAT IS A NETWORK? 353 B. DIFFERENT TYPES OF NETWORKS 354 C. MOTIVATIONS
FOR INTERFIRM COOPERATION 354 IV. NETWORKS OF EXTERNALIZED RELATIONSHIPS
356 A. SUPPLIER NETWORKS 357 B. CUSTOMER NETWORKS 358 C. TECHNOLOGICAL
COOPERATIONS 358 D. RESEARCH AND DEVELOPMENT COOPERATIVE NETWORKS 359 E.
PRODUCTION NETWORKS AND STRATEGIC ALLIANCES 359 F. THE TECHNOLOGICAL
ENVIRONMENT TO MANAGE THE NETWORK ARRANGEMENTS 360 V. THE EMERGENCE OF
THE NETWORK ENTERPRISE OF CORPORATE ORGANIZATION 361 A. GENERAL
CHARACTERISTICS OF THE NETWORK ENTERPRISE 361 B. THE JAPANESE MODEL OF
THE NETWORK ENTERPRISE 362 C. GENUINE NETWORK ENTERPRISES: THE ITALIAN
EVIDENCE 363 D. NEW TYPES OF TRANSNATIONAL CORPORATIONS WITH
NETWORK-LIKE FORMS 364 VI. BY WAY OF CONCLUSIONS 365 REFERENCES AND
FURTHER READING 366 SECTION III FINANCIAL MARKETS CHAPTER 16 THE NEW
ECONOMY: IMPLICATIONS FOR THE ORGANIZATION AND STRUCTURE OF SECURITIES
MARKETS PIRRONG I. INTRODUCTION 372 II. THE ECONOMICS OF PHYSICALLY
CENTRALIZED SECURITIES AND DERIVATIVES MARKETS 375 III. THE ECONOMICS OF
VIRTUALLY CENTRALIZED SECURITIES AND DERIVATIVES MARKETS 379 IV.
BUSINESS-TO-BUSINESS MARKETS 384 V. SUMMARY AND CONCLUSIONS 386
REFERENCES 386 XIV CONTENTS CHAPTER 17 THE NEW ECONOMY: PRICING OF
EQUITY SECURITIES HAND I. WHAT IS THE NEW ECONOMY? 389 II. PRICING OF
INTERNET STOCKS: ECONOMIC AND FINANCIAL THEORY 391 A. NONSTANDARD
RISK-RETURN PROFILE 391 B. INCREASING PROFITABILITY RETURNS-TO-SCALE FOR
SUCCESSFUL INTANGIBLES 392 C. A GREATER LIKELIHOOD OF CREATING REAL
OPTIONS 393 D. UNUSUAL COSTS 394 III. PRICING OF INTERNET STOCKS:
MAINSTREAM EVIDENCE 395 IV. PRICING OF INTERNET STOCKS: ANOMALIES 401 A.
BAD MONEY THROWN SYSTEMATICALLY AFTER GOOD 401 B. CHANGING A FIRM'S NAME
TO INCLUDE "DOT COM" 402 C. INTERNET EQUITY CARVE-OUTS 402 D.
PREDICTABLE STOCK RETURNS AROUND INTERNET FIRMS' EARNINGS ANNOUNCEMENTS
403 E. INTERNET FIRMS' IPO UNDERPRICING 403 F. INTERNET AND
HIGH-TECHNOLOGY PRICING BUBBLES 405 V. PRICING OF BIOTECHNOLOGY STOCKS
407 VI. STOCK OPTIONS 409 A. FIRM PERFORMANCE 410 B. SOLVING VERSUS
CREATING AGENCY PROBLEMS 410 C. TAX BENEFITS OF STOCK OPTIONS 411 D.
MARKET PRICING OF STOCK OPTIONS 412 E. STOCK OPTION REPRICINGS 413
CONCLUSIONS 413 REFERENCES 414 CHAPTER 18 THE NEW ECONOMY AND BANKS AND
FINANCIAL INSTITUTIONS WHITE I. THE FUNCTIONS OF THE FINANCIAL SECTOR
419 II. FINANCE IS SPECIAL 419 III. THE NEW ECONOMY 420 IV. INFORMATION,
FINANCE, AND THE NEW ECONOMY 421 CONTENTS XV V. MANIFESTATIONS 423 A.
CHANGES IN THE STRUCTURE OF BANKING 424 B. SECURITIZATION 426 C. THE
INTERNATIONALIZATION OF THE SECURITIES MARKETS 428 D. EXPANDED FINANCE
431 E. FINANCE AND THE NEW ECONOMY EXPANSION 432 F. CONCERNS ABOUT TOO
MUCH FINANCE 433 G. CONCERNS ABOUT INCREASES IN RISK AND EXCESSIVE
RISK-TAKING 433 VI. A FEW LAGGING AREAS 434 VII. CONCLUSION 435
REFERENCES AND FURTHER READING 436 CHAPTER 19 E-MONEY AND PAYMENT
SYSTEMS GOOD I. INTRODUCTION 438 II. WHAT IS E-MONEY? 439 A. THE
EVOLUTION OF E-MONEY 439 B. WHAT ARE SMART CARDS ANYWAY? 440 C. HOW DOES
E-MONEY WORK? 443 III. POLICY CONCERNS ABOUT E-MONEY 447 IV. PROSPECTS
FOR ACCEPTANCE OF E-MONEY 450 V. ADDITIONAL SOURCES OF INFORMATION
REGARDING E-MONEY SYSTEMS 453 REFERENCES AND FURTHER READING 454 CHAPTER
20 ACCOUNTING ISSUES IN THE NEW ECONOMY WALLISON I. INTRODUCTION 456 II.
THE CHALLENGE TO ACCOUNTING IN THE NEW ECONOMY 457 III. CURRENT EFFORT
AND OBSTACLES 461 IV. THE ROLE OF REGULATORS 464 V. RECENT DEVELOPMENTS
AND PROJECTIONS 465 VI. SUMMARY 467 REFERENCES AND FURTHER READING 467
XVI CONTENTS CHAPTER 21 NEW ELECTRONIC TRADING SYSTEMS IN FOREIGN
EXCHANGE MARKETS RIME I. INTRODUCTION 471 II. THE STRUCTURE OF FOREIGN
EXCHANGE MARKETS 473 A. INFORMATION AND AGENTS 473 B. INSTITUTIONS 475
C. INTERBANK TRADING OPTIONS 476 D. TRANSPARENCY 477 III. DIRECT TRADING
AND VOICE BROKERS 478 A. DEALER BEHAVIOR 481 IV. ELECTRONIC BROKERS 484
A. TRANSPARENCY 486 B. LIQUIDITY 491 C. TRANSACTION COSTS 492 D. THE
FUTURE OF DIRECT TRADING AND VOICE BROKERS 493 E. POLICY IMPLICATIONS
494 V. INTERNET TRADING 495 A. THE EMERGENCE OF NONBANK CUSTOMER TRADING
495 B. INTERNET TRADING WITH BANKS 497 C. POSSIBLE SCENARIOS 499 VI.
SUMMARY 500 A. WEB SITES ON TRADING AND NETWORKS 502 ACKNOWLEDGMENTS 504
REFERENCES AND FURTHER READING 504 SECTION IV LABOR MARKETS CHAPTER 22
THE INTERNET AND MATCHING IN LABOR MARKETS KUHN I. WHAT IS INTERNET JOB
SEARCH (US)? 508 II. WHAT IS INTERNET RECRUITING (IR)? 509 III. THE
GROWTH IN IJS-IR 510 CONTENTS XVII IV. WHO LOOKS FOR WORK ON-LINE? 513
V. POSSIBLE ECONOMIC EFFECTS OF US 514 VI. EVIDENCE ON THE EFFECTS OF US
517 VII. SUMMARY AND POLICY IMPLICATIONS 519 REFERENCES AND FURTHER
READING 521 CHAPTER 23 WHO USES COMPUTERS AND IN WHAT WAYS: EFFECTS ON
THE EARNINGS DISTRIBUTION GITTLEMAN AND HANDEL I. INTRODUCTION 524 II.
TRENDS IN THE EARNINGS DISTRIBUTION 526 III. THEORIES OF TECHNOLOGY,
SKILL, AND WAGES 528 IV. WHO USES COMPUTERS AND WHY? 531 V. WHAT IS THE
EVIDENCE ON COMPUTERS AND LABOR DEMAND? 535 A. THE DEBATE OVER THE
COMPUTER WAGE PREMIUM 536 B. ALTERNATIVE EXPLANATIONS AND ECONOMETRIC
EVIDENCE REGARDING THE LINKS AMONG COMPUTERS, SKILLS, AND WAGES 538 VI.
CONCLUSIONS 541 REFERENCES 542 CHAPTER 24 THE NEW ECONOMY AND THE
ORGANIZATION OF WORK BLACK AND LYNCH I. INTRODUCTION 546 II. THE IMPACT
OF TECHNOLOGICAL AND WORKPLACE INNOVATION ON WORKERS AND FIRMS 548 A.
PRODUCTIVITY 551 B. WORKERS' WAGES AND WAGE INEQUALITY 554 C. LABOR
DEMAND 556 III. THE POLICY RESPONSE 557 A. PROGRAMS FOR DISADVANTAGED
YOUTH 557 B. WORKPLACE TRAINING 558 C. DESIGNING TRAINING POLICY 560 IV.
CONCLUSIONS 561 REFERENCES AND FURTHER READING 562 XVIII CONTENTS
CHAPTER 25 SKILL-BIASED TECHNOLOGY CHANGE IN THE NEW ECONOMY MACHIN I.
INTRODUCTION 566 II. CHANGES IN THE SKILL STRUCTURE OF LABOR MARKETS 567
A. EDUCATIONAL UPGRADING 567 B. RISING WAGE RETURNS TO EDUCATION 567 C.
SHIFTS IN RELATIVE DEMAND AND SUPPLY 569 III. CHANGES IN RELATIVE LABOR
DEMAND AND TECHNOLOGY 570 A. SKILL-BIASED TECHNOLOGY CHANGE 570 B.
INDIRECT EVIDENCE ON SBTC 571 C. MORE DIRECT EVIDENCE ON SBTC 572 D.
SOME MORE RECENT EVIDENCE ON RELATIVE DEMAND SHIFTS 573 E. WHAT OF OTHER
POSSIBLE EXPLANATIONS? 576 IV. CONCLUSIONS 579 ACKNOWLEDGMENTS 580
REFERENCES AND FURTHER READING 580 CHAPTER 26 THE NEW ECONOMY AND THE
IMPACT OF IMMIGRATION AND THE BRAIN DRAIN SCHMIDT AND ROTHGANG I.
BACKGROUND 585 II. HOW WILL THE NEW ECONOMY SHAPE FUTURE MIGRATION? 586
A. THE PATTERNS OF HIGH-SKILLED MIGRATION 586 B. THE MIGRATION DECISION
589 G MIGRANT PERFORMANCE 597 III. THE NEW ECONOMY AND THE IMPACT OF
MIGRATION 599 A. THE LABOR MARKET AND WELFARE EFFECTS OF MIGRATION 599
B. THE ROLE OF MIGRATION FOR ICT DIFFUSION, LOCATION DECISIONS, AND
ECONOMIC GROWTH 604 C. EMPIRICAL ASPECTS OF THE BRAIN DRAIN 608 IV.
IMMIGRATION AND INTEGRATION POLICY 612 A. HIGH-SKILLED IMMIGRATION
POLICIES IN OPERATION 612 B. EFFECTIVENESS OF RECRUITMENT AND
MIGRATION-RELATED POLICIES 616 CONTENTS XIX C. ALTERNATIVE POLICY
STRATEGIES FOR INCREASING THE SUPPLY OF HIGH-SKILLED WORKERS 619 V.
FUTURE PERSPECTIVES AND IMPLICATIONS 620 ACKNOWLEDGMENTS 621 REFERENCES
621 CHAPTER 27 THE NEW ECONOMY AND FORMS OF COMPENSATION KLINEDINST I.
INTRODUCTION 628 II. WHY COMPENSATION MATTERS FOR THE NEW ECONOMY 630
III. PRACTICAL EXAMPLES AND ANECDOTAL EVIDENCE 634 IV. ECONOMETRIC
STUDIES ON THE IMPACT OF COMPENSATION AND PARTICIPATION ON PRODUCTIVITY
636 V. SUMMARY AND POLICY IMPLICATIONS 639 REFERENCES AND FURTHER
READING 641 SECTION V ENTREPRENEURSHIP CHAPTER 28 THE REGIONAL ORIGINS
OF THE NEW ECONOMY NORTON I. WHAT WAS THE NEW ECONOMY? 646 II. "NEW MEN
SETTING UP NEW FIRMS" 648 A. HEROIC ASPIRATIONS 650 B. THE VITAL FEW 650
C. STRATEGIC INFORMATION 651 III. EPOCHAL INVENTIONS, ENTREPRENEURIAL
WINDOWS? 652 A. THE TRANSISTOR AND DIGITIZATION 652 B. FROM INVENTION TO
INNOVATION: NEWCOMER FIRMS 654 C. SEMICONDUCTOR TECHNOLOGY MOVES WEST
(AND EAST) 655 IV. HEROES OF THE REVOLUTION? 656 A. THE CLARITY OF THE
OUTSIDER 657 B. OUTSIDERS (2): NEW BOYS, NEW FIRMS 658 XX CONTENTS C.
CULTURES OF CONSTRAINT 661 D. REBEL ANGELS 662 V. OR JUST "LUCKY FOOLS?"
663 VI. THE NEW ECONOMY IN ECONOMIC HISTORY 665 VII. SUMMARY 667
REFERENCES AND FURTHER READING 668 CHAPTER 29 VENTURE CAPITAL IN THE NEW
ECONOMY GUILHON AND MONTCHAUD I. DEFINITION AND SOME QUANTITATIVE MARKS
672 II. THE EMERGENCE OF VENTURE CAPITAL: THE NEW ECONOMY SPECIFICITIES
675 A. WHY IS VENTURE CAPITAL NECESSARY? 676 B. THE IMPACT OF VENTURE
CAPITAL 678 III. THE MECHANISMS OF VENTURE CAPITAL 681 A. VENTURE
CAPITAL: A TWO-STAGE STRUCTURE OF INTERMEDIATION 681 B. ORGANIZATION OF
THE VENTURE CAPITAL 682 C. THE THREE STAGES: SCREENING, CONTRACTING, AND
MONITORING 684 D. EXIT: THE INITIAL PUBLIC OFFERINGS (IPOS) 686 IV. THE
REQUIREMENTS OF NEW MANAGEMENT TOOLS IN THE NEW ECONOMY 687 A.
DESCRIPTIVE METHODS AND LINEAR METHODS OF MULTIPLE REGRESSIONS 689 B.
MULTICRITERIA ANALYSIS 691 C. ADEQUACY OF THE MULTICRITERIA APPROACH TO
THE NEW ECONOMY SPECIFICITIES 693 V. CONCLUSION 695 REFERENCES AND
FURTHER READING 695 CHAPTER 30 BUSINESS MODELS IN THE NEW ECONOMY
EHRMANN I. INTRODUCTION 700 II. BUSINESS MODELS: DEFINITIONS AND MARKET
ROLES 701 A. DEFINITIONS OF BUSINESS MODELS 701 B. MARKET ROLES 703
CONTENTS XXI III. BUSINESS MODELS: INNOVATION AND VALUE CHAIN 706 A.
PAYMENT MODE OR VALUE CREATION? 706 B. PROCESS INNOVATION 707 C. PRODUCT
INNOVATION AND INTEGRATION 707 D. MARKET ROLES, INNOVATION, AND VALUE
CREATION: BASIC CONSIDERATIONS 708 E. NEWNESS, PATENTS, AND INTEGRATION
711 IV. STRUCTURE, CONTENT, AND GOVERNANCE OF BUSINESS MODELS 712 A.
CONTENT 713 B. STRUCTURE 714 C. GOVERNANCE 715 V. APPRAISAL OF A
BUSINESS MODEL 716 A. GENERIC STRENGTHS OF ELECTRONIC BUSINESS MODELS?
THE CASE OF FIRST MOVER ADVANTAGES AND NETWORK EFFECTS 717 B. THE
PROCEDURE OF APPRAISING A BUSINESS MODEL 718 REFERENCES 720 SECTION VI
MACROECONOMICS AND GROWTH CHAPTER 31 GROWTH AND INNOVATION IN THE NEW
ECONOMY STIROH I. INTRODUCTION 724 II. MODELS OF ECONOMIC GROWTH 728 A.
NEOCLASSICAL MODEL 728 B. ENDOGENOUS GROWTH MODEL 731 C DISCUSSION 734
III. PRODUCTIVITY GAINS AND INNOVATION 734 A. U.S. PRODUCTIVITY REVIVAL
735 B. IT PRODUCTION AND USE 736 C. AGGREGATE EVIDENCE ON THE IMPACT OF
IT ON U.S. PRODUCTIVITY 740 D. DISAGGREGATED EVIDENCE ON THE IMPACT OF
IT ON U.S. PRODUCTIVITY 745 IV. CONCLUSIONS 748 ACKNOWLEDGMENTS 749
REFERENCES 749 XXII CONTENTS CHAPTER 32 INTERNATIONAL PRODUCTIVITY
CONVERGENCE IN THE NEW ECONOMY: MORE OR LESS LIKELY? LUTZKER I. THEORIES
OF GROWTH AND CONVERGENCE 754 II. INFORMATION TECHNOLOGY AND CONVERGENCE
760 III. CONCLUSION 765 REFERENCES AND FURTHER READING 766 CHAPTER 33
THE NEW ECONOMY AND BUSINESS CYCLES LOUCA I. INTRODUCTION 768 II. THE
CLUSTER OF INFORMATION AND COMMUNICATION TECHNOLOGIES 771 A. COMPUTERS:
THE CARRIER BRANCH OF THE NEW ECONOMY 775 B. TELECOMMUNICATIONS: THE
INFRASTRUCTURE OF THE NEW ECONOMY 780 G ORGANIZATIONAL CHANGE: THE
"NETWORK FIRM" 782 D. THE INSTITUTION AND SOCIAL FRAMEWORK AND REGIME OF
REGULATION 784 III. ECONOMIC DEPRESSION IN THE NEW CENTURY 786 IV.
STRUCTURAL CHANGE AND ECONOMIC CYCLES 790 A. THE RECURRENCE OF
EXCEPTIONAL SUPERPROFITS OF INNOVATIVE ENTREPRENEURSHIP 790 B. THE
RECURRENCE OF PERVASIVE CONSTELLATIONS OF TECHNICAL AND ORGANIZATIONAL
INNOVATIONS 792 C. THE RECURRENCE OF WAVES OF ORGANIZATIONAL AND
MANAGEMENT CHANGES IN ENTERPRISES 793 D. RECURRENT CRISES OF STRUCTURAL
ADJUSTMENT 794 E. RECURRENT CHANGES IN THE REGULATORY REGIME 795 V.
CONCLUSION AND ALTERNATE VIEWS 796 REFERENCES AND FURTHER READING 799
CONTENTS XXIII SECTION VII POLICY AND INSTITUTIONAL FRAMEWORK CHAPTER 34
MACRO POLICY-MAKING IN THE NEW ECONOMY BAKER I. INTRODUCTION*THE GOALS
OF MACROECONOMIC POLICY 804 II. FISCAL POLICY*ARE LOWER DEFICITS ALWAYS
BETTER? 805 III. THE RECORD ON FISCAL POLICY IN THE 1990S 807 IV.
MONETARY POLICY*THE DEATH OF THE NAIRU? 811 V. THE THEORETICAL ROOTS OF
THE NAIRU 812 VI. EVIDENCE FOR THE NAIRU 813 VII. THE COURSE OF
INFLATION AND UNEMPLOYMENT IN THE 1990S 814 VIII. CONCLUSION*WHAT
GOVERNS MACROECONOMIC POLICY IN THE NEW ECONOMY? 819 REFERENCES AND
FURTHER READING 820 CHAPTER 35 THE DIGITAL DIVIDE AND WHAT TO DO ABOUT
IT HARGITTAI I. INTRODUCTION 822 II. DEFINING THE "DIGITAL DIVIDE" 823
III. FROM DIGITAL DIVIDE TO DIGITAL INEQUALITY 826 A. TECHNICAL MEANS
829 B. AUTONOMY OF USE 829 C SOCIAL SUPPORT NETWORK 830 D. EXPERIENCE
830 E. SKILL 831 IV. GLOBAL DIGITAL INEQUALITY 833 V. INEQUALITY IN
ACCESS TO CONTENT PRODUCTION AND DISTRIBUTION 834 VI. CONCLUSION 837
ACKNOWLEDGMENTS 838 REFERENCES AND FURTHER READING 838 XXIV CONTENTS
CHAPTER 36 PROPERTY RIGHTS IN THE NEW ECONOMY PARK L INTRODUCTION 842
II. INTELLECTUAL PROPERTY RIGHTS 843 III. TRENDS IN LAWS AND INTERNET
IPRS 847 IV. APPROPRIATENESS OF IPRS FOR THE INTERNET 854 A. ON
FUNDAMENTAL KNOWLEDGE 854 B. PUBLIC DOMAIN CONCERNS 855 C. COMMONS
ARGUMENT 856 D. NETWORK EFFECTS ARGUMENT 857 E. VALIDITY ISSUES 859 V.
POLICY REFORMS 859 A. DEALING WITH BOTTLENECKS 860 B. PRESERVING
FUNDAMENTAL KNOWLEDGE IN THE PUBLIC DOMAIN 860 C. REDUCING THE INCIDENCE
OF INVALID PATENTS 861 REFERENCES 863 CHAPTER 37 TAXATION AND THE NEW
ECONOMY WISEMAN I. INTRODUCTION 866 II. UNITED STATES LEGAL AND
LEGISLATIVE HISTORY ON SALES TAXES 867 III. ECONOMICS AND POLITICS OF
SALES TAXES 871 IV. EMPIRICAL SCHOLARSHIP ON INTERNET SALES TAXES 874 V.
SOME POLICY OPTIONS 881 VI. INTERNATIONAL PERSPECTIVES ON ELECTRONIC
COMMERCE TAX POLICY 884 VII. CONCLUSION 886 REFERENCES AND FURTHER
READING 887 CHAPTER 38 REGULATION AND THE NEW ECONOMY LEE I.
INTRODUCTION 890 II. MARKET FAILURE AS A RATIONALE FOR GOVERNMENT
INTERVENTION 893 CONTENTS XXV A. MONOPOLY AND MARKET POWER 893 B.
IMPERFECT/ASYMMETRIC INFORMATION 894 C. EXTERNALITIES AND PUBLIC GOODS
895 III. MARKET FAILURE IN THE NEW ECONOMY? 897 A. MONOPOLY AND MARKET
POWER: COMPETITION IN THE NEW ECONOMY 897 B. EXTERNALITIES AND PUBLIC
GOODS: INTELLECTUAL PROPERTY RIGHTS AND THE NEW ECONOMY 904 C. CONSUMER
PROTECTION: PRIVACY AND THE NEW ECONOMY 905 IV. GLOBAL ASPECTS OF
REGULATION 907 V. SUMMARY AND CONCLUSIONS 908 REFERENCES AND FURTHER
READING 909 CHAPTER 39 PRIVACY AND SECURITY ISSUES IN E-COMMERCE
ACKERMAN AND DAVIS I. INTRODUCTION 912 II. PRIVACY 912 A. SOCIAL AND
BUSINESS ISSUES 914 B. TECHNOLOGIES FOR PRIVACY 916 C. REGULATION,
ECONOMIC ISSUES, AND PRIVACY CODESIGN 917 III. SECURITY 919 A. SECURITY
VULNERABILITIES IN ELECTRONIC COMMERCE 919 B. SECURITY TECHNOLOGIES 921
C. SOCIAL AND ORGANIZATIONAL ISSUES IN SECURITY 924 D. ECONOMIC ISSUES
926 IV. CONCLUSION 926 REFERENCES 927 CHAPTER 40 POLICY ISSUES AND THE
NEW ECONOMY FOR DEVELOPING AND TRANSITION ECONOMIES MANN I. OVERVIEW 933
II. WHAT IS THE NEW ECONOMY? 935 A. WHAT IS "NEW" ABOUT THE NEW ECONOMY?
936 B. PRODUCTIVITY AND THE NEW ECONOMY 938 XXVI CONTENTS C. SOURCES OF
PRODUCTIVITY GROWTH 938 D. POTENTIAL BENEFITS OF THE NEW ECONOMY 940
III. TRANSFORMATION AND THE POLICY ENVIRONMENT OF THE NEW ECONOMY 942 A.
FINANCIAL DEPTH 943 B. EXTERNAL OPENNESS 944 C. PROCOMPETITIVE
REGULATIONS 945 D. FISCAL EFFICIENCY 946 E. HUMAN CAPACITY BUILDING 946
IV. MANIFESTATIONS OF DIFFERENTIAL PROGRESS: THE DIGITAL DIVIDES 947 V.
INFORMATION, INNOVATION, AND NEW POLICY CHALLENGES 950 A. BALANCING THE
BENEFITS OF AND THE CONCERNS OVER INFORMATION 950 B. BALANCING
INTELLECTUAL PROPERTY RIGHTS AND PROMOTING INNOVATION 952 C. POLICIES TO
PROMOTE INNOVATION AND BACKSTOP BEHAVIOR WITH ENFORCEMENT 954 VI.
ELEMENTS OF A DOMESTIC AND AN INTERNATIONAL STRATEGY 955 A. WTO
PARTICIPATION, SHARING EXPERIENCES, AND EXPLORING INTEROPERABILITY 955
B. GOVERNMENT AS THE CENTERPIECE OF THE DOMESTIC STRATEGY 958 VII.
CONCLUSION: PROMOTE BROAD REFORM AMID TARGETED INTERVENTION 959
REFERENCES AND FURTHER READING 960 CHAPTER 41 THE NEW ECONOMY AND
INTERNATIONAL TRADE KLEINERT AND SCHUKNECHT I. INTRODUCTION 964 IL
FALLING DISTANCE COSTS 965 A. BORDER EFFECTS AND DISTANCE COSTS IN TRADE
THEORIES 967 B. THE EMPIRICAL PICTURE AND THE WTO FRAMEWORK 969
TRANSITION TO THE SERVICE SOCIETY, INFORMATION AND COMMUNICATION COSTS,
AND NEW PATTERNS OF INTERNATIONAL BUSINESS 973 A. TRADE IN SERVICES AND
KNOWLEDGE: CONCEPTUAL ISSUES 973 B. EMPIRICAL EVIDENCE AND CHALLENGES
FOR THE WTO FRAMEWORK 975 CONTENTS IV . DIGITALIZATION AND NEW CHANNELS
OF INTERNATIONAL TRADE 977 A. THE EXAMPLE OF DIGITIZABLE SOFTWARE AND
MEDIA PRODUCTS: CONCEPTUAL ISSUES 979 B. EMPIRICAL EVIDENCE AND
CHALLENGES FOR THE WTO FRAMEWORK 979 V. CONCLUSIONS 982 ACKNOWLEDGMENTS
983 REFERENCES AND FURTHER READING 983 CHAPTER 42 THE RATIONALES FOR
INTELLECTUAL PROPERTY RIGHTS IN THE ELECTRONIC AGE ANDERSEN I.
INTRODUCTION 987 A. THE IPR CONTEXT 989 II. NATURAL RIGHTS AND MORAL
RATIONALES 993 A. THE RIGHT TO CLAIM THE INTELLECTUAL PROPERTY 993 B.
THE RIGHT TO COMPENSATION AND REWARD 995 III. ECONOMIC INCENTIVE
RATIONALES: THE SOCIAL BENEFITS FROM PATENTS 998 A. INCENTIVES TO
INVENT, BE CREATIVE, AND INNOVATE, AS WELL AS MOTIVATING THE DIRECTION
OF SUCH 998 B. INCENTIVES TO USE AND ALLOCATE RESOURCES MORE EFFICIENTLY
1005 IV. INCREASED COMPETITION AND MARKET PROTECTION OF ENTREPRENEURIAL
TALENT RATIONALES: INDUSTRIAL DEVELOPMENT FROM PATENTS 1009 A. THE
INNOVATION-ENHANCED COMPETITION AND NATURE OF IDEAS ARGUMENT 1009 B. THE
MARKET PROTECTION OF ENTREPRENEURIAL TALENT FOR INDUSTRIAL DEVELOPMENT
RATIONALE 1015 V. ECONOMIC RATIONALE OF ORGANIZING SCIENCE, TECHNOLOGY,
AND CREATIVITY: INCREASED INFORMATION SPILLOVER 1016 A. INCENTIVES TO
DISCLOSE IDEAS RATIONALE 1017 B. RATIONALE OF UNIFORMITY, ORDER,
INCREASED INFORMATION, INCREASED SPILLOVER, AND BETTER ADVICE 1020 VI.
CONCLUSION 1021 REFERENCES AND FURTHER READING 1023 XXVIII CONTENTS
CHAPTER 43 INTERNATIONAL GOVERNANCE OF THE INTERNET: AN ECONOMIC
ANALYSIS BRADY I. INTRODUCTION 1026 II. DOT COM VS DOT COW*WHAT'S IN A
NAME? 1027 III. THE ECONOMIC THEORY OF REGULATION AND RENT SEEKING 1028
IV. AN OVERVIEW OF THE REGULATION OF THE INTERNET 1030 V. ICANN'S SEVEN
NEW TLDS 1033 VI. WHAT WE MAY EXPECT 1035 VII. TECHNOLOGY AND THE ICANN
MONOPOLY 1037 VIII. CONCLUSION 1040 ACKNOWLEDGMENTS 1041 REFERENCES 1041
CHAPTER 44 E-LEARNING WELLER I. WHAT IS E-LEAMMG? 1044 II. THE POTENTIAL
OF E-LEARNING 1045 III. QUALITY OF E-LEARAING 1048 IV. ON-LINE TEACHING
APPROACHES 1050 V. BLENDED LEARNING 1055 VI. MEDIA AND TECHNOLOGY 1058
VII. LEARNING OBJECTS 1062 VIII. PERSONALIZATION 1064 IX. CONCLUSION
1065 REFERENCES AND FURTHER READING 1066 CHAPTER 45 TRUST IN THE NEW
ECONOMY PUTTERMAN AND BEN-TIER L INTRODUCTION 1069 H. DEFINITIONS 1070
CONTENTS XXIX A. TRUSTWORTHINESS 1071 B. TRUSTING 1075 C. INTERACTIONS
BETWEEN TRUSTING AND TRUSTWORTHINESS 1077 III. FROM THE OLD ECONOMY TO
THE NEW ECONOMY: TECHNOLOGICAL, ECONOMIC, AND SOCIAL CHANGES AND THEIR
EFFECTS ON THE DETERMINANTS OF TRUST AND THE LEVEL OF TRUST 1078 A.
INFORMATION COLLECTION, TRANSMISSION, RETRIEVAL AND ANALYSIS, AND
COMMUNICATION 1078 B. FACE-TO-FACE INTERACTIONS AND SOCIAL CONTEXTS 1080
C. MARKET SIZE 1083 D. MOBILITY AND COMMUNITY 1083 E. TRUST IN
BUSINESS-TO-BUSINESS RELATIONS 1084 F. PRIVACY AND IDENTITY THEFT 1085
G. TRUST AND FRAUD ON-LINE 1087 IV. RESPONSES BY FIRMS AND OTHERS TO
CHANGES IN LEVELS OF TRUST 1089 V. CONCLUSIONS 1091 REFERENCES 1093
INDEX 1097 |
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| title_auth | New economy handbook |
| title_exact_search | New economy handbook |
| title_exact_search_txtP | New economy handbook |
| title_full | New economy handbook ed. by Derek C. Jones |
| title_fullStr | New economy handbook ed. by Derek C. Jones |
| title_full_unstemmed | New economy handbook ed. by Derek C. Jones |
| title_short | New economy handbook |
| title_sort | new economy handbook |
| topic | Information technology -- Economic aspects Electronic commerce New Economy (DE-588)4728437-7 gnd |
| topic_facet | Information technology -- Economic aspects Electronic commerce New Economy Aufsatzsammlung |
| url | http://www.loc.gov/catdir/description/els031/2003107468.html http://www.loc.gov/catdir/toc/els031/2003107468.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014677528&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT jonesderekc neweconomyhandbook |