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Advances within the Economics of knowledge structures offers a large viewpoint at the matters concerning functions of economics to info platforms quarter. From grid computing to on-line auctions, the reader can locate novel makes use of of economics instruments in knowing techniques regarding using expertise on the company point.
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Then the FTC’s concern might be justified in such a situation (CRN Business Weekly, 2000; Disabatino, 2002). Comparison with the Literature To close this section, it is worth noting the differences between our results and the literature. As mentioned earlier, the closest studies to our model might be Shapiro (1986) and Li (1985). Several differences exist between our chapter Copyright © 2005, Idea Group Inc. Copying or distributing in print or electronic forms without written permission of Idea Group Inc.
To compare the expected profit of joining the exchange versus staying offline, we need to quantify the expected profit difference, ∆π = E[πi*] – E[πj*], from (14) and (15), as: ∆π = [ E (qi* )]2 − [ E (q*j )]2 + ψ 2 (k − 1)[1 + ( k − 2) ρ ]σ 2 . Defining ∆c ≡ ci – µ, and plugging the expectations of (8) and (12), ∆π can be written as a quadratic function of ∆c: ∆π = (ψ − φ + β )(ψ − φ − β ) ( ∆c) 2 + 2(ψ − φ + β ) q ∆c + ψ 2 ( k − 1)[1 + ( k − 2) ρ ]σ 2. By examining its first and second derivatives, we found that ∆π is a convex, U-shaped curve.
This cost heterogeneity permits the possibility of a separating equilibrium as follows. Copyright © 2005, Idea Group Inc. Copying or distributing in print or electronic forms without written permission of Idea Group Inc. is prohibited. 30 Zhu Corollary 2 (separating equilibrium): In equilibrium, those firms trading through the B2B exchange are expected to be the more efficient (with lower costs or better technology) firms, while those less efficient (highercost) firms continue to trade through the traditional markets such as bilateral contracts or negotiation.