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Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics: It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many. The paper notes the role that information economics played in stimulating other advances in economics, including contract theory and behavioral economics. It reinvigorated institutional economics, showing how institutions mattered, in some cases explaining institutional features that could not be well-understood in the. When George Stigler published “The Economics of Information” in this journal a little over 50 years ago (), he was justified in his complaints about the absence of research on the topic. Yet, this complaint was soon to become obsolete. Figure 1 reports the incidence of the phrases “infor- mation economics” and.
Since about , an important strand of economic research, sometimes referred to as information economics, has explored the extent to which markets and other institutions process and convey information. Many of the problems of markets and other institutions result from costly information, and many of their features are. The economics of information has constituted a revolution in economics, upsetting longstanding presumptions, including the presumption of market efficiency. • The central models, elaborated on within the last forty years, have proven remarkably robust, at the same time that advances in the economics of information have. Information economics, also known as economics of information, is the study of how different degrees of information affect economic analysis. Since it's usually.
IEP is an international journal that aims to publish peer-reviewed policy-oriented research about the production, distribution and use of information, including these subjects: the economics of the telecommunications, mass media, and other information industries, the economics of innovation and intellectual Read more. Information economics offers insights into the dynamics of information across networked systems like the Internet. An information marketplace is different from other marketplaces because an information good is not actually consumed and can be reproduced and distributed at almost no cost. For information producers to . 4 Apr INFORMATION ECONOMICS Presented by Shri Ram Pandey NCSI, IISc Bangalore-