The new sharing economy pdf

We explore the economic impact of the sharing economy on incumbent rms. Companies can benefit from the trend toward collaborative consumption through creative new approaches to defining and distributing their offerings. Alex shares some incredible insights, discusses the challenges and opportunities along with some. While most commonly referred to as the sharing economy. Alex gives a great overview of the sharing economy. Sharing economies allow individuals and groups to make money from underused assets. However, the sharing economy s implications for marketing thought and practice remain unclear. But consumer behavior can likewise change when the economics, convenience, and variety afforded by new ways of conducting ordinary activities are sufficiently compelling.

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. This collection of contributions by scholars in the new fields of sharing economy and legaltech enriches legal debates on the social, economic, and political meaning of cuttingedge technologies. In a space as new and as ambiguously defined as the sharing economy, we wanted to hear from the people closest to it, those at the leading edge of technology and business who could offer nuanced views of whats happening and why it matters. This article defines the sharing economy as a technologically enabled socioeconomic system with five key characteristics i. A new regulatory paradigm for the sharing economy remarks from attorney general eric t. Platforms such as airbnb and uber are experiencing explosive growth, which, in turn, has led to regulatory and political battles.

Community libraries emerged in the 18th century, allowing people to lend and borrow books to and. Companies can benefit from the trend toward collaborative consumption through creative new approaches. The sharing economy allows people to earn income in new ways, yes. The sharing economy is a massive business phenomenon that is transforming many industries and challenging many traditional business models. The sharing economy in developing countries 2 1 introduction 1. Uber, its main rival, was a larger, technologically savvy global player offering nearly identical services in the region. The wideranging implications of the shift to a sharing economy, a new model of organizing economic activity that may supplant traditional corporations. The sharing economy what it is, examples, and how big data. Volume xxi, issue 40 the future of travel is fast becoming more about asset sharing than ownership. Think of the principles outlined in this book as rules of thumb. The current and future state of the sharing economy brookings. In our survey, we defined the sharing economy as follows.

Drawing from recent studies on the sharing economy workers psyche, and the business mindset of the sharing economy companies and investors, we demonstrate that successful social movements may be practically impossible in a sharing economy dominated future. Dec 24, 2010 the new sharing economy methodology participants from across the globe n537 took a webbased survey which captured sharing attitudes and current engagement with sharing in a variety of contexts, with a focus on establishing benchmarks for the new sharing economy. The sharing economy you would be excused if you thought it sounded like the spiritual home of new age digital hippies, or maybe a step up. Oct 04, 2017 ride sharing and shortterm lodging rentals emerged on the bleeding edge of the sharing economy because consumers were already accustomed to calling cabs and booking hotel rooms. I prefer the term network economy, because information isnt enough to explain the discontinuities we see.

New economy is a buzzword describing new, highgrowth industries that are on the cutting edge of technology and are the driving force of economic growth. As the global sharing economy reaches new heights, its impact on the way we view parttime. A collaborative economy platform can help to identify who is willing to offer their power drill and to initiate the transaction. The sharing economy oxford martin school university of oxford. New technological and economic developments, however, pose challenges to equal access. When the idea first became widely recognized in 2011, it was dubbed by time magazine as one of the ten ideas that will change the world. So far, airbnb is succeeding in attracting customers, but is not yet tak ing much revenue from hoteliers, according to a market analysis of new york city from hotel consultant sean hennessey, who was granted unprecedented access to airbnbs data. The current and future state of the sharing economy. The new sharing economy is one installment of latitude 42s the new sharing economy a study by latitude in collaboration with shareable magazine an ongoing series of open innovation studies which latitude, an international research consultancy, publishes in the spirit of knowledgesharing and opportunity discovery. As the worlds leading payments technology company, mastercard is working to. New internetbased \ sharing economy markets enable consumerowners to rent out their durable goods to nonowners.

While shared mobility itself is not a new concept public transportation, carpooling and even hitchhiking have existed for some time the ubiquity of mobile devices, ease. In smaller scale initiatives, for instance, fuster morell et al. The business of sharing is an excellent read for any entrepreneur. Thanks in large part to the web, its now an industry with seemingly the new sharing economy is one installment of latitude 42s. The sharing economy has attracted a great deal of attention in recent months. Boosters claim the new technologies will yield utopian outcomesempowerment of ordinary people, efficiency, and even lower carbon footprints. 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. Jul 30, 20 the sharing economy you would be excused if you thought it sounded like the spiritual home of new age digital hippies, or maybe a step up from a barter system might sound a million. This article examines the socalled sharing economy. Nov 16, 2017 new economy is a buzzword describing new, highgrowth industries that are on the cutting edge of technology and are the driving force of economic growth. While the sharing economy has been shown to open up new opportunities to make money, earnings on platforms are also subject to significant diversity. The new economy is often referred to as the information economy, because of informations superior role rather than material resources or capital in creating wealth.

Pdf the purpose of this chapter is to explore the new ideas promoted by the sharing economy and to explain the novel business models. This 21st century smart digital infrastructure is giving rise to a radical new sharing economy that is transforming the way we manage, power and move economic life. Members of every generation are moving toward a more active and mindful approach to consumption, but millennials are leading the way in terms of embracing or at least experimenting with new formats such as crowdfunding and peertopeer transactions. New internetbased \sharing economy markets enable consumerowners to rent out their durable goods to nonowners. Backed by the venture capital arm of bmw and index ventures, justpark is the worlds largest website for shared parking with over a million customers. Making it in the new sharing economy palgrave macmillan. For example, pricewaterhousecoopers has estimated that five key. Seuk is a voluntary body that aims to represent and champion the sector and ensure good business practice. Legal tech and the new sharing economy marcelo corrales. Is the sharing economy replacing ownership with access. The dark side of the sharing economy world economic forum. The collaborative economy uses the internet to match people who want to share assets and services. Oct 21, 2016 the sharing economy is a massive business phenomenon that is transforming many industries and challenging many traditional business models.

For the past five years we have seen the rise of a new trend enabled by technology. These include cloud computing, big data, the internet of things, and related autonomous systems. Ridesharing and shortterm lodging rentals emerged on the bleeding edge of the sharing economy because consumers were already accustomed to calling cabs and booking hotel rooms. However, thanks to the accessibility of the internet and mobile technology, managing sharebased transactions has never been easier. Americans began looking for new opportunities to earn money. Past research focused on describing the phenomenon itself and its disrupting influences on. The sharing economy, popularized by the likes of airbnb and uber, has enjoyed remarkably rapid growth over the last five years and looks set to scale new heights over the next decade. While still in its infancy, the sharing economy has disrupted. Share economy 2017 the new business model this report analyzes the size and the acceptance of the share economy in the six european countries austria, belgium, germany, the netherlands, switzerland and turkey. Walravens introduction the rapid technological developments are having an impact on the economy, particularly in modifying consumption methods. In designing new supervision over the sharing economy, the innovation of the sharing economy should not be stifled by excessive supervision. The sharing economy is simply a new term for an old method of commerce that can now be completed faster than ever with the advent of smart devices driving constant communication and instant gratification.

New transaction or payment methods such as bitcoin and ethereum, based on trustbuilding systems using blockchain, smart contracts, and other distributed ledger technology, also constitute an essential part of this new economic model. Technology the sharing economy spills into new markets. Pdf sharing tort liability in the new sharing economy. Professional selfemployment, new power and the sharing. Moreover, the sharing economy is not defined the same way around the world. The sharing economy and how it is changing industries. Understanding the sharing economy weforum world economic. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper clubthese are not revolutionary concepts. The development of the sharing economy is challenging the administrative law control systems for property use, market access, and professional qualification. The sharing economy may include the sharing of ideas, production, distribution, products or services through peertopeer networks. Schneiderman as prepared for delivery to the sharing city, sharing economy. The change of law is included in the deregulation act 2015, which received royal assent on 26 march 2015. According to a study conducted by the pew research center, in october 2015, 68% of.

The currency in the sharing economy is not just the payment but also trust. Consider, for instance, how uber has upended the taxi business and how airbnb has brought a formidable new tier of competition to the incumbents in the hospitality sector, both within a few short years. The business of sharing making it in the new sharing economy, is one of the best books written on the topic. Professional selfemployment, new power and the sharing economy. The result is a unique set of nuances and challenges, not least for policymakers and economists trying to measure its size and impact, and media trying to report accurately on the issue. The sharing model isnt a new conceptas many rural communities thrived off the same idea via bartering. Businesses that are managing these new sharing economy websites typically require payment of either a fee or a. The sharing economy, of which grab was a part, was hyperlocal, social and mobile and above all extremely competitive.

Community libraries emerged in the 18th century, allowing people to. The sharing economy and digital platforms also include the everyday exchange of goods allowing individuals to. Rather than buying a power drill that i only need for 15 minutes, for example, i can rent an idle one from someone else. Alex stephany is the ceo of justpark formerly parkatmyhouse, one of europes most renowned sharing economy businesses. Uber and the false hopes of the sharing economy the new. At the annual meeting of the new champions 2016 in. It explores current status, growth, success factors for further breakthrough and mass acceptance. Pdf the crazy new world of the sharing economy researchgate. The sharing economy what it is, examples, and how big. On 6 march 2015, a new trade body for the sharing economy, sharing economy uk seuk, was launched. Nicolas brusson how to disrupt the global citytocity. Ever since declaring the sharing economy a national priority in 2015, and that sharing would comprise 10% of chinas gdp by 2020, the chinese government has taken an increasingly broad view towards what is included.

Adapting to the sharing economy instead of buying and owning products, consumers are increasingly interested in leasing and sharing them. Mar 05, 2015 sharing economy, or shareconomy, also goes by other names, such as collaborative economy, collaborative consumption peertopeer economy, and relationship economy, to name a few. Growth of the sharing economy 3 executive summary 5 main drivers 9 main features of sharing economy companies12 business models a contender for the throne 14 emergence of the model in certain key sectors 16 i. New rules for the new economy lays out ten essential dynamics of this emerging. However, the sharing economys implications for marketing thought and practice remain unclear. The growth of the sharing economy provides greater opportunities for individuals to exchange goods, assets, and services on internetbased platforms like those of uber, lyft, taskrabbit, and airbnb. So far, airbnb is succeeding in attracting customers, but is not yet tak ing much revenue from hoteliers, according to a market analysis of new york city from hotel consultant sean hennessey, who was granted unprecedented access to. These rules are fundamental principles that are hardwired into this new territory, and that apply to all businesses and industries, not just hightech ones. The variety of names mirrors the confusion that surrounds this concept.

Investment capital is pouring into the new sharing economy and tiny startups are springing up everywhere. Because many of these businesses are private, its impossible to know the actual size of the sharing economy. Urban law and new economy conference on april 24, 2015 good afternoon. Some cautionary tales from uber volume 22 issue 6 patricia leighton skip to main content we use cookies to distinguish you from other users and to provide you with a.

This paper examines the new sharing economy as a matrix for social movements. What is new, in the sharing economy, is that you are not. Airbnb has expanded this to a new mass market by persuading people to rent out their. How the sharing economy can make its case mckinsey. Frenken et al 2015 defined the collaborative economy as the economy in which consumers grant other consumers temporary access to underutilised assets possibly for money. But the gig economy goes far beyond this, affecting workers of all ages, expertise and industries, and equating the two distorts both unfairly.

In that regard, this article first attempts to define this new economy, as the. September 2018 the rise of the sharing economy 57 the rise of the sharing economy r. This estimate is based on the rapid growth of uber and airbnb as indicative. Today, what we term the digital economy in the west including, for example, amazon and netflix china defines as the sharing economy. Some cautionary tales from uber volume 22 issue 6 patricia leighton skip to main content we use cookies to distinguish you from other users and to provide you with a better experience on our websites. While uber promotes itself as a way for drivers to earn extra money to fund their dreams. We have been awash in a steadily increasing tide of information for the. May, 2014 millennials are driving the collaborative economy.