This paper discusses the design, implementation and use of standards from the perspective of transaction costs … economics. A proper design and implementation of standards may lead to a considerable reduction of transaction costs, which … shows that network externalities play a major role in the use of standards, and that, on the other hand, worldwide standards …

This paper discusses several strategies for the maintenance of light standards, where each light standard consists of n …

subjects' Willingness-To-Accept for the bottle before and after the market. Subjects either participate in a small or a large … dou- ble auction market. The variance in subjects' Willingness-To-Accept shrinks within trading groups. Our evidence … supports the idea that markets have the potential to mitigate a bias. However, the market is not needed: our anchoring …

consideration of such market processes may have important implications for the efficiency of environmental policies concerned with … energy use. The analysis focuses in particular on the efficiency of the market-led adoption and diffusion process under …