information


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia.

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. You are now entirely on a par with me in relation to your knowledge of the case of Miss Silvester.
Elizabeth was at no loss to understand from whence this deference to her authority proceeded; but it was not in her power to give any information of so satisfactory a nature as the compliment deserved.
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.
Or toward making the information which I possessed a marketable commodity between the wealthy branch of the family and myself?
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.
I have collected a great deal of information, for which I refer you to my journal.
Compliments on good looks now passed; and, after observing how time had slipped away since they were last together, how little they had thought of meeting in Bath, and what a pleasure it was to see an old friend, they proceeded to make inquiries and give intelligence as to their families, sisters, and cousins, talking both together, far more ready to give than to receive information, and each hearing very little of what the other said.

Full browser ?