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 periodicals archive ?
Ed has left a deep and (with any luck) permanent imprint on the magazine, in its tradition of integrity, intellectual reach, strong writing, bold and informative subject matter, and high production values.
Over the years I have learned that the history that was once taught to me was seen as an informative subject. It was taught to sharpen the memory, and load up on facts-no wonder many students were traumatized by history.
Attendees are wipes professionals including: senior leadership, new business development, corporate and division management, research and development, marketing, sales, and plant production interested in presentations focused on relevant and informative subject matter regarding the latest innovations and advancements.

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