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Distributed Computation as an Economic System

Author

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  • Bernardo A. Huberman
  • Tad Hogg

Abstract

As computer networks grow and blanket the planet, they become a community of concurrent processes, which, in their interactions, strategies, and lack of perfect knowledge, become analogous to human market economies. Economics may thus offer new ways of designing and understanding the behavior of distributed computer systems.

Suggested Citation

  • Bernardo A. Huberman & Tad Hogg, 1995. "Distributed Computation as an Economic System," Journal of Economic Perspectives, American Economic Association, vol. 9(1), pages 141-152, Winter.
    • Handle: RePEc:aea:jecper:v:9:y:1995:i:1:p:141-52
    Note: DOI: 10.1257/jep.9.1.141
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.9.1.141
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    References listed on IDEAS

    as
    1. Rust, John & Miller, John H. & Palmer, Richard, 1994. "Characterizing effective trading strategies : Insights from a computerized double auction tournament," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 61-96, January.
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    Cited by:

    1. Nisan, Noam & Ronen, Amir, 2001. "Algorithmic Mechanism Design," Games and Economic Behavior, Elsevier, vol. 35(1-2), pages 166-196, April.
    2. Karla Atkins & Achla Marathe & Chris Barrett, 2007. "A computational approach to modeling commodity markets," Computational Economics, Springer;Society for Computational Economics, vol. 30(2), pages 125-142, September.
    3. Ben-David, Shaul & Brookshire, David S. & Burness, Stuart & McKee, Michael & Schmidt, Christian, 1999. "Heterogeneity, Irreversible Production Choices, and Efficiency in Emission Permit Markets," Journal of Environmental Economics and Management, Elsevier, vol. 38(2), pages 176-194, September.
    4. Dale O. Stahl, 2002. "The Inefficiency of First and Second Price Auctions in Dynamic Stochastic Environments," Netnomics, Springer, vol. 4(1), pages 1-18, March.
    5. Mie Augier & Thorbjørn Knudsen, 2012. "The Architecture and Management of Knowledge in Organizations," Chapters, in: Richard Arena & Agnès Festré & Nathalie Lazaric (ed.), Handbook of Knowledge and Economics, chapter 19, Edward Elgar Publishing.
    6. T. Hogg & B. A. Huberman & M. Youssefmir, "undated". "The Instability of Markets," Working Papers _006, Xerox Research Park.
    7. Friedman, Eric & Shor, Mikhael & Shenker, Scott & Sopher, Barry, 2004. "An experiment on learning with limited information: nonconvergence, experimentation cascades, and the advantage of being slow," Games and Economic Behavior, Elsevier, vol. 47(2), pages 325-352, May.

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    More about this item

    JEL classification:

    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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