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 ?
The ASCA standards require that in such situations, counselors inform the student of actions that might be taken to minimize the student's confusion and to clarify expectations.
The reason that Hansen ignores this evidence lies in the a-historical and dualistic mode of inquiry that informs her study.
Automating the flow of information to each user is the primary goal of the Inform Public Safety Suite.
Such passages indicate Defoe's interest in penal reform at the same time the historical reality of transportation informs Defoe's novel on both a formal and thematic level.
INFORM concludes that much of Japan's success is due to close coordination among national, regional and local governments in collecting disposal data and managing waste -- a situation that does not exist in the United States.
The DF/HCC team wanted to gain experience with smaller studies using the InForm EDC product before stepping up to this larger, distributed study.
Search, find and obtain is what VIBE's audience - young urban trendsetters - expect from VIBE on the Web, and it's the value proposition that Inform enables us to meet.
A rural district spanning 400 square miles in the Lake of the Ozarks region of Missouri, Camdenton R-III School District announced today that it has selected Pearson Benchmark and Pearson Inform as assessment solutions for its 4,100 students.
Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced the new InForm(TM) Adapter module, providing customers with enhanced integration capabilities for the InForm Integrated Trial Management (ITM) electronic data capture (EDC) solution.
A small, diverse district in Upstate New York's Hudson Valley, Catskill Central School District announced today that it has selected Pearson Inform and Pearson AllOneSystem(TM) to transform the way it manages data.