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Standardization

Standardization or standardisation is the process of developing and implementing technical standards. The goals of right standardization can be to help with independence of single suppliers, compatibility, interoperability, safety, repeatability, or quality. In social sciences, including economics, the idea of standardization is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions.

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Last Modified: April 17, 2019

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