We present a novel methodology for identifying public knowledge and eliminating the biases it creates when aggregating information in small group settings. A two-stage mechanism consisting of an information market and a coordination game is used to reveal and adjust for individuals' public...

We present an evolutionary model of technology diffusion in which an old and a new technology are available, both of which improve their performance incrementally over time. Technology adopters make repeated choices between the established and the new technology based on their perceived...

Organizations engage in search whenever they perform nonroutine tasks, such as the definition and validation of a new strategy, the acquisition of new capabilities, or new product development. Previous work on search and organizational hierarchy has discovered that a hierarchy with a central...

We present a model for the diffusion of management fads and other technologies which lack clear objective evidence about their merits. The choices made by non-Bayesian adopters reflect both their own evaluations and the social influence of their peers. We show, both analytically and...

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...

A distinguishing feature of the information era is the saliency of people's attention as a scarce resource. Unlike an earlier time when information was a valuable resource, its easy availability has shifted the focus to the limited bandwidth that people can devote to ubiquitous media and news....