Perfect Storm The Photo lamp dailypennsylvanian com Perfect

Perfect Storm: The simultaneous occurrence of weather events which, taken individually, would be far

Ronald Coase • • London School of Economics (Commerce) 1931 -32 scholarship studying American

Coase Theorem A market can reach an efficient solution, even in the presence of

Transaction costs: the costs of making a deal. • search costs – • negotiation

Wikinomics Revolutions: 1. Technological - web / HTML v. XML 2. Demographic - “echo”

Wikinomics Principles: 1. 2. 3. 4. Photo: www. images. usatoday. com Peering Open boundaries

Models of Peer Production: 1. 2. 3. 4. 5. 6. 7. Peer pioneers Ideagoras

Benefits of Peer Production: • • Harness external talent Keep up with users Boost

Sources Tapscott, Don and Williams, Anthony D. Wikinomics. New York: Portfolio/Penguin Group 2006 Maney,

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Perfect Storm The Photo: lamp. dailypennsylvanian. com

Perfect Storm: The simultaneous occurrence of weather events which, taken individually, would be far less powerful than the storm resulting from their combination Source: http: //en. wikipedia. org/wiki/Perfect_storm Photo: lamp. dailypennsylvanian. com

Before the storm…

Ronald Coase • • London School of Economics (Commerce) 1931 -32 scholarship studying American industry 1937 Why firms exist: “transaction costs” 1991 Nobel Prize Photo: http: //nobelprize. org Ronald H. Coase b. 1910

Coase Theorem A market can reach an efficient solution, even in the presence of externalities, as long as transaction costs are sufficiently low. Photo: http: //nobelprize. org Ronald H. Coase b. 1910

Transaction costs: the costs of making a deal. • search costs – • negotiation costs – • locating information about opportunities for exchange negotiating the terms of the exchange enforcement costs – enforcing the contract

Wikinomics Revolutions: 1. Technological - web / HTML v. XML 2. Demographic - “echo” generation 3. Social 4. Economic Photo: www. images. usatoday. com

Wikinomics Principles: 1. 2. 3. 4. Photo: www. images. usatoday. com Peering Open boundaries Sharing Acting globally

Models of Peer Production: 1. 2. 3. 4. 5. 6. 7. Peer pioneers Ideagoras Prosumers New Alexandrians Platforms for participation Global plant floor Wiki workplace

Benefits of Peer Production: • • Harness external talent Keep up with users Boost demand for complements Reduce costs Shift locus of competition Take friction out of collaboration Develop social capital

Sources Tapscott, Don and Williams, Anthony D. Wikinomics. New York: Portfolio/Penguin Group 2006 Maney, Kevin. Mass collaboration could change way companies collaborate. Dec. 27 2006, USA Today http: //www. usatoday. com/tech/columnist/kevinmaney/2 006 -12 -26 -wikinomics_x. htm Krugman, P. ; Well, R. ; Myatt, A. Microeconomics (Canadian edition) New York: Worth Publishers 2006 Ronald Coase Autobiography, Nobel Foundation http: //nobelprize. org/nobel_prizes/economics/laureates /1991/coase-autobio. html Wikipedia. Ronald Coase. http: //en. wikipedia. org/wiki/Ronald_Coase