G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3826
DP3826 The Real Effects of Investor Sentiment
Paola Sapienza; Christopher Polk
发表日期2003-03-23
出版年2003
语种英语
摘要Digital goods are bit strings, sequences of 0s and 1s, that have economic value. They are distinguished from other goods by five characteristics: digital goods are non-rival, infinitely expansible, discrete, aspatial, and recombinant. The New Economy is one where the economics of digital goods importantly influence aggregate economic performance. This Article considers such influences not by hypothesizing ad hoc inefficiencies that the New Economy can purport to resolve, but instead by beginning from a Arrow-Debreu perspective and asking how digital goods affect outcomes. This approach sheds light on why property rights on digital goods differ from property rights in general, guaranteeing neither appropriate incentives nor social efficiency; provides further insight into why Open Source Software is a successful model of innovation and development in digital goods industries; and helps explain how geographical clustering matters.
主题Industrial Organization
关键词Aspatial Emergence Idea Information Innovation Intellectual asset Internet Knowledge Open source Weightless economy
URLhttps://cepr.org/publications/dp3826
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532816
推荐引用方式
GB/T 7714
Paola Sapienza,Christopher Polk. DP3826 The Real Effects of Investor Sentiment. 2003.
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