The Digital Era: Challenges and Opportunities of Product Market Modelling

Based on the comparison and systematization of arguments contained in previously published studies in combination with the method of participant observation in the development and operation of a digital analogue of the system of wholesale markets for agricultural products of the constituent entities of the Russian Federation (VIAPI model), the theoretical concept of the prerequisites for the positive outcome of digital technologies is supplemented with a provision on the priority of adapting data processing methods to existing information resources over accumulating bulk new data that were not previously demanded. The creation of the VIAPI model in a short period of time and its operation, which produced a number of previously published valuable scientific results briefly discussed in this article, is an example of the successful practical application of this provision. Additional arguments have been developed in favor of the following scientific provisions: the future development of digital technologies does not guarantee the predominance of positive effects over negative ones; digitalization does not eliminate information asymmetry; institutions for appraisal of investment projects require modernization to prevent failures of projects based on digital technologies; adapting data processing methods to existing information resources is a promising way to increase the positive impact of digital technologies; the creation of digital analogues of product markets is possible on the basis of currently existing information resources, subject to the use of suitable architectures of numerical economic and mathematical models. Based on the experience gained while working with the VIAPI model, a number of principles have been formulated aimed at improving the chances of digital projects to succeed.