DEFINITION AND TOPICAL PROBLEMS OF THE INFORMATION ECONOMY
The core aim of this paper is to suggest comprehensive definition of the information economy and delineate the range of economic problems it deals with, paying particular attention to its connections to the economics of information. The text, in the extent provided, can not investigate thoroughly all the subjects associated with the information economy; it rather presents overview of the most important issues and illustrates them with examples from real and virtual markets. The major subjects concerned include: information asymmetries, revelation principle, network effects and externalities, economies of scale, standard wars, switching costs and lock-ins, multiple competitive equilibria, characteristics of online markets, impact of information technology on productivity, implications for governmental policies.
productivity, network economy, information economy, information asymmetry, economics of networks, economics of information, e-commerce, competitive equilibrium
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