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Distribution and Use of Knowledge under the “Laws of the Web”

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  • Josef Falkinger

Abstract

Empirical evidence shows that the perception of information is strongly concentrated in those environments in which a mass of producers and users of knowledge interact through a distribution medium. This paper considers the consequences of this fact for economic equilibrium analysis. In particular, it examines how the ranking schemes applied by the distribution technology affect the use of knowledge, and it then describes the characteristics of an optimal ranking scheme. The analysis is carried out using a model in which agents’ productivity is based on the stock of knowledge used. The value of a piece of information is assessed in terms of its contribution to productivity.

Suggested Citation

  • Josef Falkinger, 2007. "Distribution and Use of Knowledge under the “Laws of the Web”," CESifo Working Paper Series 2154, CESifo.
    • Handle: RePEc:ces:ceswps:_2154
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    References listed on IDEAS

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    1. Falkinger, Josef, 2007. "Attention economies," Journal of Economic Theory, Elsevier, vol. 133(1), pages 266-294, March.
    2. DREZE, Jacques & ESTEVAN, Fernanda, 2006. "Research and higher education in economics: can we deliver the Lisbon objectives ?," LIDAM Discussion Papers CORE 2006051, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Arjo Klamer & Hendrik van Dalen, 2001. "Attention and the art of scientific publishing," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(3), pages 289-315.
    4. Xavier Gabaix & David Laibson & Guillermo Moloche & Stephen Weinberg, 2006. "Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model," American Economic Review, American Economic Association, vol. 96(4), pages 1043-1068, September.
    5. Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
    6. Falkinger, Josef, 2005. "Limited Attention as the Scarce Resource in an Information-Rich Economy," IZA Discussion Papers 1538, Institute of Labor Economics (IZA).
    7. Jacques H. Drèze & Fernanda Estevan, 2007. "Roundtable on Research and Higher Education in Economics Research and Higher Education in Economics: Can We Deliver the Lisbon Objectives?," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 271-304, 04-05.
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