Many researchers are concerned about the appropriateness of traditional research approaches and methodologies in the analysis of a digital economy. Using the Experimental Digital Economy (EDE), a new technology infrastructure that we have developed for a digital economy, we propose a new research methodology, a virtual field experiment, which makes it feasible and effective to test research hyp...

What is the state of the research on crowdsourcing for policy making? This article begins to answer this question by collecting, categorizing, and situating an extensive body of the extant research investigating policy crowdsourcing, within a new framework built on fundamental typologies from each field. We first define seven universal characteristics of the three general crowdsourcing techniqu...

We consider the problem of optimal bidding for virtual trading in two-settlement electricity markets. A virtual trader aims to arbitrage on the differences between day-ahead and real-time market prices; both prices, however, are random and unknown to market participants. An online learning algorithm is proposed to maximize the cumulative payoff over a finite number of trading sessions by alloca...

Evolving e-commerce technologies increasingly enable organisations to participate in different types of network forms or in electronic markets with previously unidentified trading partners. Virtual organisations (VO) take different forms, have varying lifecycles and involve different scope and depth of relationships. This paper examines the literature in terms of the terminology of virtual orga...

Using virtual stock markets with artificial interacting software investors, aka agent-based models (ABMs), we present a method to reverse engineer real-world financial time series. We model financial markets as made of a large number of interacting boundedly rational agents. By optimizing the similarity between the actual data and that generated by the reconstructed virtual stock market, we obt...

This paper outlines the fundamental features of the PJM day-ahead energy market and real-time energy market. The Day-ahead market is based on a voluntary least-cost security constrained unit commitment and dispatch with several fundamental design features that ensure the market is robust and competitive. This market offers market participants the option to lock in energy and transportation char...

In the context of a virtual university’s information broker we study the consumption patterns for information goods and we investigate if Ehrenberg’s repeatbuying theory which successfully models regularities in a large number of consumer product markets can be applied in electronic markets for information goods too. First results indicate that Ehrenberg’s repeat-buying theory succeeds in descr...

Many organizations are using virtual teams to meet the increasing time and quality expectations of contemporary marketplaces. While virtual teams present advantages for cost control, access to expertise, and serving markets, they also engender practical challenges as a result of the geographic and temporal distribution of members. Previous research has suggested several factors that are critica...

Virtual work in organizations continues to be promoted despite the absence of a strong conceptual understanding of virtual work and its consequences. In this paper, we draw from Sotto (1997) and Turoff (1997), who treat virtual work as a second, electronically mediated representation of material work. The virtual and material representations co-exist and intertwine, potentially allowing teams a...

The concept of virtual organization ( involving virtual enterprise and virtual factory) can be understood as a kind of cooperative network enterprise and dynamic cooperative network, which, throught the utilization of the new information technologies and the new infoways ( the Internet, for example) provides the acces to new markets of products and services without the traditional limits in ter...