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Recent Applications of Economic Theory in Information Technology Research *

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Recent Applications of Economic Theory in Information Technology Research * Deciskm Support Systems 8 (1992) 365-386 365 North-Holland Recent applications of economic theory in Information Technology research * J. Yannis Bakos 1. Introduction Unit'ersity ~ff California, lrt'ine, CA, USA Recently there has been heightened interest Chris F. Kemerer on the part of both academicians and practition- ers concerning the economics of Information Massachusetts Institute ~ Technology., Cambridge, MA, USA Technology (IT), where IT is defined as systems for providing context-sensitive data [9]. In part, Academicians and practitioners are becoming increasingly interested in the economics of Information Technology (IT). this interest stems from the increasingly large In part, this interest stems from the increased role that IT role that IT plays in the strategic thinking of most now plays in the strategic thinking of most large organizations, large organizations, and in the significant dollar and from the significant dollar costs expended by these orga- costs now expended by organizations on IT. For nizations on IT. Naturally enough, researchers are turning to example, Kriebel notes that roughly 50% of new economics as a reference discipline in their attempt to answer questions concerning both the value added by IT and the true capital investment by major US corporations is in cost of providing IT resources. This increased interest in the IT [92]. As organizations have improved their economics of IT is manifested in the application of a number of aspects of economic theory in recent information systems J. Yannis Bakos is an assistant pro- research, leading to results that have appeared in a wide fessor of management at the Gradu- variety of publication outlets This article reviews this work ate School of Management, Univer- and provides a systematic categorization as a first step in sity of California, Irvine. He focuses establishing a common research tradition, and to serve as an his teaching and research on opportu- nities for the strategic use of informa- introduction for researchers beginning work in this area. Six tion technology and has special inter- areas of economic theory are represented: Information eco- est in the application of industrial nomics, production economics, economic models of organiza- organization theory to the study of tional performance, industrial organization, institutional eco- inter-organizational information sys- tems and their competitive implica- nomics (agency theory and transaction cost theory), and tions. He also tracks and forecasts macroeconomic studies of IT impact. For each of these areas, developments in corporate informa- recent work is reviewed and suggestions for future research tion systems architectures, especially in view of advances in are provided. communications technology. Professor Bakos received his B.S. and M.S. degrees in electrical engineering and computer science from MIT, and holds M.S. in Management and Ph.D. Kevwords: Information technology, Economics, Economic degrees from MIT's Sloan School of Management. theory, Econometrics, Information economics, .... Chris F. Kemerer is the Douglas Economies of scale, Organizational economics, In- Drane Career Development Associ- ate Professor of Information Technol- dustrial economics, Transaction costs, Agency the- ogy and Management at the MIT ory. Sloan School of Management. He re- ceived the B.S. degree in economics and decision sciences from the Whar- ton School of the University of Penn- sylvania and the Ph.D. degree from the Graduate School of Industrial ~!,~ Administration at Carnegie Mellon University. His research interests are in the measurement and modeling of software development for improved performance, and he has * Helpful comments on earlier drafts of this article were previously published articles on these topics in Communica- t&ns of the ACM, IEEE Transactions on Software Engineering, received from C. Beath, E. Brynjolfsson, V. Gurbaxani, R. Information and Software Technology, and Managemo, t Sci- Kauffman, C. Kriebel, T. Mukhopadhyay, B. Swanson and ence. Dr. Kemerer serves on the editorial boards of the S. Whang. Communications of the ACM, blformation Systems Research, Correspondence to: J. Yannis Bakos, Graduate School of Man- MIS Quarterly, the Journal of Organizational Computing, and the Journal of Software Quality, and is a member of the IEEE agement, University of California, Irvine, CA 92717-3125, Computer Society, ACM and The Institute for Management USA. Sciences. 0167-9236/92/$05.00 © 1992 - Elsevier Science Publishers B.V. All rights reserved 366 J.Y. Bakos, C.E Kemerer /Economic theory in Information Technology ability to manage and deploy information tech- Supply: nology, there has been a shift in focus from (a) Information systems typically require large cap- operations--making the technology work and ital inuestments and they offer substantial keeping it working, to impact--understanding, economies of scale and scope. predicting and influencing the micro and macro- An organization usually must incur large sys- level effects of IT on individuals, organizations tem development and maintenance costs (both and the economic system, and especially on how fixed and variable); it may then face relatively to maximize the return on IT investment. These small incremental costs for each additional trans- trends have raised issues concerning the value action until the capacity of the system is ap- added by IT and the cost of providing IT re- proached, resulting in substantial economies of sources. IT researchers have turned to economics scale. Furthermore, technological and organiza- as a reference discipline, taking advantage of its tional resources and expertise acquired during theoretical and methodological tools in their at- the development and operation of one system tempts to answer these questions. may be transferable to other systems, resulting in This recent interest in economics has mani- economies of scope. The economies of scale and fested itself in the application of a number of scope found in information systems vary with the aspects of economic theory in information sys- particular type of technology (e.g., hardware, tems research, leading to results that have ap- software or communications), are larger than peared in a wide variety of publication outlets. In those manifested in many other technologies, and 1980 Kriebel and Moore reviewed the economics their actual structure is the subject of much re- literature in order to suggest a large number of search [5,143]. ways in which IT (n6e MIS) researchers could apply economic theory [94]. The present article Demand: updates that list of suggestions by reviewing the (b) The benefits realized by indiL,idual users of work actually done in the IT literature over the information technology increase as more users last five years (1986-1990). It is hoped that this adopt compatible systems. will help to provide a framework for research in this area, as well as a first step in establishing a This property, known in economics as network common research tradition. Additionally, it externalities, can affect the dynamics of the intro- should serve as an overview and introduction to duction and adoption of information systems, e.g., the area for new researchers and students. Six by creating first mover advantages for technology areas of economic theory are represented: (1) vendors [81]. Information economics; (2) production eco- (c) Potential adopters of information technology nomics; (3) economic models of organizational face substantial uncertainly regarding the ac- performance; (4) industrial organization; (5) insti- tual benefits of this technology. Occasionally tutional economics (agency theory and transac- this uncertainly remains euen after an organi- tion cost theory); and (6) macroeconomic studies zation has deployed the technology. of productivity. For each of these areas, both a review of recent work and suggestions for future This uncertainty can affect the strategic behav- research are provided. ior of potential vendors and adopters of informa- tion technology, e.g., by inducing them to follow a Economic characteristics of IT 'wait and see' strategy where the delay introduc- In order to use economic theory to study the ing or adopting certain systems in the hope that impacts and value of information technology, re- they will learn from the experiences of other searchers must focus on its most salient charac- organizations [59]. teristics, especially the ones that distinguish IT (d) Information systems can impose significant from other types of capital investments. In this switching costs on their participants. context, there are typically five characteristics of information technology that, when taken to- Information systems may require sizable in- gether, drive economic studies of this particular vestments from their participants in hardware, technology. software, employee training and organizational Z Y. Bakos, C.F. Kemerer / Economic theory in Information Technology 367 transformations. Such investments may become (a) information economics; worthless should the organization decide to switch (b) economics of information technology supply; to a different system or to revert to the pre-tech- (c) information technology and organizational nology mode of operation. Competing technology performance; vendors may need to compensate potential sys- (d) industrial organization; tem adopters and participants for their switching (e) institutional economics (agency theory and costs or invent technology that minimizes these transaction
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