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.Based on Skyttner s system theoreti-cal foundations [Skyttner 2005], a market , for instance, can be defined as[Neumann 2011c]:(2.2.3.1)where represents the supply, represents thedemand, represents the goods,and summarizes the relationsbetween.According to the Gallery of Economics (cp.section 2.1.1), special characteristicsof the market are defined as :The demand schedule (demand curve) ([EcoMic7]):(2.2.3.2)The supply schedule (supply curve) ([EcoMic13]):(2.2.3.3)The demand rule ([EcoMic09]):(2.2.3.4)The supply rule ([EcoMic14]):(2.2.3.5)Similarly to , an electronic market can be defined as:(2.2.3.6)where(2.2.3.7)The intuition behind (2.2.3.7) is that goods earlier exclusively traded on tradi-tional markets are more and more traded via electronic markets ( ).Con-trarily, an increasing number of consumers use electronic markets to procuregoods from ( ).Moreover, it is observable that nowadays certain (mostly 44 2 The Economics of E-Economiesintangible) goods, such as MP3 music, etc., are exclusively traded on electronicmarkets ( or , respectively).2.3 Chapter SummaryThis chapter aimed to establish a fundamental understanding for the principles ofeconomics in general (cp.Gallery of Economics) as well as the mechanics of e-commerce and electronic markets in particular (cp.Gallery of Electronic Busi-ness, Gallery of E-Commerce, and Gallery of E-Commerce Business Models).Itwas discussed how the transition from commerce to e-commerce and from econ-omies to e-economies, respectively, enabled firms to realize certain competitiveadvantages, such as higher revenue, reduced cost, and better structure.E-Commerce is based upon electronic markets, which were defined as virtualplaces, where supply meets demand.In contrast to traditional markets, electronicmarkets facilitate trade through higher transaction efficiency, which is a conse-quence of lower transaction cost (cp.section 2.1.7).An economic impact analy-sis revealed that electronic markets enhance welfare, since the lower prices resultin more consumers being able to purchase goods (cp.section 2.1.8).The process of discovering and purchasing goods on electronic markets wasdescribed in three separate models that differ in the detail and the perspectivethey provide (cp.sections 2.2.1, 2.2.2, and 2.2.3).Figure 11 summarizes thethree subjects of electronic markets (supply, demand, and goods) and integratesthem with the formerly mentioned process models.The key finding of this chapter is that higher search efficiency and lower transac-tion cost increases economic welfare.These two aspects are thus beneficial toevery individual within an economy, at least in average.Though the Internet hasbrought a dramatic increase in market transparency under the aspect of econom-ic welfare it is desirable to keep increasing this transparency even further.The next chapter details how an openly accessible Internet of Products promisesto even further reduce transaction cost and hence increase market transparency.Certain aspects of the IoP are related to or stem from the initially mentionedSingle Market Act of the European Commission [EC 2011].The idea of usingthe concept of economic welfare as an indicator to measure the impact of the IoPon the wellbeing of a society is extended by a more sophisticated concept that 2.3 Chapter Summary 45adds two more dimensions.The so called Triple Bottom Line (3BL) representsa unified full cost accounting measure for public sector sustainability evaluation.Macroeconomics ProductionResources InputScarcity OutputOpportunities PPFGoodsOnlineManufacturerServiceModelProviderElectronicMerchant MarketVirtualModelStorefrontsSupply DemandNameComparisonyourpricingpriceFigure 11: Processes and artifacts of electronic markets.Together with an integrated model of electronic markets, 3BL is exposed as acategory, whereby functors between the modeled categories indicate what kindof impact the IoP has on the 3BL. 3 The Internet of Products and The Triple BottomLine We re all better off if we cooperate than if we try to compete on the basicdescriptions of products.Better to share the descriptions and then competeon price, availability, service, etc. (Jay Myers)The previous chapter outlined the importance of electronic markets with respectto an increased coordination efficiency and a reduced transaction cost.Moreover,it was shown that lower prices for goods as a result of lower transaction costpositively influence the economic welfare of a society.This chapter details whycurrent electronic markets still lack transparency and how the Internet of Prod-ucts aims at correcting this situation.Empirical evidence for the lack of transpar-ency of three large electronic markets was gathered in a semantic product re-trieval benchmark.The second part of this chapter introduces a new measure for public sector fullcost accounting, namely the Triple Bottom Line (3BL).3BL thereby provides ameans for measuring the sustainability of the potential outcomes of the Internetof Products and compares them with the status quo.In this sense, 3BL comple-ments the welfare measure by introducing two additional dimensions.The elaborations contained within this chapter are to a vast majority based oncategory theory.Category theory was chosen as a modeling approach, since itprovides a powerful formal framework that allows for regarding the coveredmarket objects under an isolated perspective and in their own complexity (cp.section1.4).Yet so called functors make it possible to express mappings andinterrelations between individual market categories, and this way comprehendthe entire complexity of the whole market system.3.1 Market-based CategoriesWhile a BPMN-based, a calculus-based, and a system-theoretical model ofelectronic markets were covered throughout sections 2.2.1 2.2.3, a more so-phisticated and more powerful model of electronic markets, which uses categorytheory, is covered throughout this section.Based on the system-theoretical modelin section 2.2.3, the categories, which are developed throughout this chapter, areR
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