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How Digital Communication Technology Shapes Markets

Redefining Competition, Building Cooperation

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  • © 2017

Overview

Authors:
  1. Swati Bhatt

    1. Department of Economics, Princeton University, Princeton, USA

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  • Argues that our basic understanding of markets must evolve in the face of new technology
  • Describes how "competition," in a network economy, deviates from its traditional definition
  • Explores how big data collection impacts human interaction

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-xv
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  2. The Technology: Has the Digital Communication Technology Changed the Way Markets Function? Cooperation or Competition?

    • Swati Bhatt
    Pages 1-16

  3. The Three Drivers: Connectivity, Data and Attention

    • Swati Bhatt
    Pages 17-27

  4. The Three Trends: Granularity, Behemoths and Cooperation

    • Swati Bhatt
    Pages 29-55

  5. The Independent Contractor and Entrepreneurship in Labor Markets

    • Swati Bhatt
    Pages 57-69

  6. The On-Demand Economy and How We Live: Communication, Information, Media and Entertainment

    • Swati Bhatt
    Pages 71-104

  7. The Sharing Economy: Information Cascades, Network Effects and Power Laws

    • Swati Bhatt
    Pages 105-118

  8. The Private World of Sharing and Cooperation

    • Swati Bhatt
    Pages 119-132

  9. The Internet and Regulation

    • Swati Bhatt
    Pages 133-142

  10. The Conclusion

    • Swati Bhatt
    Pages 143-148

  11. Back Matter

    Pages 149-151
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Keywords

About this book

This Palgrave Pivot explores how communication technology such as the Internet has changed the nature of trade, focusing especially on economy-wide reductions in company size (granularity) and the role of retailers (disintermediation). By increasing access to comparative data, influencing conceptions of time, and reducing the number of intermediaries between creator and consumer, technological connectivity is changing the very definition of competition. In the new network economy, disintermediation and granularity are turning cooperative information gathering and sharing into a vital market institution.


To exemplify the effects of communication technology, Bhatt focuses on two markets with particularly powerful effects on the economy: labor and education, and CIME (communication, information services, media, and entertainment). Mobile connectivity is radically changing the extent, capabilities, and operations of these markets, both in terms of the servicesthey provide and how they interact with consumers. Bhatt also explores how these benefits intersect with new concerns about privacy and security when the line between public and private information is becoming ever more fluid.

Authors and Affiliations

  • Department of Economics, Princeton University, Princeton, USA

    Swati Bhatt

About the author

Swati Bhatt is Lecturer in Economics at Princeton University, USA. Her research interests include the economics of digitization, and industrial organization in the technology industry.

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