The terms: The parameters of information economics

Sandra Braman

Chapter 25 in The Elgar Companion to Information Economics, 2024, pp 506-534 from Edward Elgar Publishing

Abstract: Three different groups have been thinking about information economics since at least the 1960s and 1970s - economists thinking about theoretical questions, social scientists and policy analysts concerned about constitutive matters, and those working on the ground, whether in the corporate world or government, trying to figure out how to operate on a daily basis in a changing world. Each group framed its problems differently, but today all are facing the same issues of abundance, misinformation, generative AI in the wild, and the growth of non-fiat economies. These developments turn our attention to the basic terms of information economics. This chapter discusses the shifts from agent to perceptual entity; information to economically distinct types of information, each requiring distinct analysis; and from the market to the probability space. Together and as they interact, these shifts alter the parameters of information economics and introduce new research agendas.

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