In the past, legacy systems, industry norms, or firms with market power dictated the level of transparency that was present in a market, leading to the existence of stable trans-parency regimes (Granados et al. 2010). In the last few decades, the Internet and mobile technologies have disrupted these regimes, making some players better off and others worse off. For example, online travel agencies brought higher transparency of product offerings to travelers, which led to the disintermediation of traditional travel agencies.
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