Machine economies
-
Published:2023-07-22
Issue:1
Volume:33
Page:
-
ISSN:1019-6781
-
Container-title:Electronic Markets
-
language:en
-
Short-container-title:Electron Markets
Author:
Hartwich EduardORCID, Rieger AlexanderORCID, Sedlmeir JohannesORCID, Jurek Dominik, Fridgen GilbertORCID
Abstract
AbstractThis fundamentals article discusses efficient machine economies in which non-human agents can autonomously exchange information and value. We first identify criteria for achieving Pareto efficiency in such economies by drawing on the Coase Theorem. We then translate these economic criteria to technical requirements before developing a framework that characterizes four types of machine economies. We discuss real-life examples for each type to highlight key challenges in achieving Pareto efficiency. In particular, we highlight that machine economies with human involvement in economic interactions and governance face significant challenges regarding perfect information, rationality, and transaction costs. Machine economies without human involvement, in turn, promise a high degree of Pareto efficiency, but there are still many open questions, particularly regarding machine-enforced governance. We conclude with opportunities for future research on the interactions and governance in machine economies.
Funder
Fonds National de la Recherche Luxembourg Horizon 2020
Publisher
Springer Science and Business Media LLC
Subject
Management of Technology and Innovation,Marketing,Computer Science Applications,Economics and Econometrics,Business and International Management
Reference118 articles.
1. Ali, S. T., Clarke, D., & McCorry, P. (2017). The nuts and bolts of micropayments: A survey. Retrieved February 20, 2022, from arXiv:1710.02964 2. Amazon Web Services. (2022). Industrial Internet of Things. Retrieved October 6, 2022, from https://aws.amazon.com/iot/solutions/industrialiot/ 3. Arrieta, A. B., Díaz-Rodríguez, N., Del Ser, J., Bennetot, A., Tabik, S., Barbado, A., García, S., Gil-López, S., Molina, D., Benjamins, R., Chatila, R., & Herrera, F. (2020). Explainable artificial intelligence (XAI): Concepts, taxonomies, opportunities and challenges toward responsible AI. Information Fusion, 58, 82–115. https://doi.org/10.1016/j.inffus.2019.12.012 4. Arrow, K. J. (1951). An extension of the basic theorems of classical welfare economics. Proceedings of the 2nd Berkeley Symposium on Mathematical Statistics and Probability, (pp. 507–532). University of California Press 5. Arrow, K. J. (1966). Economic equilibrium. International Encyclopedia of the Social Sciences. Retrieved February 20, 2022, from https://apps.dtic.mil/sti/pdfs/AD0630666.pdf
Cited by
6 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献
1. When Your Thing Won’t Behave: Security Governance in the Internet of Things;Information Systems Frontiers;2024-08-22 2. Sybil attack vulnerability trilemma;International Journal of Parallel, Emergent and Distributed Systems;2024-05-14 3. Designing Trustful Cooperation Ecosystems is Key to the New Space Exploration Era;Proceedings of the 2024 ACM/IEEE 44th International Conference on Software Engineering: New Ideas and Emerging Results;2024-04-14 4. Trustful Coopetitive Infrastructures for the New Space Exploration Era;Proceedings of the 39th ACM/SIGAPP Symposium on Applied Computing;2024-04-08 5. Understanding the Machine Economy: Combining Findings from Science and Practice;International Journal of Innovation and Technology Management;2024-03-20
|
|