Innovation in virtual social networks: the widespread of new electronic currencies and the emergence of a new category of entrepreneurs
AbstractThe internet network hosts an increasing number of large synthetic worlds. These virtual worlds exhibit most of the characters we associate with the real world like interpersonal relationships, economic transactions, production of goods and services, political institutionsâ€¦ Inside these synthetic worlds, new economic behaviours can be studied and new entrepreneurs emerge. By focusing on the widespread of new private electronic currencies, this paper shows first the main benefits for e-money users of entering in a community of payments. Second, the economic behaviour of electronic money (e-money) users and the network externalities effects are studied. Thirdly, the phenomenon of the emergence of a new category of entrepreneurs specialised in e-money creation and the regulation of a new monetary regime are exposed.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Int. J. of Transitions and Innovation Systems.
Volume (Year): 1 (2011)
Issue (Month): 2 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID==160
social networks; e-money; virtual worlds; monetary regimes; Veblen good; clearing houses; digital money; Linden dollar; innovation; electronic currencies; entrepreneurs; entrepreneurship; electronic money; social networking.;
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- Edward Castronova, 2001. "Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier," CESifo Working Paper Series 618, CESifo Group Munich.
- Edward Castronova, 2003. "Theory of the Avatar," CESifo Working Paper Series 863, CESifo Group Munich.
- Carol Clark, 2005. "Shopping without cash: the emergence of the e-purse," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 34-51.
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