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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Whereas most past researchers have focused on illustrating the influence of vertical sequence on consumers' product evaluation, we found that the vertical sequence affects consumers' choice between hedonic and utilitarian products by changing the information evaluation process through highlighting the experiential benefits of hedonic products.
Study on the Reliability of Link Popularity in Web Information Evaluation. Journal of the China Society for Scientific and Technical Information, 21 (4) 401-406.
It included 6 questions regarding patient knowledge about dental implants treatment source of information evaluation of satisfaction willingness to get treatment and the need for insurance.
What we need, though, is "an information evaluation method that will replace the scientific method." Research depends on search algorithms doing what they're supposed to do, but how will we know that this is the case?
What we need, he said, is "an information evaluation method that will replace the scientific method." Do search algorithms do what they're supposed to do?

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