Transactions have always taken place. For hundreds of years that
'place' was a market or, more recently, a shopping mall. But in the
past two decades these physical locations have increasingly been
replaced by their virtual counterparts - online platforms. Here,
author Michael C. Munger demonstrates how these platforms act as
matchmakers or middlemen, a role traders have adopted since the
very first exchanges thousands of years ago. The difference today
is that the matchmakers often play no direct part in buying or
selling anything - they just help buyers and sellers find each
other. Their major contribution has been to reduce the costs of
organising and completing purchases, rentals or exchanges. The
Sharing Economy: Its Pitfalls and Promises contends that the key
role of online platforms is to create reductions in transaction
costs and it highlights the importance of three 'Ts' -
triangulation, transfer and trust - in bringing down those costs.
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