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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 ?
When combined, it allows Facebook to filter out informative stories while relying on user interests and preferences.
Therefore it is very difficult to consider the informative priors due to assessment of their hyperparameters.
Selection of informative attributes on the basis of simplified ratings of correlation functions
2008 witnessed a number of new innovations by Informative Graphics.
Informative Graphics is a registered trademark of Informative Graphics Corporation, and Redact-It is a trademark of Informative Graphics Corporation.
Offering products from vendors like Informative Graphics through EMC Select helps these customers achieve a solution that gives them peace of mind without sacrificing workflow or task efficiency.
Through its patented Adaptive Conversation technology, Informative provides marketing analytics that helps companies engage their most loyal and influential customers and involve them in critical customer decisions that increase sales and build advocacy.
Author James Kilgore presents a informed and informative read specially written and designed to be easily accessible to interested young readers seeking to grasp the concept of modern academics.
Informative Graphics Corporation (IGC), a leader in content visualization, collaboration and redaction technology, announced today the latest release of its popular Free DWG Viewer.
Informative Graphics Updates Java-Based Product Line
Nurses will find the book informative on common interventional procedures, but it is also designed as a tool to be dipped into when caring for patients with more unusual procedures.
First graph, first sentence of release should read: Informative Graphics Corporation (IGC), a leader in content visualization, secure publishing and collaboration technology, announced today the release of Net-It[R] Central 7.

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