Given the rapid differentiation in the sharing economy, the article gives particular focus to the shortterm rental market, typified by. The sharing economy is a reinvention of capitalism and a return to a village economya hightech version of the one in which humans evolved. Sharing economy there are many overlapping definitions for the collaborative or sharing economy. Issues facing platforms, participants, and regulators. This article posits ten first principles on which a regulatory response to the sharing economy must rest. Institute for prospective technological studies digital economy working paper 201601, jrc100369.
May 2016 found that 73 per cent of americans were unfamiliar with the term sharing economy smith, 2016a, p. The conference was focused on celebrating how the sharing economy is changing the way people buy goods and services in the uk, and asking questions to explore the future of the sharing economy. Qingxu jin bill, carl spevacek, nasreddine eldehaibi, and whitney johnson. The sharing economy often includes an additional party in transactions the service coordinator which may or may not provide a form 1099misc, miscellaneous income, to the service provider. First principles for regulating the sharing economy by. Create a dedicated web page containing tax tips for freelancers engaging in a sharing economy and a frequently asked questions section that is updated periodically. In the sharing economy, individuals are said to hire out things like their cars, homes and personal time to other individuals in a peertopeer fashion.
August 2016 for financial intermediary, institutional and consultant use only. Many studies coyle, 2016 have shown that the sharing economy offers a. The workshop brought together legal, economic, and business experts as well as stakeholders to examine competition, consumer protection, and economic issues arising from sharing economy activity. The sharing economy is the peertopeer based activity of obtaining, giving, or sharing. Cars and bedrooms are the most cited examples, but the sharing economy. Institute for prospective technological studies digital economy working paper 201601. The wideranging implications of the shift to a sharing economy, a new model of organizing economic activity that may supplant traditional corporations. Origins, definitions, impact and regulatory issues. The capitalist sharing economy is a way of purchasing goods and services that differs from the traditional business model of corporations hiring employees to produce products to sell to consumers. The cost of non europe in the sharing economy european. December 14, 20 abstract peertopeer markets, collectively known as the sharing econom,y have emerged as alternative suppliers of goods and services traditionally provided by longestablished industries. This week a new report by the consulting giant mckinsey was released, and it shows the real size of the gigeconomy in the us and the eu. One line of argument centers on the idea that whats happening is not sharing. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper clubthese are not revolutionary concepts.
These platforms leverage information technology to empower users to share and make use of underutilized goods preprint version www 2016, april 1115, 2016, montreal, quebec, canada and services. Sharing economies allow individuals and groups to make money from underused assets. Shifting perspectives redesigning regulation for the sharing economy sharing economy public design report march 2016. The sharing economy and tourism european parliament.
Below we examine various types of sharing economy and crowdsourcing. As a peertopeer lending pioneer, zopa is part of the sharing continue reading trends in the sharing economy 2016. The work commenced in december 2016 and is comprised of. Although a critique of hyperconsumption was central to emergence of the sharing economy niche 2, it has been successfully reframed by regime actors as purely an economic opportunity 1. The end of employment and the rise of crowdbased capitalism mit press. The sharing economy, good lab, 2016 it all started like an epiphenomenon, but the collaborative economy has. Participation in the sharing economy bi norwegian business school. Ideation center insight embracing sharing managing the. Ninety percent of human history was spent in small tribal groups.
The number of users and listings of some of the more popular platforms in the sharing economy gives some idea of the size of these developments s ee table 1. We model such markets, and explore their equilibria both in the shortrun, in which ownership decisions are xed, and in the longrun, in which ownership decisions can be changed. If the sharing economy follows this pathway of corporate cooption it appears unlikely to drive a. The economic and social potential of the sharing economy. Understanding the sharing economy weforum world economic. All of these characteristics can also be attributed to cc services. Both sharing economy and crowdsourcing are umbrella terms and encompass a wide range of itmediated technologies which can be classified into different categories based on a diverse set of features and applications.
Policymakers are now taking a closer look at how fair the sharing economy really is and to see if any rules need to be rewritten. Thousands are skipping the hassle of standing on a corner in the rain to hail a cab and are simply summoning an uber or lyft to whisk them to the airport. The business of sharing automotive retail and consumer goods hospitality entertainment, media and communications v. Bardhan ir, demirkan h, kannan pk, kauffman rj, sougstad r 2010 an interdisciplinary perspective on it services management and service science. In this way, physical assets are shared as services. New internetbased \sharing economy markets enable consumerowners to rent out their durable goods to nonowners. The sharing economy resonates in ways that are very deeply embedded in our subconscious, fisher said. This paper explores how the internet of things and blockchain technology can benefit shared economy applications. The sharing economy what it is, examples, and how big. Platform cooperativism insists that well only be able to address the myriad ills of the sharing economythat is to say platform capitalismby changing ownership, establishing democratic governance, and re. The sharing economy a recent eurobarometer 2016 survey found that a majority of europeans are aware of sharing platforms, yet only about one in five 17% report having taken advantage of a sharing ser.
The sharing economy july 2016 solange le jeune, sustainable investment analyst for professional clients only. The sharing economy is transforming commerce right before our eyes. The sharing economy is a reinvention of capitalism and a return to a village economy a hightech version of the one in which humans evolved. The focus of this research is understanding how blockchain can be exploited to create decentralised, shared economy applications that allow people to. According to a 2016 pew research center survey, nearly a quarter of the u. The sharing economy refers to economic activity centred around online platforms, based on sharing underused assets or services, for free or for a fee, on a peertopeer basis. Information and communications technologies icts have enabled the rise of so. At the annual meeting of the new champions 2016 in.
The current and future state of the sharing economy brookings. This study examines responses by airbnb hosts to lodging inquiries from travelers with disabilities, shedding light on the difficulties faced in accessing the unregulated sharing economy. Commerce department telles, 2016 has identified four key features of what is commonly meant by the sharing economy, and what they term digital matching firms. Platforms such as airbnb and uber are experiencing explosive growth, which, in turn, has led to regulatory and political battles. Internet of things, blockchain and shared economy applications. The sharing economy has attracted a great deal of attention in recent months. Schroders not for redistribution under any circumstances. We explore the economic impact of the sharing economy on incumbent rms. Introduction in the last few years, we have seen the proliferation of sharing economy platforms. Mckinsey estimates that 162 million people in the usa and the eu work in the gigeconomy, this is about 20% to 30% of the workforce. Pdf during last years, icts have enabled the rise of the socalled. Boosters claim the new technologies will yield utopian outcomesempowerment of ordinary people, efficiency, and even lower carbon footprints.
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