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.
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.