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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
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Business economics Behavioural economics

Marginal Cost Pricing and the Rise of Affordable Custom Graphic Design Services

Published on March 17, 2024

Website with graphs, viewed on laptop screen.
Behavioural economics Business economics

The Market for Lemons and Its Impact on Financial Resource Sites

Published on March 13, 2024

Computer screen with app thumbnails
Business economics Behavioural economics Factors of production

Transaction Cost Economics and the Evolution of ERP Software Development

Published on March 13, 2024

Female holding a tablet with the word "Blockchain" on a blue background.
Behavioural economics Business economics

Time Preference and Hyperbolic Discounting: Understanding Credit Card Bitcoin Purchases

Published on March 13, 2024

Phone lines in a desolate field, all gray.
Business economics Information Failure

The Principle of Path Dependence: How Legacy Technology Like 1300 Numbers Continues to Drive Economic Advantage

Published on March 10, 2024

A neon sign that reads "PSYCHIC"
Behavioural economics Competitive markets Business economics Information Failure

The Economics of Credence Goods: How Unverifiable Services Thrive in Modern Markets

Published on March 10, 2024

A large curved screen in the background and a male hand holding a smart phone with the skype logo in blue.
Behavioural economics Competitive markets Business economics

Network Effects and the Retirement of Skype: Analyzing Microsoft's Strategic Shift and Its Market Implications

Published on March 07, 2024

The Economic Advantages of Adopting Cloud-Based CRM Solutions
Business economics

The Economic Advantages of Adopting Cloud-Based CRM Solutions

Published on March 05, 2024

A screen with Nasdaqa and S&P 500 index prices shown
Business economics

Democratizing Venture Capital: Retail Investors Entering High-Risk, High-Reward Markets

Published on March 04, 2024

Undustrial tubes seen from a top-down view.
Behavioural economics Business economics Competitive markets

The Risk-Reward Tradeoff in B2B Markets: How Fewer Clients Create Higher Volatility but Greater Margins

Published on March 04, 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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