Information economics examined through scarcity and abundance

Daphne R. Raban and Julia Włodarczyk

Chapter 1 in The Elgar Companion to Information Economics, 2024, pp 2-19 from Edward Elgar Publishing

Abstract: Information economics studies the role of information for economic processes. Information exists in various forms and dimensions. However, regardless of the form, information tends to be processed inefficiently, giving rise to market failures. In this Companion we posit that this inefficiency and market failures occur under both information scarcity and abundance. Notwithstanding, there is an asymmetry within the discipline as analyses of information scarcity dominate the discourse, while abundance has received much less attention so far. We claim that the perspective of information abundance invites innovative studies within information economics, potentially with non-trivial implications for economics in general. Information economics is a natural candidate to expand discourse on abundance because information abundance is more pervasive than other forms of economic abundance.

Keywords: Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2024
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