In this article, contrary to popular belief, it is argued on the basis of transaction cost economics that consumers will become subcontractors on electronic markets. The effects of this tendency counter the benefits that might accrue to them as a result of product differentiation and price...

Understanding how individuals learn is of great importance to economists to understand economic phenomena as well as their own position in society. The idea that holds that people hold those views that best suit their own interest is untenable. Bayesian views on learning also miss an important...

In this article, contrary to popular belief, it is argued on the basis of transaction cost economics that consumers will become subcontractors on electronic markets. The effects of this tendency counter the benefits that might accrue to them as a result of product differentiation and price...