This book constitutes the refereed proceedings of the First International Workshop on Internet and Network Economics, WINE 2005, held in Hong Kong, China in December 2005.

The 108 revised full papers presented together with 2 invited talks were carefully reviewed and selected from 372 submissions. There are 31 papers in the main program and 77 papers presented in 16 special tracks covering the areas of internet and algorithmic economics, e-commerce protocols, security, collaboration, reputation and social networks, algorithmic mechanism, financial computing, auction algorithms, online algorithms, collective rationality, pricing policies, web mining strategies, network economics, coalition strategies, internet protocols, price sequence, and equilibrium.