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Today, thanks to Application Programming Interfaces (APIs), diverse software can communicate with each other.

API Economies and the Modularization of Production

The dozens of apps on your phone can communicate with each other thanks to Application Programming Interfaces (APIs), which revolutionized software beginning in the year 2000. What are the economic ramifications of modularized production, where add-ons and expansions abound?...
4 min read
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Market Failure Business economics

Potential Effects of the Harris-Walz $25,000 Down Payment Assistance Plan

Published on October 05, 2024

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Definitions Business economics

Types of Goods in Economics

Published on October 03, 2024

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Definitions Business economics

Product Life Cycle (PLC)

Published on October 01, 2024

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Definitions Business economics

Primary Sector Economics

Published on September 19, 2024

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Business economics Competitive markets

Market Access, Transaction Costs, and Financial Inclusion in Retail FX: The Case of OANDA

Published on September 19, 2024

Man working on a laptop with code on the screen.
Business economics Competitive markets

Who Captures the Surplus? Complementors vs. Platforms — Platform Economics, Bargaining Power & Value Capture

Published on September 06, 2024

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Business economics Competitive markets

Make-or-Buy in Software: The Boundaries of the Firm through Transaction Cost Economics

Published on September 03, 2024

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Business economics Competitive markets

Economies of Density and the Last-Mile: Urban Economics in the Age of Geocoding

Published on September 03, 2024

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Behavioural economics Business economics Competitive markets

Bayesian Quality Economics: Value of Information & Optimal Thresholds

Published on September 02, 2024

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Definitions Business economics

Break-Even Analysis and Equation

Published on August 28, 2024

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AI can work much faster than human employees, but rates of AI hallucinations and other errors remain significant.

The Economics of AI Hallucinations and Error Costs

AI can be great, but "AI hallucinations" are frequent when AI software attempts to plug in data holes with information that it creates. This can include "ghost citations" of false sources of information. What will firms do to limit the dangers of AI error?...
4 min read

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