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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.
The Majid brand and its beloved characters have become a trusted source of informative content for its audience through the magazine over the past 38 years and will therefore offer Nat Geo Kids TV a fantastic platform to reach a far wider Arabic audience.
(3) A computer program for determining informative types of relations between concepts was created to perform these logic operations automatically.
Well behaved models are those fitted to S1, S2, C3, C4, C5, C6 by using both informative and non-informative priors, and to C2 with informative prior.
It is well known that in general if the proper information is available it is better to use the informative prior(s) than the non-informative prior(s) see for example Berger [9] in this respect.
05 January 2015 - Canada-based software company OpenText (NASDAQ: OTEX) (TSX: OTC) has acquired publishing commercial software provider Informative Graphics Corp., the company said on Monday.
Doug's informative DVDs sheds light on a plethora of subjects that a budding magician ought to discover, know, learn and practice.
This necessary requirement was very enjoyable and informative and made interesting by the experiences and "priceless" anecdotes of Mr.Aldcroft and also a few quips added by our own experiences out in the field!
The researchers suspected these highly informative examples would matter much more than the sheer amount of talk in the home when it came to which children learned more words.
"Cloyd was informative speaking about geo-targeting marketing techniques and how 21st Century technologies are changing the way his industry sector is attacking their objectives," says MoneyTV anchor Don Baillargeon.
This highly informative book, helped with 212 illustrations (of which 204 are in colour), is a thorough survey of Rome's famous legions.
The present work is dedicated to development of methods and algorithms for selection of informative attributes from dynamic objects for approximation, analysis and forecasting of processes, which describe, for example, change of production parameters of industrial-technical complex.

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