information


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information

knowledge possessed by persons and firms about products, customers, suppliers, prices, delivery terms, etc. Information has an economic value when it is scarce and is not available to all potential parties to a TRANSACTION or CONTRACT. Firms spend large amounts of money on product and process research and development and on market research and other forms of data-gathering in order to try to gain information to reduce UNCERTAINTY.

However, firms need to balance the costs of gathering information against the value of additional information to them. See MARKETING RESEARCH, DATA PROCESSING, INFORMATION MANAGEMENT.

information

knowledge possessed by persons and firms about products, customers, suppliers, prices, delivery terms, etc. Information has an economic value when it is scarce and is not available to all potential parties to a TRANSACTION. For example, if information is not widely available to all parties to a CONTRACT, then one party to the contract can use his or her superior knowledge to his or her advantage at the expense of other parties to the contract (see ASYMMETRY OF INFORMATION, ADVERSE SELECTION).

Firms spend large amounts of money on product and process research and development and on market research and other forms of data-gathering in order to try to gain information to reduce UNCERTAINTY. However, firms need to balance the costs of gathering information against the value of additional information to them.

References in classic literature ?
Past transactions of the government will be a ready and accurate source of information to new members.
Lastly, it is by his information that the surviving spy can be used on appointed occasions.
I leave to your discretion the use you may make of that information.
Clements discovered that one of their fellow-passengers was well acquainted with the neighbourhood of Blackwater, and could give her all the information she needed on the subject of localities.
And then, after some talk, this information came out.
It offers him the information necessary to secure his own safety, on condition that he makes it worth the writer's while to run the serious personal risk which such a disclosure will entail on him.
You ought to be paying me for the information, instead of taking both it and money, too.
I asked YOU for information, Eugene,' said Mortimer reproachfully.
If I mention that the oldest of us was very old, extremely old - nearly thirty years old - and that he used to declare with gallant carelessness, "I live by my sword," I think I have given enough information on the score of our collective wisdom.
She has given me a great deal of information about the position of woman in France, and much of it is very encouraging.
Allen had no similar information to give, no similar triumphs to press on the unwilling and unbelieving ear of her friend, and was forced to sit and appear to listen to all these maternal effusions, consoling herself, however, with the discovery, which her keen eye soon made, that the lace on Mrs.
Yet all the same this information astonished and irritated the count, coming as it did in the form of a simple note with an order from Kutuzov, and received at night, breaking in on his beauty sleep.

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