Distribution and Use of Knowledge under the “Laws of the Web”
Empirical evidence shows that the perception of information is strongly concentrated in those environments in which a mass of producers and users of knowledge interact through a distribution medium. This paper considers the consequences of this fact for economic equilibrium analysis. In particular, it examines how the ranking schemes applied by the distribution technology affect the use of knowledge, and it then describes the characteristics of an optimal ranking scheme. The analysis is carried out using a model in which agents’ productivity is based on the stock of knowledge used. The value of a piece of information is assessed in terms of its contribution to productivity.
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- Falkinger, Josef, 2005. "Limited Attention as the Scarce Resource in an Information-Rich Economy," IZA Discussion Papers 1538, Institute for the Study of Labor (IZA).
- Falkinger, Josef, 2007.
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"Research and higher education in economics: can we deliver the Lisbon objectives ?,"
CORE Discussion Papers
2006051, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- DREZE, Jacques H; & ESTEVAN, Fernanda, . "Research and higher education in economics: can we deliver the Lisbon objectives," CORE Discussion Papers RP -1941, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Xavier Gabaix & David Laibson & Guillermo Moloche & Stephen Weinberg, 2006. "Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model," American Economic Review, American Economic Association, vol. 96(4), pages 1043-1068, September.
- Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
- repec:dgr:uvatin:2001022 is not listed on IDEAS
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