D83 - Search; Learning; Information and Knowledge; Communication; Belief; UnawarenessReturn

Cyberspace has become an indispensable part of our everyday lives. Due to the Internet of Things, it has permeated the whole of society. Nevertheless, cyberspace on its own still tends to be neglected in academia, especially in social sciences. This article aims to contribute to the debate over whether cyberspace may be labelled as global public goods. First, the essential economic theories dealing with public goods are presented forming a solid basis for the subsequent analysis and stating the basic conditions for the evaluation of cyberspace as global public goods. Second, a basic cyberspace model is introduced dividing it into three different layers - the physical layer, the application level, and the level of information. Third, an analysis is conducted testing each layer for the legitimacy of global public goods categorisation. Fourth, a final synthesis provides the answer to the question of whether cyberspace can be categorised as global public goods. Based on the findings in the analytical part of this paper, it has been concluded that cyberspace may be, although with several reservations, categorised as global public goods.

We argue that individuals systematically interpret sequences of events in a causal manner. The aim of this article is to show that people do so even if they are aware of the stochastic nature of the respective sequence. The bias can explain some anomalous behaviour of investors in financial markets. Small as well as professional investors may illusorily perceive causality of former random success and future yield. Laboratory experiments testing the interpretation of stochastically occurring events in financial designs as well as analyses of real trading data from financial markets confirm that investors indeed interpret (quasi)random events casually; they make incorrect predictions and they egocentrically allocate responsibility for their success. The causality illusion induces overconfidence, inefficient investment and risk seeking. In the conclusion, we discuss factors that may limit effects of the causality illusion and suggest future areas for research.

The article characterizes current ideas on this issue and defines a global paradigm of a managerial system on the principle of living organisms. Using Kuhn's theory of science development, the article characterizes controversial attitudes to knowledge economy and defines a global paradigm for a new and developing approach to management: organization as a living organism.