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ECONOMICS AND ELECTRONIC COMMERCE: A FRAMEWORK AND SURVEY FOR AN EMERGING LITERATURE

Electronic commerce (EC) is an industrial revolution that many industry and academic observers believe will transform the conduct of business and the structure of the marketplace. At the heart of the changes are a number of economic forces that will shape the manner in which goods and services are defined. They will also affect how new technologies are used by firms for strategic advantage, how firms organize themselves to compete in a changing marketplace, how the new electronic markets develop, and how the economy as a whole is impacted. In this article, we review these and other developments from the perspective of economic analysis in the context of the emerging research literature on EC. Our coverage in this survey spans the fields of Information Systems (IS), Computer Science (CS), Economics, Finance, Marketing and other relevant areas, where new and interesting work on information technology (IT) and EC on the Internet are rapidly developing. Our goals are threefold. (1) We identify the range of applicable theory and current research at a number of different conceptual levels of analysis in EC research. (2) We offer an assessment of the state-of-the-art of knowledge about EC phenomena in terms of the conceptual levels of analysis. (3) We chart the directions along which some of the most interesting work is likely to develop. This research will provide the stimulus for researchers from IS, our reference discipline, and other fields in schools of business and management to recognize that research in the area of EC is business school research, broadly defined. As such, one can expect to see developments in this research area in the next several years across multiple disciplines.