English, Article, Journal or magazine article edition: Technology Innovation and Market Turbulence: A Dotcom Example Zhu Wang

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Bookmark: http://trove.nla.gov.au/version/30483
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Technology Innovation and Market Turbulence: A Dotcom Example
Author
  • Zhu Wang
Physical Description
  • preprint
Notes
  • This paper explains market turbulence, such as the recent dotcom boom/​bust cycle, as equilibrium industry dynamics triggered by technology innovation. When a major technology innovation arrives, a wave of new firms implement the innovation and enter the market. However, if the innovation complements existing technology, some new entrants will later be forced out as more and more incumbent firms succeed in adopting the innovation. It is shown that the diffusion of Internet technology among traditional brick-and-mortar firms is indeed the driving force behind the rise and fall of dotcoms as well as the sustained growth of e-commerce. Systematic empirical evidence from retail and banking industries supports the theoretical findings
  • Technology Diffusion, Industry Dynamics, Shakeout
  • RePEc:red:sed006:508
Language
  • English
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