Standardization in Decentralized Economies
This paper studies within a dynamical model how decentralized individuals happen to elect non-proprietary standard. The issue is coordination because the individual benefit of adoption depends on whether other agents elect to adopt the same standard. It shows that whenthere are increasing returns to adoption (convexity) standardization occurs. However which standard is going to be elected is not always predictable.
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|Date of creation:||1998|
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- Joseph Farrell & Garth Saloner, 1985.
"Standardization, Compatibility, and Innovation,"
RAND Journal of Economics,
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