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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 ?
Cloth, $60.97; paper $35.00--In this groundbreaking work, Luciano Floridi builds the foundations of Information Ethics (IE) by arguing that an informational interpretation of reality is required due to our increased reliance on information and communication technologies (ICTs) for our well-being and success.
Synopsis: Comprehending complex informational text can be complex for students.
''We insist on a formulation of a firm position by the Bulgarian government representatives on the question of the Cremlin informational agression in Bulgaria,'' Vichev added.
Abadi office said in a statement that al-Abadi and Hagel focused in their talks which attended by the US ambassador in Iraq, Stuart Jones military on coordination of operations with the international coalition and to provide logistical and informational support by the parties of the coalition to Iraqi forces, along with training and advice format.
Ethan Harkleroad, a recent accounting graduate of the University of San Diego, has used informational interviews to decide on a career, secure four internships, and establish contacts with mentors.
It is, perhaps, more important that the effect of informational influence should be distinguished from that of normative influence, because the two types of influence may act as different mechanisms.
The short, easy-to-read articles would be useful for informational reading activities.
This focus on increasing the amount of informational text reading stems from a history of students who have difficulty reading these types of texts (Carnegie Council on Advancing Adolescent Literacy, 2010; Heller & Greenleaf, 2007).
Web Metrics For Library And Informational Professionals
Apple Country Radio Informational Meeting A.P.P.L.E.

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