| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3826 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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