Digital business models are becoming more common and are paving the way to the future of business; their design as networks, platforms, or ecosystems is inherently digital. This type of business model depends on network effects-when an increase of users of a network, platform, or ecosystem ultimately benefits new users, established users, and the whole network, platform, or ecosystem. This textbook explores what network effects are, how they work, how to create them, and the specific governance choices necessary to form them. Drawing on quantitative and qualitative elements, economics and managerial studies, and a large number of examples, this text seeks to analyze and configure networks, platforms, and ecosystems and emphasize the pivotal role of data in the network economy. This book will provide both students and professionals with valuable knowledge and practical insights for understanding the world of digital platforms. Chapter 4 focuses on network governance and how it implements network effects to benefit all participants. Governance includes the rules and processes that standardize the behavior of those involved with a network. Elements of network governance include governance structure, resources, documentation, access, control, trust, risk, pricing, and external relationships. Governance is vital for networks; the network''s trust, connections, stability, robustness, and resilience all depend on it. Signaling uses information about a person''s trustworthiness in the network to establish, build, and safeguard trust. Sanctioning is also used to build trust by securing the institutional reminder of people who have not fulfilled the network''s governance. Several practical and theoretical insights are provided in this chapter regarding implementing network economics in business management.