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Example: RPA in Invoice Processing
Background: Large companies often receive thousands of invoices from suppliers every month. Processing these invoices manually is time-consuming and prone to errors. It involves verifying the details, checking for duplicates, matching invoices with purchase or...
Further Reading
Agrawal, A., Gans, J., & Goldfarb, A. (Eds.). (2019). The economics of artificial intelligence: an agenda. University of Chicago Press. https://www.nber.org/books-and-chapters/economics-artificial-intelligence-agenda Arntz, M., Gregory, T., & Zierahn, U. (20...
Key Takeaways
Platforms and the sharing economy are central to modern business strategies and the evolution of contemporary economic systems. Definition & Characteristics: Platforms: Digital or physical infrastructures that facilitate interactions between two or more ...
Technical Information
The Economics of InformationAuthor: Christian Năsulea ISBN: 978-606-94761-7-8 Copyright © 2023 Christian Năsulea. All rights reserved.Published by FREE Publishing FREE PublishingRepublicii 202, Comarnic, PrahovaRomaniaediturafree.ro / freepublishing.euDi...
Case Study: AirBNB
Background and Development: Founded in 2008 by Brian Chesky, Joe Gebbia, and Nathan Blecharczyk, Airbnb started as a simple idea to rent out air mattresses in a living room to offset high rent costs in San Francisco. Rapid Expansion: The platform quickly e...
Case Study: UBER
Background and Development: Founding: Uber was founded in 2009 by Garrett Camp and Travis Kalanick in San Francisco. It began as a luxury car service before evolving into a ride-sharing app. Global Expansion: Uber expanded rapidly, operating in hundreds of...
Further Reading
Schor, J. (2016). Debating the sharing economy. Journal of self-governance and management economics, 4(3), 7-22. https://greattransition.org/publication/debating-the-sharing-economy Suciu, M. C., Nasulea, D. F., & Nasulea, C. (2020). Smart City Innovation wi...
Key Takeaways
Here is an overview of the most important aspects related to Blockchain and Smart Contracts: Basic Understanding of Blockchain: Definition: A blockchain is a distributed ledger of transactions that is maintained by a network of computers (or nodes) rather...
Case Study: Georgia's Land Registry
Georgia has historically faced challenges with land registration. The process was cumbersome, prone to corruption, and lacked transparency, leading to property disputes and a lack of public trust in the land registry system. In 2016, Georgia's National Agency ...
Further Reading
Comuzzi, M., Grefen, P., & Meroni, G. (2023). Blockchain for Business: IT Principles into Practice. Taylor & Francis. https://www.routledge.com/Blockchain-for-Business-IT-Principles-into-Practice/Comuzzi-Grefen-Meroni/p/book/9781032342467 Consensys. (2023). ...
Key Takeaways
Definition: Information asymmetry occurs when one party in a transaction has more or better information than the other. This can create an imbalance in the transaction, often leading to market inefficiencies. Adverse Selection: This is a situation where se...
Further Reading
Akerlof, George (1970). The Market for "Lemons": Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, Vol. 84, No. 3, pp. 488-500. Oxford University Press. http://www.jstor.org/stable/1879431 Bergh, D. D., Ketchen Jr, D. J., Orl...
Key Takeaways
The principal-agent problem is an important topic in both economics and organizational theory. Two Parties: Principal: The party that delegates a task or decision-making authority. Agent: The party tasked with executing on behalf of the principal. ...
Example: Real Estate Agents and Home Sellers
The principal-agent problem (or agency dilemma) arises when one person (the "agent") is allowed to make decisions on behalf of another person (the "principal"), but their interests may not necessarily align. Scenario: Imagine you want to sell your house, and...
Further Reading
Greenstone, M., He, G., Jia, R., & Liu, T. (2022). Can technology solve the principal-agent problem? Evidence from China’s war on air pollution. American Economic Review: Insights, 4(1), 54-70. https://www.aeaweb.org/articles?id=10.1257/aeri.20200373
A Brief Overview
What is Game Theory? At its core, Game Theory is the study of how people make decisions in situations where the outcome depends not only on their own choices but also on the choices of others. Think of it as the science of strategy. Why Should Business Le...
Example: The Trans-Pacific Partnership
The Trans-Pacific Partnership (TPP) negotiations involved multiple countries, each with its own set of goals and bargaining power. Game theory was used to understand the dynamics of these negotiations, helping countries to formulate strategies that balanced tr...
Further Reading
Osborne, M.J. (2003). An Introduction to Game Theory. Oxford University Press. ISBN: 9780195128956 https://global.oup.com/ushe/product/an-introduction-to-game-theory-9780195128956
Key Takeaways
Markets and price signals are fundamental concepts in economics and business. Here are the main things business leaders and business school students should remember about markets and price signals: Definition of a Market: A market is any setting where buye...
Example: Movie Theater Tickets
Price differentiation, also known as price discrimination, refers to the practice of charging different prices to different consumers for the same good or service, based on various factors such as willingness to pay, geographic location, or other customer-spec...