Rapid technological advances in information and communication technologies and their widespread diffusion have led some to speculate about "frictionless" economies where transaction costs are nearly zero, barriers to entry and contestability disappear and markets clear instantly.
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Paper provided by OECD, Directorate for Science, Technology and Industry in its series OECD Digital Economy Papers with number
32.
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Michael R. Baye & John Morgan & Patrick Scholten, 2006.
"Information, Search, and Price Dispersion,"
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