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The underlying full‐duplex networked organization of the Internet transforms the traditional one‐way relationship between advertisers and consumers that is inherent in standard advertising. Internet content providers take on both the roles of conduits and interaction enablers in a two‐way...
The advent of the Internet and the attending increase in the value chain inter‐linking has been understood as a harbinger of the death of the intermediary. This paper uses Williamson's (1975) forms of specificity (human‐, site and physical asset‐specificity) and the components of the traditional...
New information and communication technology (ICT) makes consumers better informed about available products, product quality and prices, which mitigates problems of asymmetric information. The entry of firms is facilitated, competition and economic efficiency is boosted and the market powers of...
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