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1、(JournalofLaw&Economicsvol.XXXIII(April1990)]THEFABLEOFTHEKEYS*S.J.LIEBOWITZandSTEPHENE.MARGOLIS1.INTRODUCTlONTheterm'standard'canrefertoanysocialconvention(standardofconduct,legalstandards),butitmostoftenreferstoconventionsthatrequireexactuniformity(standardsofmeasurement,computeropera
2、tingsystems).Currenteffortstocontrolthedevelopmentofhigh-resolutiontelevision,multitaskingcomputer-operatingsystems,andvideotapingformatshaveheightenedinterestinstandards.Theeconomicliteratureonstandardshasfocusedrecentlyonthepossibilityofmarketfailurewithrespecttothechoiceofastandard.I
3、nitsstrongestform,theargumentisessentiallythis:anestablishedstandardcanpersistoverachallenger,evenwherealluserspreferaworlddominatedbythechallenger,ifusersareunabletocoordinatetheirchoices.Forexample,eachofusmightprefertohaveBeta-formatvideocassetterecordersaslongasprerecordedBetatapesc
4、ontinuetobeproduced,butindividuallywedonotbuyBetamachinesbecausewedon'tthinkenoughotherswillbuyBetamachinestosustaintheprerecordedtapesupply.Idon'tbuyaBetaformatmachinebecauseIthinkthatyouwon'tyoudon'tbuyonebecauseyouthinkthatIwon't.Intheend,webothturnouttobecorrect,butwearebothworseoff
5、thanwemighthavebeen.This,ofcourse,isacatch-22thatwemightsupposetobecommonintheeconomy.Therewillbenocarsuntiltherearegasstationstherewillbenogasstationsuntiltherearecars.Withoutsomewayoutofthisconundrum,joyridingcanneverbecomeafavoriteactivityofteenagers.1Thelogicoftheseeconomictrapsandc
6、onundrumsisimpeccableasfarasitgoes,butwewoulddowelltoconsiderthatthesetrapsaresometimesescapedinthemarket.Obviously,gasstationsandautomobilesdoexist,soparticipantsinthemarketmustusesometechniquetounravelsuchconundrums.Ifthiscatch-22istowarrantourattentionasanempiricalissue,ataminimumwew
7、ouldhopetoseeatleastonereal-worldexampleofit.Intheeconomicsliteratureonstandards,2thepopularreal-worldexampleofthismarketfailureisthestandardQwertytypewriterkeyboard3anditscompetitionwiththerivalDvorakkeyboard.4Thisexampleisnotedfrequentlyinnewspaperandmagazinereports,seemstobe
