The High Cost of a Cheap Lesson

13 years 3 months ago

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y abstract, it is grounded in the experience of many markets. As I will illustrate, it explains much strategic behavior. Information spreads With a bit of effort, any technically skilled person can learn the latest information in their industry. That is so whether it concerns the design for a product, such as Apple’s iPod, or involves demand for a newly deployed service, such as municipal Wi-Fi in a distant city. Although industry conferences, consulting reports, and trade magazines have always informed market participants, today these sources are supplemented by Web pages and community or industry forums. Any reasonably sized product market attracts an abundance of product reviewers and bloggers who track gossip about business initiatives and point out design flaws or triumphs. We happen to live in an era in which many technically skilled people want this information, and they live in many different places. Fast communication among such people can produce the same developments in ma...

Shane Greenstein

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