Assessing the perceived value of information in an information immersive world

Daphne R. Raban and Niv Ahituv

Chapter 18 in The Elgar Companion to Information Economics, 2024, pp 364-378 from Edward Elgar Publishing

Abstract: As reliance on abundant digital output increases, the need for value assessment of information (content and data) intensifies. This chapter revisits the theoretical basis of information value assessmentinformation value assessment that was casted in the twentieth century. We maintain the approach that the value of information is a multi-attribute function. However, unlike the early approach which combined the value assessment of information with that of the system producing it, we argue that what really matters is the information (content and data). Hence the system should not be a part of the evaluation practices (e.g., the user is not interested in the cost of Facebook or Google systems). Considering immersion in information, disintermediation of information production, disembodiment of information generation (e.g., artificial intelligence) and movement toward openness of code, data, and content, we suggest that information value assessment be based on individual perceptions. Referring to empirical studies, we show the importance of economic framing of information consumption, the influence of the network environment, and personal attributes or preferences that shape value perceptions. Finally, the chapter explains the significance of the perceived value approach to information markets, and to decision making, including an elaboration regarding the cost of data.

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