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Invisible hands and visible advisors: An economic interpretation of standardization

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  • Shane M. Greenstein

Abstract

This article provides an outline of the economic factors influencing the development of standards. Standards may develop through market mechanisms, organizations that combine market participants and government guidance. Each of these mechanisms may produce desirable outcomes or distort them, depending on market structure, chance historical events, and the costs of technical alternatives. Many economically desirable and distorted outcomes are possible in theory, while in practice, it is often difficult to know what is a good or bad economic choice. © 1992 John Wiley & Sons, Inc.

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  • Shane M. Greenstein, 1992. "Invisible hands and visible advisors: An economic interpretation of standardization," Journal of the American Society for Information Science, Association for Information Science & Technology, vol. 43(8), pages 538-549, September.
    • Handle: RePEc:bla:jamest:v:43:y:1992:i:8:p:538-549
    DOI: 10.1002/(SICI)1097-4571(199209)43:83.0.CO;2-2
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    Cited by:

    1. Belleflamme, Paul, 2002. "Coordination on formal vs. de facto standards: a dynamic approach," European Journal of Political Economy, Elsevier, vol. 18(1), pages 153-176, March.
    2. Panos Constantinides & Michael Barrett, 2015. "Information Infrastructure Development and Governance as Collective Action," Information Systems Research, INFORMS, vol. 26(1), pages 40-56, March.
    3. Zhang, Marina Y. & Dodgson, Mark, 2007. ""A roasted duck can still fly away": A case study of technology, nationality, culture and the rapid and early internationalization of the firm," Journal of World Business, Elsevier, vol. 42(3), pages 336-349, September.
    4. van de Kaa, Geerten & Papachristos, George & de Bruijn, Hans, 2019. "The governance of platform development processes: A metaphor and a simulation model," Technological Forecasting and Social Change, Elsevier, vol. 138(C), pages 190-203.
    5. van de Kaa, Geerten & de Vries, Henk J., 2015. "Factors for winning format battles: A comparative case study," Technological Forecasting and Social Change, Elsevier, vol. 91(C), pages 222-235.
    6. Choung, Jae-Yong & Ji, Illyong & Hameed, Tahir, 2011. "International Standardization Strategies of Latecomers: The Cases of Korean TPEG, T-DMB, and Binary CDMA," World Development, Elsevier, vol. 39(5), pages 824-838, May.
    7. Zouhaïer M'Chirgui & Olivier Chanel & Didier Calcei, 2010. "Why are some coalitions more successful than others in setting standards? Empirical evidence from the Blu-ray vs. HD-DVD standard war," Working Papers halshs-00543972, HAL.

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