Virtual field experiments for a digital economy: a new research methodology for exploring an information economy

Authors:
Beomsoo Kim;Anitesh Barua;Andrew B. Whinston
Affiliations:
Information and Decision Sciences Department, The University of Illinois at Chicago, 601 South Morgan Street MC294, Chicago, IL;MSIS Department CBA 5.202, The University of Texas at Austin, Austin, TX;MSIS Department CBA 5.202, The University of Texas at Austin, Austin, TX
Venue:
Decision Support Systems
Year:
2002

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Abstract

Many researchers are concerned about the appropriateness of traditional research approaches and methodologies in the analysis of a digital economy. Using the Experimental Digital Economy (EDE), a new technology infrastructure that we have developed for a digital economy, we propose a new research methodology, a virtual field experiment, which makes it feasible and effective to test research hypotheses with the desired level of experimental controls and to probe successful business strategies in a real business world. Three summaries of research on a digital economy, like the efficiency of a digital market, the effectiveness of digital markets (posted-price markets and auctions), and the impact of quality certifications, address the implications of virtual field experiments.