Market and Firm – Two Sides of a Coin
نویسندگان
چکیده
Electronic markets are not just evolving they are designed. As such providing electronic trading venues is an entrepreneurial activity. The institutional approach followed here introduces a market operator as an economic player. As the entrepreneur charges fees for his service of operating an electronic market, the transaction cost savings incurred by information technology are essentially fully shifted to the market participants. As such the momentum predicted by the Electronic Market Hypothesis is limited in practice. The paper addresses this gap by deriving a conceptual framework, which reconciles the classical view on electronic markets with the entrepreneurial view.
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