Describe the Visions and Forces During the Early Days of E-Commerce

question 81

Essay

Describe the visions and forces during the early days of e-commerce in terms of what the various interest groups hoped for: the computer science and information technology people; the economists; and the entrepreneurs, venture capitalists and marketers. Explain whether what each group envisioned came to fruition and why or why not.

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Definitions:

Preferences

Indications of the choices or selections made by individuals or groups based on tastes, likes, or desires, often influencing decision-making.

Condorcet Voting Paradox

A situation in social choice theory where collective preferences can be cyclic (i.e., not transitive), even if the individual preferences of voters are not.

Transitivity

In decision theory, the principle that if preference A is greater than B, and B is greater than C, then A is greater than C.

Arrow's Impossibility Theorem

A theorem that demonstrates the impossibility of devising a social welfare function that satisfies all of a specified set of reasonable conditions simultaneously.