Knowledge market
Encyclopedia
A knowledge market is a mechanism for distributing knowledge
resources. There are two views on knowledge and how knowledge markets can function. One view uses a legal construct of intellectual property
to make knowledge a typical scarce resource, so the traditional commodity market mechanism can be applied directly to distribute it. An alternative model is based on treating knowledge as a public good and hence encouraging free sharing of knowledge. This is often referred to as attention economy
. Currently there is no consensus among researchers on relative merits of these two approaches.
include the concept of exchanging knowledge-based products and services. However, as discussed by Stewart (1996), knowledge is very different from physical products. For example, it can be in more than one place at one time, selling it does not diminish the supply, buyers only purchase it once, and once sold, it cannot be recalled. Further, knowledge begets more knowledge in a never-ending cycle. Understanding of knowledge markets is beginning to emerge. As would be expected, they are very different in form from traditional markets.
Knowledge markets have been variously described by Stewart (1996), Davenport and Prusak (1998), and Simard (2000) as a mechanism for enabling, supporting, and facilitating the mobilization, sharing, or exchange of information
and knowledge
among providers and users. This transactional approach assumes that knowledge-based products or services are available for distribution, that someone wants to use them, and that the primary focus of the market is to connect the two.
This perspective is appropriate when the market has limited or no interest or control over either the production or use of the content being exchanged, as is the case for most traditional markets. A provider-user perspective is also appropriate for emerging social networking "ideagoras" (Tapscott and Williams, 2006), in which the primary function of the market is to match existing solutions with problems and problems with those who can find solutions.
From a production perspective, processes for creating wealth through the use of intellectual capital
are explained by Nonaka (1991), Edvinsson and Malone (1997), and Leonard (1998). At the marketing end of the spectrum, a number of authors, including Bishop (1996), May (2000), and Tapscott et al. (2000) describe the architecture and processes necessary to succeed in a digital economy.
Knowledge markets may also be sequential in nature. Simard (2006) describes a cyclic end-to-end
knowledge-market model comprising nine stages that embed, advance, or extract value into knowledge products and services along a knowledge services value chain
. The first five stages are internal to a knowledge organization
(production and transfer) while the last four stages are external (intermediaries, clients, and citizens). Because the value chain cyclic, it can be used to model either a supply (post-production evaluation ) or a demand (pre-production evaluation) approach to knowledge markets.
, a knowledge organization
, and knowledge markets. Knowledge services are programs that provide content-based (data, information, knowledge) organizational outputs (e.g., advice, answers, facilitation), to meet external user wants or needs. Knowledge services are delivered through knowledge markets.
St. Clair and Reich (2002) describe internal knowledge services as a management approach that integrates information management, knowledge management, and strategic learning into an enterprise-wide function. Kalakota and Robinson (2003) and Thomas (2005) developed service-oriented architectures for the private sector. Their focus was to transform traditional retail businesses by developing enterprise-wide platforms that support customer services. RocSearch (2006) take a broader external view, referring to a nascent knowledge services industry that goes beyond traditional cost and time leveraging advantages of the traditional consulting sector.
Simard et al. (2007) developed a holistic systems model of knowledge services for government S&T organizations. The model begins with generating new content and ends with sector outcomes and individual benefits. The model is independent of content, issues, or organizations. It is designed at a departmental level, but is scalable both upwards and downwards. The primary driver is a department’s legal mandate; a secondary driver is the needs of clients and residents. The model can function from either a supply or demand approach to knowledge markets. There are two levels of resolution - performance measurement, and classifying service-related activities.
There are four types of knowledge services: generate content, develop products, provide assistance, and share solutions. Knowledge services are modeled as a circular value chain comprising nine stages that embed, advance, or extract value from knowledge-based products and services. The stages are: generate, transform, manage, use internally, transfer, enhance, use professionally, use personally, and evaluate. (Simard, 2007) described a rich to reach service delivery spectrum that is segmented into categories of recipients, with associated levels of distribution, interactions, content complexity, and channels. The categories, from rich to reach, are: unique (once only), complex (science), technical (engineering), specialized (professional), simplified (popular), and mandatory (everyone).
From the perspective of knowledge markets, Mcgee and Prusak (1993) note that people barter for information, use it as an instrument of power, or trade it for information of greater value. Davenport and Prusak (1998) used a knowledge marketplace analogy to describe the exchange of knowledge among individuals and groups. However, Shapiro and Varian (1999) indicate that information markets will not resemble textbook competitive markets with many suppliers offering similar products but lacking the ability to influence prices. Simard (2006) described knowledge markets as a group of related circular knowledge-service value chains that function collectively as a sector, to embed, advance, and extract value to yield sector outcomes and individual benefits.
Experts-Exchange
was the first fee-based knowledge markets using a virtual currency. It provided a marketplace where buyers could offer payment to have their questions answered.
NineSigma
and Innocentive
are web-based open innovation marketplaces. Firms post scientific problems and a choose rewards.
Google Answers
was another implementation of this idea. This service allowed its users to offer bounties
to expert researchers for answering their questions. The Google site was closed in 2006. Two months later, fifty former Google Answers Researchers launched paid research/Q&A site Uclue
.
Mahalo Answers, a product extension of the people powered search engine Mahalo.com
, launched on December 15, 2008. Mahalo Answers users may ask questions for free or provide a monetary reward, or tip, in the form of Mahalo Dollars, the site's proprietary currency.
Free knowledge markets use an alternative model treating knowledge as a public good.
Yahoo Answers, Windows Live QnA
, Ask Metafilter
, Wikipedia's Reference Desk, Stack Overflow
, Vark.com, 3form Free Knowledge Exchange
, Knowledge iN, and several other websites currently use the free knowledge exchange model. None of these offer more than an increase in reputation
as payment for researchers.
ChaCha.com and Answerly.com both offer subsidized knowledge markets where researchers are paid to generate answers despite the service remaining free to the question asker. Amazon.com
's NowNow previously offered a subsidized knowledge market for questions asked through mobile phones and as an experimental feature in the company's ebook reader, the Amazon Kindle. The NowNow service was discontinued November 21, 2008 after an extended private beta period.
It is a fast growing community as India is seeing a drastic increase in Internet users. Category:Knowledge management
Knowledge
Knowledge is a familiarity with someone or something unknown, which can include information, facts, descriptions, or skills acquired through experience or education. It can refer to the theoretical or practical understanding of a subject...
resources. There are two views on knowledge and how knowledge markets can function. One view uses a legal construct of intellectual property
Intellectual property
Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...
to make knowledge a typical scarce resource, so the traditional commodity market mechanism can be applied directly to distribute it. An alternative model is based on treating knowledge as a public good and hence encouraging free sharing of knowledge. This is often referred to as attention economy
Attention economy
Attention economics is an approach to the management of information that treats human attention as a scarce commodity, and applies economic theory to solve various information management problems....
. Currently there is no consensus among researchers on relative merits of these two approaches.
History
A knowledge economyKnowledge economy
The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based economy. In the second meaning, more frequently used, it refers to the use of knowledge technologies to...
include the concept of exchanging knowledge-based products and services. However, as discussed by Stewart (1996), knowledge is very different from physical products. For example, it can be in more than one place at one time, selling it does not diminish the supply, buyers only purchase it once, and once sold, it cannot be recalled. Further, knowledge begets more knowledge in a never-ending cycle. Understanding of knowledge markets is beginning to emerge. As would be expected, they are very different in form from traditional markets.
Knowledge markets have been variously described by Stewart (1996), Davenport and Prusak (1998), and Simard (2000) as a mechanism for enabling, supporting, and facilitating the mobilization, sharing, or exchange of information
Information
Information in its most restricted technical sense is a message or collection of messages that consists of an ordered sequence of symbols, or it is the meaning that can be interpreted from such a message or collection of messages. Information can be recorded or transmitted. It can be recorded as...
and knowledge
Knowledge
Knowledge is a familiarity with someone or something unknown, which can include information, facts, descriptions, or skills acquired through experience or education. It can refer to the theoretical or practical understanding of a subject...
among providers and users. This transactional approach assumes that knowledge-based products or services are available for distribution, that someone wants to use them, and that the primary focus of the market is to connect the two.
This perspective is appropriate when the market has limited or no interest or control over either the production or use of the content being exchanged, as is the case for most traditional markets. A provider-user perspective is also appropriate for emerging social networking "ideagoras" (Tapscott and Williams, 2006), in which the primary function of the market is to match existing solutions with problems and problems with those who can find solutions.
From a production perspective, processes for creating wealth through the use of intellectual capital
Intellectual capital
The value of an enterprise is made of physical assets, various financial assets and, finally, intangible assets, i.e., intellectual capital . The term intellectual capital conventionally refers to the difference in value between tangible assets and market value. ....
are explained by Nonaka (1991), Edvinsson and Malone (1997), and Leonard (1998). At the marketing end of the spectrum, a number of authors, including Bishop (1996), May (2000), and Tapscott et al. (2000) describe the architecture and processes necessary to succeed in a digital economy.
Knowledge markets may also be sequential in nature. Simard (2006) describes a cyclic end-to-end
End-to-end
End-to-end or End to End may refer to:*Land's End to John o'Groats, the journey from "End to End" across Great Britain*End-to-end auditable voting systems, a voting system*End-to-end principle, a principal design element of the Internet...
knowledge-market model comprising nine stages that embed, advance, or extract value into knowledge products and services along a knowledge services value chain
Value chain
The value chain, is a concept from business management that was first described and popularized by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.-Firm Level:...
. The first five stages are internal to a knowledge organization
Knowledge organization
The term knowledge organization designates a field of study related to Library and Information Science . In this meaning, KO is about activities such as document description, indexing and classification performed in libraries, databases, archives etc...
(production and transfer) while the last four stages are external (intermediaries, clients, and citizens). Because the value chain cyclic, it can be used to model either a supply (post-production evaluation ) or a demand (pre-production evaluation) approach to knowledge markets.
Knowledge services
Knowledge services is an emerging concept that integrates knowledge managementKnowledge management
Knowledge management comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences...
, a knowledge organization
Knowledge organization
The term knowledge organization designates a field of study related to Library and Information Science . In this meaning, KO is about activities such as document description, indexing and classification performed in libraries, databases, archives etc...
, and knowledge markets. Knowledge services are programs that provide content-based (data, information, knowledge) organizational outputs (e.g., advice, answers, facilitation), to meet external user wants or needs. Knowledge services are delivered through knowledge markets.
St. Clair and Reich (2002) describe internal knowledge services as a management approach that integrates information management, knowledge management, and strategic learning into an enterprise-wide function. Kalakota and Robinson (2003) and Thomas (2005) developed service-oriented architectures for the private sector. Their focus was to transform traditional retail businesses by developing enterprise-wide platforms that support customer services. RocSearch (2006) take a broader external view, referring to a nascent knowledge services industry that goes beyond traditional cost and time leveraging advantages of the traditional consulting sector.
Simard et al. (2007) developed a holistic systems model of knowledge services for government S&T organizations. The model begins with generating new content and ends with sector outcomes and individual benefits. The model is independent of content, issues, or organizations. It is designed at a departmental level, but is scalable both upwards and downwards. The primary driver is a department’s legal mandate; a secondary driver is the needs of clients and residents. The model can function from either a supply or demand approach to knowledge markets. There are two levels of resolution - performance measurement, and classifying service-related activities.
There are four types of knowledge services: generate content, develop products, provide assistance, and share solutions. Knowledge services are modeled as a circular value chain comprising nine stages that embed, advance, or extract value from knowledge-based products and services. The stages are: generate, transform, manage, use internally, transfer, enhance, use professionally, use personally, and evaluate. (Simard, 2007) described a rich to reach service delivery spectrum that is segmented into categories of recipients, with associated levels of distribution, interactions, content complexity, and channels. The categories, from rich to reach, are: unique (once only), complex (science), technical (engineering), specialized (professional), simplified (popular), and mandatory (everyone).
From the perspective of knowledge markets, Mcgee and Prusak (1993) note that people barter for information, use it as an instrument of power, or trade it for information of greater value. Davenport and Prusak (1998) used a knowledge marketplace analogy to describe the exchange of knowledge among individuals and groups. However, Shapiro and Varian (1999) indicate that information markets will not resemble textbook competitive markets with many suppliers offering similar products but lacking the ability to influence prices. Simard (2006) described knowledge markets as a group of related circular knowledge-service value chains that function collectively as a sector, to embed, advance, and extract value to yield sector outcomes and individual benefits.
Internet-based knowledge markets
Fee-based knowledge markets are based on traditional market mechanisms that work well for traditional goods. So this approach treats knowledge as common goods. The buyer posts a request, normally in the form of a question and sets a price for the valid answer. Alternatively, the suppliers of knowledge (answerers) can post their bids to have the question answered.Experts-Exchange
Experts-Exchange
Experts-Exchange.com is a membership-based online "ask an expert" site for computer and IT related questions that was founded in 1996....
was the first fee-based knowledge markets using a virtual currency. It provided a marketplace where buyers could offer payment to have their questions answered.
NineSigma
NineSigma
NineSigma is an open innovation services provider that helps client companies develop and maximize value from their innovation programs. In 2008, NineSigma ranked among the top 20 percent of companies on the Inc. 5000 list of fastest growing private companies in the United States...
and Innocentive
InnoCentive
InnoCentive is an "open innovation" company that takes research and development problems in a broad range of domains such as engineering, computer science, math, chemistry, life sciences, physical sciences and business and frames them as "challenge problems" for anyone to solve them...
are web-based open innovation marketplaces. Firms post scientific problems and a choose rewards.
Google Answers
Google Answers
Google Answers was an online knowledge market offered by Google that allowed users to post bounties for well researched answers to their queries. Asker-accepted answers cost $2 to $200. Google retained 25% of the researcher's reward and a 50 cent fee per question. In addition to the researcher's...
was another implementation of this idea. This service allowed its users to offer bounties
Bounty (reward)
A bounty is a payment or reward often offered by a group as an incentive for the accomplishment of a task by someone usually not associated with the group. Bounties are most commonly issued for the capture or retrieval of a person or object. They are typically in the form of money...
to expert researchers for answering their questions. The Google site was closed in 2006. Two months later, fifty former Google Answers Researchers launched paid research/Q&A site Uclue
Uclue
Uclue is a fee-based research service staffed by former Google Answers Researchers . Uclue launched on February 28, 2007. As of May 2007, 37 former Google Answers Researchers have signed on to answer questions at Uclue. Researchers are located in North America, South America, Europe, Australia,...
.
Mahalo Answers, a product extension of the people powered search engine Mahalo.com
Mahalo.com
Mahalo.com is a web directory and Internet-based knowledge exchange launched in alpha test in May 2007 by Jason Calacanis...
, launched on December 15, 2008. Mahalo Answers users may ask questions for free or provide a monetary reward, or tip, in the form of Mahalo Dollars, the site's proprietary currency.
Free knowledge markets use an alternative model treating knowledge as a public good.
Yahoo Answers, Windows Live QnA
Windows Live QnA
MSN QnA , was a question and answer service, part of Microsoft's MSN group of services. It is somewhat similar to Google Answers, but closer in function to Yahoo! Answers...
, Ask Metafilter
MetaFilter
MetaFilter, known as MeFi to its members, is a community weblog whose purpose is to share links and discuss content that users have discovered on the web.-Community:MetaFilter was founded by Matthew Haughey in 1999...
, Wikipedia's Reference Desk, Stack Overflow
Stack overflow
In software, a stack overflow occurs when too much memory is used on the call stack. The call stack contains a limited amount of memory, often determined at the start of the program. The size of the call stack depends on many factors, including the programming language, machine architecture,...
, Vark.com, 3form Free Knowledge Exchange
3form
3form Free Knowledge Exchange is one of the earliest examples of human-based computation and human-based genetic algorithm . It uses both human-based selection and three types of human-based innovation , in order to implement collaborative problem-solving between humans.-References:# Kosorukoff ...
, Knowledge iN, and several other websites currently use the free knowledge exchange model. None of these offer more than an increase in reputation
Reputation
Reputation of a social entity is an opinion about that entity, typically a result of social evaluation on a set of criteria...
as payment for researchers.
ChaCha.com and Answerly.com both offer subsidized knowledge markets where researchers are paid to generate answers despite the service remaining free to the question asker. Amazon.com
Amazon.com
Amazon.com, Inc. is a multinational electronic commerce company headquartered in Seattle, Washington, United States. It is the world's largest online retailer. Amazon has separate websites for the following countries: United States, Canada, United Kingdom, Germany, France, Italy, Spain, Japan, and...
's NowNow previously offered a subsidized knowledge market for questions asked through mobile phones and as an experimental feature in the company's ebook reader, the Amazon Kindle. The NowNow service was discontinued November 21, 2008 after an extended private beta period.
See also
- Collective intelligenceCollective intelligenceCollective intelligence is a shared or group intelligence that emerges from the collaboration and competition of many individuals and appears in consensus decision making in bacteria, animals, humans and computer networks....
- Digital economyDigital economyA digital economy is an economy based on electronic goods and services produced by an electronic business and traded through electronic commerce...
- Electronic businessElectronic businessElectronic business, commonly referred to as "eBusiness" or "e-business", or an internet business, may be defined as the application of information and communication technologies in support of all the activities of business...
- Electronic commerceElectronic commerceElectronic commerce, commonly known as e-commerce, eCommerce or e-comm, refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks. However, the term may refer to more than just buying and selling products online...
- Information economyInformation economyInformation economy is a term that characterizes an economy with an increased emphasis on informational activities and information industry.The vagueness of the term has three major sources...
- Knowledge managementKnowledge managementKnowledge management comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences...
- Information marketInformation marketAlthough information has been bought and sold since ancient times, the idea of an information marketplace is relatively recent. The nature of such markets is still evolving, which complicates development of sustainable business models...
- Information societyInformation societyThe aim of the information society is to gain competitive advantage internationally through using IT in a creative and productive way. An information society is a society in which the creation, distribution, diffusion, use, integration and manipulation of information is a significant economic,...
- Information systemsInformation systemsInformation Systems is an academic/professional discipline bridging the business field and the well-defined computer science field that is evolving toward a new scientific area of study...
- Knowledge economyKnowledge economyThe knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based economy. In the second meaning, more frequently used, it refers to the use of knowledge technologies to...
- Knowledge ecosystems
- Knowledge organizationKnowledge organizationThe term knowledge organization designates a field of study related to Library and Information Science . In this meaning, KO is about activities such as document description, indexing and classification performed in libraries, databases, archives etc...
- Knowledge policyKnowledge policyPolicies are the paradigms of government and all bureaucracies. Policies provide a context of rules and methods to guide how large organizations meet their responsibilities. Organizational knowledge policies describe the institutional aspects of knowledge creation, management, and use within the...
- Virtual economyVirtual economyA virtual economy is an emergent economy existing in a virtual persistent world, usually exchanging virtual goods in the context of an Internet game...
- Private intelligence agency
- Competitive intelligenceCompetitive intelligenceA broad definition of competitive intelligence is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.Key...
- Social information processingSocial Information ProcessingSocial Information Processing is "an activity through which collective human actions organize knowledge." It is the creation and processing of information by a group of people...
External Links
www.howwherewhat.in is question and answer website with more concentration on IndiaIt is a fast growing community as India is seeing a drastic increase in Internet users. Category:Knowledge management