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 classic literature ?
These are the principal objects of federal legislation, and suggest most forcibly the extensive information which the representatives ought to acquire.
Susan was growing very fond of her, and though without any of the early delight in books which had been so strong in Fanny, with a disposition much less inclined to sedentary pursuits, or to information for information's sake, she had so strong a desire of not appearing ignorant, as, with a good clear understanding, made her a most attentive, profitable, thankful pupil.
It is owing to his information, again, that we can cause the doomed spy to carry false tidings to the enemy.
My discovery begins and ends with the simple fact that he has the information.
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.
You have given me exactly the information which we desire.
The substance of the information which I thus obtained was as follows:--
Time advanced to the 13th of the month; and more information of the interesting sort reached Mr.
Well, I think we are, from what little information Goosal gave us," remarked Tom.
Or toward making the information which I possessed a marketable commodity between the wealthy branch of the family and myself?
Just one more little payment," continued Rokoff, "and the papers I wish, and you have my word of honor that I shall never ask another cent from you, or further information.
Before they died the brilliant one was detected in seventy languages as the author of but two or three books of fiction and poetry, while the other was honoured in the Bureau of Statistics of his native land as the compiler of sixteen volumes of tabulated information relating to the domestic hog.

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