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Thanks to APIs, many programmers can create add-ons and extensions to existing software.

API Economies and the Modularization of Production

Thirty years ago, you had to buy entirely new software when your current program became obsolete. Today, you can download an extension, patch, or upgrade. Thanks to APIs, application programming interfaces, these "modular" additions to software can come from virtually anywhere....
4 min read
Brand Loyalty
Definitions Business economics

Brand Loyalty

Published on May 15, 2024

Composite Demand Definition
Definitions Competitive markets

Composite Demand Definition

Published on May 15, 2024

The Economics of Outsourcing Customer Support

The Economics of Outsourcing Customer Support

Published on May 15, 2024

A group of fi e women, 4 of whom are black sitting a conference table.
Behavioural economics Competitive markets Business economics

How Signaling and Reputation Economics Explain the Changing Landscape in DEI in Business

Published on May 15, 2024

Image of Bitcoin bar chart on a smartphone.
Behavioural economics Business economics Competitive markets

How Technology Diffusion and Democratization Are Reshaping Retail Trading in the Age of AI

Published on May 15, 2024

Sepia tone image of a Saab with broken rear window.
Behavioural economics Business economics Competitive markets

How Friction Costs and Present Bias Drive the Economics of Junk Car Disposal

Published on May 15, 2024

Positive Feedback Loop Examples
Definitions Behavioural economics

Positive Feedback Loop Examples

Published on May 12, 2024

What is the IMF?
Definitions Global economics

What is the IMF?

Published on May 12, 2024

Understanding Nudges
Definitions Behavioural economics

Understanding Nudges

Published on May 09, 2024

Two people at an open laptop, one of who is pointing at the screen while the other is touching the touchpad.
Behavioural economics Business economics Competitive markets

How Adverse Selection Distorts the SEO Industry: A Market for Lemons

Published on May 08, 2024

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Although increasingly popular, AI still makes serious mistakes...which could cost companies big bucks in damages.

The Economics of AI Hallucinations and Error Costs

To save money on labor, many companies want to use AI to automate basic office functions, from customer service to research. However, AI is prone to making mistakes that are confidently presented as accurate facts. What are the economic implications of unchecked AI use by companies?...
5 min read

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