Algorithmic governance; Autonomous agents; Digital platform; Economic efficiency; Machine economy; Transaction costs; Management of Technology and Innovation
Abstract :
[en] This 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.
Research center :
Interdisciplinary Centre for Security, Reliability and Trust (SnT) > FINATRAX - Digital Financial Services and Cross-organizational Digital Transformations NCER-FT - FinTech National Centre of Excellence in Research [LU]
Disciplines :
Computer science Management information systems
Author, co-author :
HARTWICH, Eduard ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
RIEGER, Alexander ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust > FINATRAX > Team Gilbert FRIDGEN
SEDLMEIR, Johannes ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Jurek, Dominik; Haas School of Business, University of California, Berkeley, United States
FRIDGEN, Gilbert ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
External co-authors :
yes
Language :
English
Title :
Machine economies
Publication date :
22 July 2023
Journal title :
Electronic Markets
ISSN :
1019-6781
eISSN :
1422-8890
Publisher :
Springer Science and Business Media Deutschland GmbH
Fonds National de la Recherche Luxembourg Horizon 2020
Funding text :
This research was funded in part by the Luxembourg National Research Fund (FNR) and PayPal, PEARL grant reference 13342933/Gilbert Fridgen, as well as the Luxembourg National Research Fund (FNR) in the FiReSPArX (grant reference 14783405) and PABLO (grant reference 16326754) projects. Moreover, we would like to acknowledge the support of the European Union (EU) within its Horizon 2020 programme, project MDOT (Medical Device Obligations Taskforce), Grant agreement 814654 that made this paper possible. We also thank the editor and the anonymous reviewers for their highly valuable and constructive feedback. For the purpose of open access, the authors have applied a Creative Commons Attribution 4.0 International (CC BY 4.0) license to any Author Accepted Manuscript version arising from this submissionThis research was funded in part by the Luxembourg National Research Fund (FNR) and PayPal, PEARL grant reference 13342933/Gilbert Fridgen , as well as the Luxembourg National Research Fund (FNR) in the FiReSPArX (grant reference 14783405) and PABLO (grant reference 16326754) projects. Moreover, we would like to acknowledge the support of the European Union (EU) within its Horizon 2020 programme, project MDOT (Medical Device Obligations Taskforce), Grant agreement 814654 that made this paper possible. We also thank the editor and the anonymous reviewers for their highly valuable and constructive feedback. For the purpose of open access, the authors have applied a Creative Commons Attribution 4.0 International (CC BY 4.0) license to any Author Accepted Manuscript version arising from this submission
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