CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Information economics - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"ec2b1c7a-8006-4a64-90b1-bab35c574cf6","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Information_economics","wgTitle":"Information economics","wgCurRevisionId":1258968844,"wgRevisionId":1258968844,"wgArticleId":1409855,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["Webarchive template wayback links","All articles with dead external links","Articles with dead external links from December 2017","Articles with short description","Short description is different from Wikidata","Articles with excerpts","All articles with unsourced statements","Articles with unsourced statements from September 2009","Commons category link is on Wikidata","Information economics","Asymmetric information","Microeconomics"],"wgPageViewLanguage":"en", "wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Information_economics","wgRelevantArticleId":1409855,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":40000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q1394203", "wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","ext.scribunto.logs","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js", "ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/1200px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="1200"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/800px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="800"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/640px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="640"> <meta property="og:image:height" content="640"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Information economics - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Information_economics"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Information_economics&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Information_economics"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Information_economics rootpage-Information_economics skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Information+economics" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Information+economics" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Information+economics" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Information+economics" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Value_of_information" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Value_of_information"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Value of information</span> </div> </a> <ul id="toc-Value_of_information-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Information,_the_price_mechanism_and_organizations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Information,_the_price_mechanism_and_organizations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Information, the price mechanism and organizations</span> </div> </a> <ul id="toc-Information,_the_price_mechanism_and_organizations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Information_asymmetry" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Information_asymmetry"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Information asymmetry</span> </div> </a> <button aria-controls="toc-Information_asymmetry-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Information asymmetry subsection</span> </button> <ul id="toc-Information_asymmetry-sublist" class="vector-toc-list"> <li id="toc-Signaling" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Signaling"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Signaling</span> </div> </a> <ul id="toc-Signaling-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Screening" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Screening"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Screening</span> </div> </a> <ul id="toc-Screening-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Risk_and_Uncertainty_of_Information" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Risk_and_Uncertainty_of_Information"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Risk and Uncertainty of Information</span> </div> </a> <button aria-controls="toc-Risk_and_Uncertainty_of_Information-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Risk and Uncertainty of Information subsection</span> </button> <ul id="toc-Risk_and_Uncertainty_of_Information-sublist" class="vector-toc-list"> <li id="toc-Difference_between_Risk_and_Uncertainty" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Difference_between_Risk_and_Uncertainty"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Difference between Risk and Uncertainty</span> </div> </a> <ul id="toc-Difference_between_Risk_and_Uncertainty-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Risk_Attitudes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risk_Attitudes"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Risk Attitudes</span> </div> </a> <ul id="toc-Risk_Attitudes-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Information_goods" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Information_goods"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Information goods</span> </div> </a> <ul id="toc-Information_goods-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Network_effects" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Network_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Network effects</span> </div> </a> <button aria-controls="toc-Network_effects-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Network effects subsection</span> </button> <ul id="toc-Network_effects-sublist" class="vector-toc-list"> <li id="toc-Critical_mass" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Critical_mass"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Critical mass</span> </div> </a> <ul id="toc-Critical_mass-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-More_information" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#More_information"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>More information</span> </div> </a> <ul id="toc-More_information-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <button aria-controls="toc-Further_reading-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Further reading subsection</span> </button> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> <li id="toc-Papers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Papers"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Papers</span> </div> </a> <ul id="toc-Papers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monographs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monographs"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.2</span> <span>Monographs</span> </div> </a> <ul id="toc-Monographs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Dictionaries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Dictionaries"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.3</span> <span>Dictionaries</span> </div> </a> <ul id="toc-Dictionaries-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Information economics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 23 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-23" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">23 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Economia_de_la_informaci%C3%B3" title="Economia de la informació – Catalan" lang="ca" hreflang="ca" data-title="Economia de la informació" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Informace_v_ekonomii" title="Informace v ekonomii – Czech" lang="cs" hreflang="cs" data-title="Informace v ekonomii" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Informations%C3%B6konomik" title="Informationsökonomik – German" lang="de" hreflang="de" data-title="Informationsökonomik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Econom%C3%ADa_de_la_informaci%C3%B3n" title="Economía de la información – Spanish" lang="es" hreflang="es" data-title="Economía de la información" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Informazioaren_ekonomia" title="Informazioaren ekonomia – Basque" lang="eu" hreflang="eu" data-title="Informazioaren ekonomia" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D8%A7%D8%B7%D9%84%D8%A7%D8%B9%D8%A7%D8%AA" title="اقتصاد اطلاعات – Persian" lang="fa" hreflang="fa" data-title="اقتصاد اطلاعات" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Economie_de_l%27information" title="Economie de l'information – French" lang="fr" hreflang="fr" data-title="Economie de l'information" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A0%95%EB%B3%B4%EA%B2%BD%EC%A0%9C%ED%95%99" title="정보경제학 – Korean" lang="ko" hreflang="ko" data-title="정보경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A5%82%E0%A4%9A%E0%A4%A8%E0%A4%BE_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" title="सूचना अर्थशास्त्र – Hindi" lang="hi" hreflang="hi" data-title="सूचना अर्थशास्त्र" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Ekonomi_informasi" title="Ekonomi informasi – Indonesian" lang="id" hreflang="id" data-title="Ekonomi informasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-zu mw-list-item"><a href="https://zu.wikipedia.org/wiki/Ezomnotho_wokwaziswa" title="Ezomnotho wokwaziswa – Zulu" lang="zu" hreflang="zu" data-title="Ezomnotho wokwaziswa" data-language-autonym="IsiZulu" data-language-local-name="Zulu" class="interlanguage-link-target"><span>IsiZulu</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Economia_dell%27informazione" title="Economia dell'informazione – Italian" lang="it" hreflang="it" data-title="Economia dell'informazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9B%D7%9C%D7%9B%D7%9C%D7%AA_%D7%9E%D7%99%D7%93%D7%A2" title="כלכלת מידע – Hebrew" lang="he" hreflang="he" data-title="כלכלת מידע" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BE%D1%80%D0%BC%D0%B0%D1%86%D0%B8%D1%81%D0%BA%D0%B0_%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%98%D0%B0" title="Информациска економија – Macedonian" lang="mk" hreflang="mk" data-title="Информациска економија" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Ekonomi_maklumat" title="Ekonomi maklumat – Malay" lang="ms" hreflang="ms" data-title="Ekonomi maklumat" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%83%85%E5%A0%B1%E7%B5%8C%E6%B8%88%E5%AD%A6" title="情報経済学 – Japanese" lang="ja" hreflang="ja" data-title="情報経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Ekonomia_informacji" title="Ekonomia informacji – Polish" lang="pl" hreflang="pl" data-title="Ekonomia informacji" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Economia_da_informa%C3%A7%C3%A3o" title="Economia da informação – Portuguese" lang="pt" hreflang="pt" data-title="Economia da informação" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Information_economics" title="Information economics – Simple English" lang="en-simple" hreflang="en-simple" data-title="Information economics" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Bilgi_ekonomisi" title="Bilgi ekonomisi – Turkish" lang="tr" hreflang="tr" data-title="Bilgi ekonomisi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_th%C3%B4ng_tin" title="Kinh tế học thông tin – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học thông tin" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%B3%87%E8%A8%8A%E7%B6%93%E6%BF%9F%E5%AD%B8" title="資訊經濟學 – Cantonese" lang="yue" hreflang="yue" data-title="資訊經濟學" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B3%87%E8%A8%8A%E7%B6%93%E6%BF%9F%E5%AD%B8" title="資訊經濟學 – Chinese" lang="zh" hreflang="zh" data-title="資訊經濟學" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1394203#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Information_economics" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Information_economics" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Information_economics"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Information_economics&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Information_economics&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Information_economics"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Information_economics&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Information_economics&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Information_economics" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Information_economics" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Information_economics&oldid=1258968844" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Information_economics&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Information_economics&id=1258968844&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FInformation_economics"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FInformation_economics"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Information_economics&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Information_economics&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Information_economics" hreflang="en"><span>Wikimedia Commons</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1394203" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Branch of microeconomics</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Information_economy" title="Information economy">Information economy</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1246091330">.mw-parser-output .sidebar{width:22em;float:right;clear:right;margin:0.5em 0 1em 1em;background:var(--background-color-neutral-subtle,#f8f9fa);border:1px solid var(--border-color-base,#a2a9b1);padding:0.2em;text-align:center;line-height:1.4em;font-size:88%;border-collapse:collapse;display:table}body.skin-minerva .mw-parser-output .sidebar{display:table!important;float:right!important;margin:0.5em 0 1em 1em!important}.mw-parser-output .sidebar-subgroup{width:100%;margin:0;border-spacing:0}.mw-parser-output .sidebar-left{float:left;clear:left;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-none{float:none;clear:both;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-outer-title{padding:0 0.4em 0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a class="mw-selflink selflink">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Information economics</b> or the <b>economics of information</b> is the branch of <a href="/wiki/Microeconomics" title="Microeconomics">microeconomics</a> that studies how information and information systems affect an <a href="/wiki/Economy" title="Economy">economy</a> and economic decisions.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>One application considers information embodied in certain types of <a href="/wiki/Commodities" class="mw-redirect" title="Commodities">commodities</a> that are "expensive to produce but cheap to reproduce."<sup id="cite_ref-Samuelson_2-0" class="reference"><a href="#cite_note-Samuelson-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Examples include <a href="/wiki/Computer_software" class="mw-redirect" title="Computer software">computer software</a> (e.g., <a href="/wiki/Microsoft_Windows" title="Microsoft Windows">Microsoft Windows</a>), pharmaceuticals and technical books. Once information is recorded "on paper, in a computer, or on a compact disc, it can be reproduced and used by a second person essentially for free."<sup id="cite_ref-Samuelson_2-1" class="reference"><a href="#cite_note-Samuelson-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Without the <a href="/wiki/Basic_research" title="Basic research">basic research</a>, initial production of high-information commodities may be too unprofitable to market, a type of <a href="/wiki/Market_failure" title="Market failure">market failure</a>. Government subsidization of basic research has been suggested as a way to mitigate the problem.<sup id="cite_ref-Samuelson_2-2" class="reference"><a href="#cite_note-Samuelson-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The subject of "information economics" is treated under <i>Journal of Economic Literature</i> classification code <a href="/wiki/JEL_classification_codes#Microeconomics_JEL:_D_Subcategories" title="JEL classification codes">JEL D8 – Information, Knowledge, and Uncertainty</a>. The present article reflects topics included in that code. There are <a href="/wiki/JEL_classification_codes#Information" title="JEL classification codes">several subfields</a> of information economics. Information as <a href="/wiki/Noise_(electronics)" title="Noise (electronics)">signal</a> has been described as a kind of <a href="/wiki/Measurement_uncertainty" title="Measurement uncertainty">negative measure</a> of <a href="/wiki/Uncertainty" title="Uncertainty">uncertainty</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> It includes complete and scientific knowledge as <a href="/wiki/Knowledge#Partial_knowledge" title="Knowledge">special cases</a>. The first insights in information economics related to the economics of <a href="/wiki/Information_goods" class="mw-redirect" title="Information goods">information goods</a>. </p><p>In recent decades, there have been influential advances in the study of <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetries</a><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and their implications for <a href="/wiki/Contract_theory" title="Contract theory">contract theory</a>, including <a href="/wiki/Market_failure" title="Market failure">market failure</a> as a possibility.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Information economics is formally related to <a href="/wiki/Game_theory" title="Game theory">game theory</a> as two different types of games that may apply, including games with <a href="/wiki/Perfect_information" title="Perfect information">perfect information</a>,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Complete_information" title="Complete information">complete information</a>,<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Incomplete_information" class="mw-redirect" title="Incomplete information">incomplete information</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a> and game-theory methods have been developed to model and test theories of information economics,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> including potential <a href="/wiki/Public_policy" title="Public policy">public-policy</a> applications such as <a href="/wiki/Mechanism_design" title="Mechanism design">mechanism design</a> to elicit information-sharing and otherwise <a href="/wiki/Welfare_economics" title="Welfare economics">welfare</a>-enhancing behavior.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>An example of game theory in practice would be if two potential employees are going for the same promotion at work and are conversing with their employer about the job. However, one employee may have more information about what the role would entail then the other.<sup id="cite_ref-:2_11-0" class="reference"><a href="#cite_note-:2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Whilst the less informed employee may be willing to accept a lower pay rise for the new job, the other may have more knowledge on what the role's hours and commitment would take and would expect a higher pay. This is a clear use of <a href="/wiki/Complete_information" title="Complete information">incomplete information</a> to give one person the advantage in a given scenario. If they talk about the promotion with each other in a process called colluding there may be the expectation that both will have equally informed knowledge about the job. However the employee with more information may mis-inform the other one about the value of the job for the work that is involved and make the promotion appear less appealing and hence not worth it. This brings into action the incentives behind information economics and highlights <a href="/wiki/Non-cooperative_game_theory" title="Non-cooperative game theory">non-cooperative games</a>.<sup id="cite_ref-:2_11-1" class="reference"><a href="#cite_note-:2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Value_of_information">Value of information</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=1" title="Edit section: Value of information"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The starting point for economic analysis is the observation that information has <a href="/wiki/Value_of_information" title="Value of information">economic value</a> because it allows individuals to make choices that yield higher expected payoffs or expected utility than they would obtain from choices made in the absence of information. <a href="/wiki/Data_valuation" title="Data valuation">Data valuation</a> is an emerging discipline that seeks to understand and measure the economic characteristics of information and data.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Information,_the_price_mechanism_and_organizations"><span id="Information.2C_the_price_mechanism_and_organizations"></span>Information, the price mechanism and organizations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=2" title="Edit section: Information, the price mechanism and organizations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Much of the literature in information economics was originally inspired by <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>'s "<a href="/wiki/The_Use_of_Knowledge_in_Society" title="The Use of Knowledge in Society">The Use of Knowledge in Society</a>" on the uses of the <a href="/wiki/Price_mechanism" title="Price mechanism">price mechanism</a> in allowing information decentralization to order the effective use of resources. <sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Although Hayek's work was intended to discredit the effectiveness of central planning agencies over a free market system, his proposal that price mechanisms communicate information about scarcity of goods inspired <a href="/wiki/Abba_Lerner" class="mw-redirect" title="Abba Lerner">Abba Lerner</a>, <a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Tjalling Koopmans</a>, <a href="/wiki/Leonid_Hurwicz" title="Leonid Hurwicz">Leonid Hurwicz</a>, <a href="/wiki/George_Stigler" title="George Stigler">George Stigler</a> and others to further develop the field of information economics.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2009)">citation needed</span></a></i>]</sup> Next to market coordination through the price mechanism, transactions can also be executed within organizations. The information requirements of the transaction are the prime determinant for the actual (mix of) coordination mechanism(s) that we will observe.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Information_asymmetry">Information asymmetry</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=3" title="Edit section: Information asymmetry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Information_asymmetry" title="Information asymmetry">Information asymmetry</a> means that the parties in the interaction have different information, e.g. one party has more or better information than the other. Expecting the other side to have better information can lead to a change in behavior. The less informed party may try to prevent the other from taking advantage of him. This change in behavior may cause inefficiency. Examples of this problem are <a href="/wiki/Adverse_selection" title="Adverse selection">selection</a> (adverse or advantageous) and <a href="/wiki/Moral_hazard" title="Moral hazard">moral hazard</a>.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Adverse selection occurs when one side of the partnership has information the other does not and this can occur deliberately or by accident due to poor communication.<sup id="cite_ref-:0_16-0" class="reference"><a href="#cite_note-:0-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> A classic paper on adverse selection is <a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a>'s <a href="/wiki/The_Market_for_Lemons" title="The Market for Lemons">The Market for Lemons</a>.<sup id="cite_ref-:1_17-0" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>The most common example of the Lemons Market is in the automobile industry. As suggested by <a href="/wiki/George_Akerlof" title="George Akerlof">Akerlof</a>, there are four car types that a buyer could consider.<sup id="cite_ref-:1_17-1" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> This includes choosing either a new or used car, and choosing a good or bad car, or Lemon as it is more commonly known. When considering the market options there is possibility of purchasing a new lemon car as there is a used good car.<sup id="cite_ref-:1_17-2" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The uncertainty that arises from the probably of purchasing a lemon due to asymmetric information can cause the buyer to have doubts about the car's quality and inherent outcome when purchased.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> This same dilemma exists in a multitude of markets where sellers have an incentive to not disclose information about their product if it is poor quality due to knowledge that the average standard across the industry from good products existing will boost their selling power.<sup id="cite_ref-:1_17-3" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The asymmetrical information known about the car's quality can lead to a breakdown in the automobile industry's overall efficiency.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> This is due to two reasons. Firstly, uncertainty between the buyers and sellers and secondly in the broader market where only sellers with below average vehicles will be willing to sell due to the reduced quality being represented.<sup id="cite_ref-:1_17-4" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> There are two primary solutions for <a href="/wiki/Adverse_selection" title="Adverse selection">adverse selection</a>; signaling and screening. </p><p><a href="/wiki/Moral_hazard" title="Moral hazard">Moral hazard</a> includes a partnership between a principal and agent and occurs when the agent may change their behaviour or actions after a contract has been finalised which can cause adverse consequences for the principal.<sup id="cite_ref-:0_16-1" class="reference"><a href="#cite_note-:0-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Moral hazard is present when there is a change in the agent's behaviour after taking out insurance cover to protect them.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> For example, if someone purchased car insurance for their vehicle and afterwards held their responsibility to a lower standard by going over the speed limit for example or generally driving recklessly. The <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">Global Financial Crisis</a> of 2008 is another example, where <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a> were formed through the collation of subprime mortgages and sold to investors without disclosing the risk involved.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> For moral hazard, contracting between <a href="/wiki/Principal%E2%80%93agent_problem" title="Principal–agent problem">principal and agent</a> may be describable as a <a href="/wiki/Second_best" class="mw-redirect" title="Second best">second best</a> solution where payoffs alone are observable with information asymmetry.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Insurance covers will often include a waiting period clause to refrain agents from changing their attitude. </p> <div class="mw-heading mw-heading3"><h3 id="Signaling">Signaling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=4" title="Edit section: Signaling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Michael_Spence" title="Michael Spence">Michael Spence</a> originally proposed the idea of <a href="/wiki/Signaling_(economics)" class="mw-redirect" title="Signaling (economics)">signaling</a>. He proposed that in a situation with information asymmetry, it is possible for people to signal their type, thus credibly transferring information to the other party and resolving the asymmetry. </p><p>This idea was originally studied in the context of looking for a job. An employer is interested in hiring a new employee who is skilled in learning. Of course, all prospective employees will claim to be skilled at learning, but only they know if they really are. This is an information asymmetry. </p><p>Spence proposed that going to college can function as a credible signal of an ability to learn. Assuming that people who are skilled in learning can finish college more easily than people who are unskilled, then by attending college the skilled people signal their skill to prospective employers. This is true even if they didn't learn anything in school, and school was there solely as a signal. This works because the action they took (going to school) was easier for people who possessed the skill that they were trying to signal (a capacity for learning).<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Screening">Screening</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=5" title="Edit section: Screening"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Joseph_E._Stiglitz" class="mw-redirect" title="Joseph E. Stiglitz">Joseph E. Stiglitz</a> pioneered the theory of <a href="/wiki/Screening_(economics)" title="Screening (economics)">screening</a>.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> In this way the underinformed party can induce the other party to reveal their information. They can provide a menu of choices in such a way that the optimal choice of the other party depends on their private information. By making a particular choice, the other party reveals that he has information that makes that choice optimal. For example, an amusement park wants to sell more expensive tickets to customers who value their time more and money more than other customers. Asking customers their willingness to pay will not work - everyone will claim to have low willingness to pay. But the park can offer a menu of priority and regular tickets, where priority allows skipping the line at rides and is more expensive. This will induce the customers with a higher value of time to buy the priority ticket and thereby reveal their type. </p> <div class="mw-heading mw-heading2"><h2 id="Risk_and_Uncertainty_of_Information">Risk and Uncertainty of Information</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=6" title="Edit section: Risk and Uncertainty of Information"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Fluctuations in the availability and accuracy of <a href="/wiki/Information" title="Information">information</a> can induce some level of <a href="/wiki/Risk" title="Risk">risk</a> and <a href="/wiki/Uncertainty" title="Uncertainty">uncertainty</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Difference_between_Risk_and_Uncertainty">Difference between Risk and Uncertainty</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=7" title="Edit section: Difference between Risk and Uncertainty"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>Risk</b> is defined by the circumstances under which the probability of every outcome is known by the decision-making individual and that, among all possible outcomes, it is not fully certain which will occur.<sup id="cite_ref-Palgrave_Macmillan_25-0" class="reference"><a href="#cite_note-Palgrave_Macmillan-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> In contrast, <b>uncertainty</b> refers to the situation whereby the probability of every outcome is unknown and cannot be accurately estimated thus, individuals will often lack sufficient economic information to make an informed decision.<sup id="cite_ref-Palgrave_Macmillan_25-1" class="reference"><a href="#cite_note-Palgrave_Macmillan-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Risk_Attitudes">Risk Attitudes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=8" title="Edit section: Risk Attitudes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>Risk attitude</b> directly influences the behaviour of economic agents during decision-making under uncertainty by altering the individuals' perception towards the valuation and reliability of information within the market.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Stakeholders, particularly managers, will often demonstrate different risk attitudes which dictate their decision-making towards a variety of investments. </p><p>Risk attitude is classified under three main categories: <b>risk aversion</b>, <b>risk neutrality</b> and <b>risk-seeking</b> dispositions. </p><p><a href="/wiki/Risk-averse" class="mw-redirect" title="Risk-averse">Risk-averse</a> managers have a tendency to prefer investments with a low degree of uncertainty that generates relatively lower expected returns, as opposed to those with a high degree of uncertainty that generates relatively higher expected returns.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> They are more likely to choose a decision with a guaranteed outcome that has minimal risk, even if that meant foregoing a payoff that is potentially higher. </p><p><a href="/wiki/Risk-neutral" class="mw-redirect" title="Risk-neutral">Risk-neutral</a> managers primarily focus on maximising the expected outcome irrespective of the level of risk. This indifference fuels their inclination to pursue risky investment decisions only if the potential payoff was greater than the potential losses. While, <a href="/wiki/Risk-seeking" title="Risk-seeking">risk-seeking</a> managers have the tendency to prefer investments with the highest potential return, even if that decision meant undertaking a higher degree of risk. </p> <div class="mw-heading mw-heading2"><h2 id="Information_goods">Information goods</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=9" title="Edit section: Information goods"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Buying and selling information is not the same as buying and selling most other goods. There are three factors that make the economics of buying and selling information different from solid goods: </p><p>First of all, information is non-<a href="/wiki/Rivalrous" class="mw-redirect" title="Rivalrous">rivalrous</a>, which means consuming information does not exclude someone else from also consuming it. A related characteristic that alters information markets is that information has almost zero <a href="/wiki/Marginal_cost" title="Marginal cost">marginal cost</a>. This means that once the first copy exists, it costs nothing or almost nothing to make a second copy. This makes it easy to sell over and over. However, it makes classic marginal cost pricing completely infeasible. </p><p>Second, <a href="/wiki/Excludability" title="Excludability">exclusion</a> is not a natural property of information goods, though it is possible to construct exclusion artificially. However, the nature of information is that if it is known, it is difficult to exclude others from its use. Since information is likely to be both non-rivalrous and non-excludable, it is frequently considered an example of a <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public good</a>. </p><p>Third is that the information market does not exhibit high degrees of transparency. That is, to evaluate the information, the information must be known, so you have to invest in learning it to evaluate it. To evaluate a bit of software you have to learn to use it; to evaluate a movie you have to watch it. </p><p>The importance of these properties is explained by De Long and <a href="/wiki/Michael_Froomkin" title="Michael Froomkin">Froomkin</a> in <a rel="nofollow" class="external text" href="http://osaka.law.miami.edu/~froomkin/articles/newecon.htm">The Next Economy</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Network_effects">Network effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=10" title="Edit section: Network effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Carl_Shapiro" title="Carl Shapiro">Carl Shapiro</a> and <a href="/wiki/Hal_Varian" title="Hal Varian">Hal Varian</a> described <a href="/wiki/Network_effect" title="Network effect">Network effect</a> (also called <b>network externalities</b>) as products gaining additional value from each additional user of that good or service.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Network_effect" title="Network effect">Network effects</a> are externalities in which they provide an immediate benefit when an additional user joins the network, increasing the network size. The total value of the network depends upon the total adopters but carries only a marginal benefit for new users. This leads to a direct network effect for each user's adoption of the good, with an increased incentive for adoption as other user's adopt and join the network.<sup id="cite_ref-Klemperer_P._2018_29-0" class="reference"><a href="#cite_note-Klemperer_P._2018-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The indirect network effect occurs as a complementary goods benefit from the adoption of the initial product.<sup id="cite_ref-Klemperer_P._2018_29-1" class="reference"><a href="#cite_note-Klemperer_P._2018-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>The growth of data is constantly expanding and growing at an exponential rate, however, the application of this data is far lower than the creation of it.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>New data brings about a potential increase in misleading or inaccurate information which can crowd out the correct information. This increase in unverified information is due to the easy and free nature of creating online data, disrupting potential for users from finding sourced and verified data.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Critical_mass">Critical mass</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=11" title="Edit section: Critical mass"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As new networks are developed, early adopters form the <a href="/wiki/Social_dynamics" title="Social dynamics">social dynamics</a> of the greater population and develop product maturity known as <a href="/wiki/Critical_mass_(sociodynamics)" title="Critical mass (sociodynamics)">Critical mass</a>. Product maturity is when they become self-sustaining and is more likely to occur when there are positive cash flows, consistent revenue flows, customer retention and brand engagement.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> To form a following, low initial prices need to be offered, along with widespread marketing to help create the <a href="/wiki/Snowball_effect" title="Snowball effect">snowball effect</a>. </p> <div class="mw-heading mw-heading2"><h2 id="More_information">More information</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=12" title="Edit section: More information"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2001, the Nobel prize in economics was awarded to <a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a>, <a href="/wiki/Michael_Spence" title="Michael Spence">Michael Spence</a>, and <a href="/wiki/Joseph_E._Stiglitz" class="mw-redirect" title="Joseph E. Stiglitz">Joseph E. Stiglitz</a> "for their analyses of markets with asymmetric information".<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Adverse_selection" title="Adverse selection">Adverse selection</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Indigo_Era_(economics)" class="mw-redirect" title="Indigo Era (economics)">Indigo Era (economics)</a></li> <li><a href="/wiki/Information_economy" title="Information economy">Information economy</a></li> <li><a href="/wiki/Moral_hazard" title="Moral hazard">Moral hazard</a></li> <li><a href="/wiki/Product_bundling" title="Product bundling">Product bundling</a></li> <li><a href="/wiki/Screening_(economics)" title="Screening (economics)">Screening</a></li> <li><a href="/wiki/Signaling_(economics)" class="mw-redirect" title="Signaling (economics)">Signaling</a></li> <li><a href="/wiki/Single-crossing_condition" title="Single-crossing condition">Single-crossing condition</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=14" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">• Beth Allen, 1990. "Information as an Economic Commodity," <i>American Economic Review</i>, 80(2), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/2006582">268</a>–273.<br />  • <a href="/wiki/Kenneth_J._Arrow" class="mw-redirect" title="Kenneth J. Arrow">Kenneth J. Arrow</a>, 1999. "Information and the Organization of Industry," ch. 1, in Graciela Chichilnisky <i>Markets, Information, and Uncertainty.</i> Cambridge University Press, pp. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=m6PLCb18RrsC&pg=PA20">20–21</a>.<br />   • _____, 1996. "The Economics of Information: An Exposition," <i>Empirica</i>, 23(2), pp. <a rel="nofollow" class="external text" href="https://link.springer.com/content/pdf/10.1007/BF00925335.pdf">119–128</a>.<br />   • _____, 1984. <i>Collected Papers of Kenneth J. Arrow</i>, v. 4, <i>The Economics of Information</i>. <a rel="nofollow" class="external text" href="http://www.hup.harvard.edu/catalog.php?isbn=9780674137639">Description</a> and chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ZYIiFsrT0dcC&pg=PP9=ONEPAGE">links.</a><br />   • <a href="/wiki/Jean-Jacques_Laffont" title="Jean-Jacques Laffont">Jean-Jacques Laffont</a>, 1989. <i>The Economics of Uncertainty and Information</i>, MIT Press. <a rel="nofollow" class="external text" href="http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=7640">Description</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120125171634/http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=7640">Archived</a> 2012-01-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books/p/harvard?id=7r484x3HVu4C&printsec=find&pg=PR5=#v=onepage&q&f=false">links</a>.</span> </li> <li id="cite_note-Samuelson-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Samuelson_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Samuelson_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Samuelson_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Paul_A._Samuelson" class="mw-redirect" title="Paul A. Samuelson">Samuelson, Paul A.</a>, and <a href="/wiki/William_D._Nordhaus" class="mw-redirect" title="William D. Nordhaus">William D. Nordhaus</a> (2001). <a href="/wiki/Economics_(textbook)" title="Economics (textbook)">Economics</a>, p.194.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Kenneth J. Arrow, 1996. "The Economics of Information: An Exposition," <i>Empirica</i>, 23(2), pp. <a rel="nofollow" class="external text" href="https://link.springer.com/content/pdf/10.1007/BF00925335.pdf">120–21.</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Charles Wilson, 2008. "adverse selection," <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2nd Edition.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">• John O. Ledyard, 2008. "market failure," <i>The New Palgrave Dictionary of Economics</i>, 2nd Ed.<br />   • <a href="/wiki/Armen_A._Alchian" class="mw-redirect" title="Armen A. Alchian">Armen A. Alchian</a> and <a href="/wiki/Harold_Demsetz" title="Harold Demsetz">Harold Demsetz</a>, 1972. "Production, Information Costs, and Economic Organization," <i>American Economic Review</i>, 62(5), pp. <a rel="nofollow" class="external text" href="http://www31.homepage.villanova.edu/peter.zaleski/alchian.pdf">777–795</a>. <br />   • <a href="/wiki/Sanford_J._Grossman" title="Sanford J. Grossman">Sanford J. Grossman</a> and Joseph E. Stiglitz, 1980. "On the Impossibility of Informationally Efficient Markets," <i>American Economic Review</i>, 70(3), pp. <a rel="nofollow" class="external text" href="http://www.aeaweb.org/aer/top20/70.3.393-408.pdf">393–408</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120404144828/http://www.aeaweb.org/aer/top20/70.3.393-408.pdf">Archived</a> 2012-04-04 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.<br />   • <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFStiglitz2008" class="citation encyclopaedia cs1"><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz, Joseph E.</a> (2008). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/Information.html">"Information"</a>. In <a href="/wiki/David_R._Henderson" title="David R. Henderson">David R. Henderson</a> (ed.). <i><a href="/wiki/Concise_Encyclopedia_of_Economics" class="mw-redirect" title="Concise Encyclopedia of Economics">Concise Encyclopedia of Economics</a></i> (2nd ed.). Indianapolis: <a href="/wiki/Library_of_Economics_and_Liberty" class="mw-redirect" title="Library of Economics and Liberty">Library of Economics and Liberty</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0865976658" title="Special:BookSources/978-0865976658"><bdi>978-0865976658</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/237794267">237794267</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Information&rft.btitle=Concise+Encyclopedia+of+Economics&rft.place=Indianapolis&rft.edition=2nd&rft.pub=Library+of+Economics+and+Liberty&rft.date=2008&rft_id=info%3Aoclcnum%2F237794267&rft.isbn=978-0865976658&rft.aulast=Stiglitz&rft.aufirst=Joseph+E.&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FInformation.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span><br />   • _____, 1987. "The Causes and Consequences of the Dependence of Quality on Prices," <i>Journal of Economic Literature</i>, 25(1), pp.<a rel="nofollow" class="external text" href="http://msuweb.montclair.edu/~lebelp/StiglitzCausesDepPrJEL1987.pdf">1–48</a>.<br />   • _____, 2000. "The Contributions of the Economics of Information to Twentieth Century Economics," <i>Quarterly Journal of Economics</i>, 115(4), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/discover/10.2307/2586930?uid=3739936&uid=2&uid=4&uid=3739256&sid=21101231819733">1441</a>–1478.<br />   • _____, 2002. "Information and the Change in the Paradigm in Economics," <i>American Economic Review</i>, 92(3), pp. <a rel="nofollow" class="external text" href="https://www.webdepot.umontreal.ca/Usagers/ozguro/MonDepotPublic/Macro/Stiglitz_Nobel.pdf">460–501</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged December 2017">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>. from <a rel="nofollow" class="external text" href="http://classes.maxwell.syr.edu/ecn611/stiglitz-lecture.pdf"><i>Nobel Prize Lecture</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110510011936/http://classes.maxwell.syr.edu/ecn611/stiglitz-lecture.pdf">Archived</a> 2011-05-10 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, December 8, 2001.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a href="/wiki/Jan_Mycielski" title="Jan Mycielski">Jan Mycielski</a>, 1992. "Games with Perfect Information," <i>Handbook of Game Theory with Economic Applications</i>, v. 1, Elsevier, ch. 3, pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S1574000505800062">41</a>–70.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">• Adam Brandenburger, 2008. "epistemic game theory: complete information," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000258&edition=current&q=">Abstract</a>.<br />   • Sylvain Sorin, 1992. "Repeated Games with Complete Information," <i>Handbook of Game Theory with Economic Applications</i>, v. 1, Elsevier, ch. 4, pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S1574000505800074">71</a>–107.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">• Aviad Heifetz. 2008. "epistemic game theory: incomplete information,"<i>The New Palgrave Dictionary of Economics</i>, 2nd Edition.<br />   • <a href="/wiki/Robert_J._Aumann" class="mw-redirect" title="Robert J. Aumann">Robert J. Aumann</a> and Aviad Heifetz, 2002. "Incomplete Information," <i>Handbook of Game Theory with Economic Applications</i>, v. 3, Elsevier, ch. 43, pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S1574000502030060">1665</a>–1686.<br />   • Shmuel Zamir, 1992. "Repeated Games of Incomplete Information: Zero-Sum," <i>Handbook of Game Theory with Economic Applications</i>, v. 1, Elsevier, ch. 5, pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S1574000505800086">109</a>–154.<br />   • <a href="/wiki/Fran%C3%A7oise_Forges" title="Françoise Forges">Françoise Forges</a>, 1992. "Repeated Games of Incomplete Information: Non-Zero-Sum," <i>Handbook of Game Theory with Economic Applications</i>, v. 1, Elsevier, ch. 6, pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S1574000505800098">155</a>–177.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">• S. S. Lippman, and J. J. McCall, 2001. "Information, Economics of," <i><a href="/wiki/International_Encyclopedia_of_the_Social_%26_Behavioral_Sciences" title="International Encyclopedia of the Social & Behavioral Sciences">International Encyclopedia of the Social & Behavioral Sciences</a></i>, pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080926130228/http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7MRM-4MT09VJ-1KS&_rdoc=16&_hierId=151000134&_refWorkId=21&_explode=151000131,151000134&_fmt=summary&_orig=na&_docanchor=&_idxType=SC&view=c&_ct=28&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=748a6fddc8a0c1b70f58f6d282af81fd">7480</a>–7486.<br />   • Eric Rasmusen, 2007. <i>Games and Information</i>, 4th ed. <a rel="nofollow" class="external text" href="http://www.wiley.com/WileyCDA/WileyTitle/productCd-EHEP001009.html">Description</a> and chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=5XEMuJwnBmUC&dq=gbs_atb&pg=PR5">links.</a><br />   • <a href="/wiki/Charles_R._Plott" class="mw-redirect" title="Charles R. Plott">Charles R. Plott</a> and <a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon L. Smith</a>, 2008. <i>Handbook of Experimental Economics Results</i>, v. 1, Elsevier, Part 2: Market Economics of Uncertainty and Information and Part 4: Games, respectively, chapters 34–40 & 45–66 preview <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science?_ob=PublicationURL&_hubEid=1-s2.0-S1574072207X00015&_cid=277334&_pubType=HS&_auth=y&_acct=C000228598&_version=1&_urlVersion=0&_userid=10&md5=49f8b6d5e3024eac39ed5fad351fe568">links</a>.<br />   • Karl-Gustaf Löfgren, <a href="/wiki/Torsten_Persson" title="Torsten Persson">Torsten Persson</a>, and Jörgen W. Weibull, 2002. "Markets with Asymmetric Information: The Contributions of George Akerlof, Michael Spence and Joseph Stiglitz," <i>Scandinavian Journal of Economics</i>, 104(2), pp. <a rel="nofollow" class="external text" href="http://emilyskarbek.com/uploads/Asymmetic_Information_-_Contributions_of_Akerlof_Spence_and_Stiglitz.pdf">195–211</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425122327/http://emilyskarbek.com/uploads/Asymmetic_Information_-_Contributions_of_Akerlof_Spence_and_Stiglitz.pdf">Archived</a> 2012-04-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">• <a href="/wiki/Roger_B._Myerson" class="mw-redirect" title="Roger B. Myerson">Roger B. Myerson</a>, 2008. "mechanism design," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition.<br />   • _____, 2008. "revelation," principle," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition.<br />   • _____, 2008. "Perspectives on Mechanism Design in Economic Theory," <i>American Economic Review</i>, 98(3), pp. <a rel="nofollow" class="external text" href="https://www2.bc.edu/~chemmanu/phdfincorp/MF891%20papers/Myerson%202008%20AER.pdf">586–603</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120525131109/https://www2.bc.edu/~chemmanu/phdfincorp/MF891%20papers/Myerson%202008%20AER.pdf">Archived</a> 2012-05-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Revised from Nobel-prize lecture.<br />   • <a href="/wiki/Noam_Nisan" title="Noam Nisan">Noam Nisan</a> and Amir Ronen, 2001. "Algorithmic Mechanism Design," <i>Games and Economic Behavior</i>, 35(1–2), pp. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S089982569990790X">166</a>–196.</span> </li> <li id="cite_note-:2-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-:2_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:2_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLippmanMcCall2001" class="citation cs2">Lippman, S. S.; McCall, J. J. (2001-01-01), <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/B0080430767022440">"Information, Economics of"</a>, in Smelser, Neil J.; Baltes, Paul B. (eds.), <i>International Encyclopedia of the Social & Behavioral Sciences</i>, Oxford: Pergamon, pp. 7480–7486, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fb0-08-043076-7%2F02244-0">10.1016/b0-08-043076-7/02244-0</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-08-043076-8" title="Special:BookSources/978-0-08-043076-8"><bdi>978-0-08-043076-8</bdi></a><span class="reference-accessdate">, retrieved <span class="nowrap">2022-05-02</span></span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Information%2C+Economics+of&rft.btitle=International+Encyclopedia+of+the+Social+%26+Behavioral+Sciences&rft.place=Oxford&rft.pages=7480-7486&rft.pub=Pergamon&rft.date=2001-01-01&rft_id=info%3Adoi%2F10.1016%2Fb0-08-043076-7%2F02244-0&rft.isbn=978-0-08-043076-8&rft.aulast=Lippman&rft.aufirst=S.+S.&rft.au=McCall%2C+J.+J.&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FB0080430767022440&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.weforum.org/agenda/2017/09/the-value-of-data/">"The Value of Data"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Value+of+Data&rft_id=https%3A%2F%2Fwww.weforum.org%2Fagenda%2F2017%2F09%2Fthe-value-of-data%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">• F. A. Hayek, 1945. "The Use of Knowledge in Society," <i>American Economic Review</i>, 35(4), pp. <a rel="nofollow" class="external text" href="http://home.uchicago.edu/~vlima/courses/econ200/spring01/hayek.pdf">519–530</a>.<br />   • _____, 1948. <i>Individualism and Economic Order</i>, Chicago. <a rel="nofollow" class="external text" href="http://www.press.uchicago.edu/ucp/books/book/chicago/I/bo5939968.html">Description</a> and chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=kr2YmpGamZIC&pg=PR7=GBS_ATB">links.</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a href="/wiki/Sytse_Douma" title="Sytse Douma">Sytse Douma</a> & <a href="/wiki/Hein_Schreuder" title="Hein Schreuder">Hein Schreuder</a> (2013) "<a rel="nofollow" class="external text" href="http://catalogue.pearsoned.co.uk/educator/product/Economic-Approaches-to-Organisations/9780273735298.page">Economic Approaches to Organizations"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150515235236/http://catalogue.pearsoned.co.uk/educator/product/Economic-Approaches-to-Organisations/9780273735298.page">Archived</a> 2015-05-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, 5th edition, London: Pearson</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://courses.lumenlearning.com/boundless-economics/chapter/sources-of-inefficiency/">"Sources of Inefficiency"</a>. <i>LumenLearning</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=LumenLearning&rft.atitle=Sources+of+Inefficiency&rft_id=https%3A%2F%2Fcourses.lumenlearning.com%2Fboundless-economics%2Fchapter%2Fsources-of-inefficiency%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-:0-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBag2018" class="citation book cs1">Bag, Sugata (2018). <a rel="nofollow" class="external text" href="http://link.springer.com/10.1007/978-3-319-65268-9"><i>Economic Analysis of Contract Law</i></a>. Cham: Springer International Publishing. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-3-319-65268-9">10.1007/978-3-319-65268-9</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-319-65267-2" title="Special:BookSources/978-3-319-65267-2"><bdi>978-3-319-65267-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+Analysis+of+Contract+Law&rft.place=Cham&rft.pub=Springer+International+Publishing&rft.date=2018&rft_id=info%3Adoi%2F10.1007%2F978-3-319-65268-9&rft.isbn=978-3-319-65267-2&rft.aulast=Bag&rft.aufirst=Sugata&rft_id=http%3A%2F%2Flink.springer.com%2F10.1007%2F978-3-319-65268-9&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-:1-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_17-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:1_17-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:1_17-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:1_17-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text">George Akerlof, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," <i>Quarterly Journal of Economics</i>, 84(3), pp. <a rel="nofollow" class="external text" href="https://viterbi-web.usc.edu/~shaddin/cs590fa13/papers/AkerlofMarketforLemons.pdf">488–500</a>.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZavolokinaMiscioneSchwabe2020" class="citation journal cs1">Zavolokina, Liudmila; Miscione, Gianluca; Schwabe, Gerhard (2020-06-01). <a rel="nofollow" class="external text" href="https://doi.org/10.1007/s12525-019-00380-9">"Buyers of 'lemons': How can a blockchain platform address buyers' needs in the market for 'lemons'?"</a>. <i>Electronic Markets</i>. <b>30</b> (2): 227–239. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs12525-019-00380-9">10.1007/s12525-019-00380-9</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10197%2F11240">10197/11240</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1422-8890">1422-8890</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:212872163">212872163</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Electronic+Markets&rft.atitle=Buyers+of+%27lemons%27%3A+How+can+a+blockchain+platform+address+buyers%27+needs+in+the+market+for+%27lemons%27%3F&rft.volume=30&rft.issue=2&rft.pages=227-239&rft.date=2020-06-01&rft_id=info%3Ahdl%2F10197%2F11240&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A212872163%23id-name%3DS2CID&rft.issn=1422-8890&rft_id=info%3Adoi%2F10.1007%2Fs12525-019-00380-9&rft.aulast=Zavolokina&rft.aufirst=Liudmila&rft.au=Miscione%2C+Gianluca&rft.au=Schwabe%2C+Gerhard&rft_id=https%3A%2F%2Fdoi.org%2F10.1007%2Fs12525-019-00380-9&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBochetSiegenthaler2021" class="citation journal cs1">Bochet, Olivier; Siegenthaler, Simon (2021-05-01). <a rel="nofollow" class="external text" href="https://pubs.aeaweb.org/doi/10.1257/mic.20170087">"Competition and Price Transparency in the Market for Lemons: Experimental Evidence"</a>. <i>American Economic Journal: Microeconomics</i>. <b>13</b> (2): 113–140. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fmic.20170087">10.1257/mic.20170087</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1945-7669">1945-7669</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Journal%3A+Microeconomics&rft.atitle=Competition+and+Price+Transparency+in+the+Market+for+Lemons%3A+Experimental+Evidence&rft.volume=13&rft.issue=2&rft.pages=113-140&rft.date=2021-05-01&rft_id=info%3Adoi%2F10.1257%2Fmic.20170087&rft.issn=1945-7669&rft.aulast=Bochet&rft.aufirst=Olivier&rft.au=Siegenthaler%2C+Simon&rft_id=https%3A%2F%2Fpubs.aeaweb.org%2Fdoi%2F10.1257%2Fmic.20170087&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWeisburd2015" class="citation journal cs1">Weisburd, Sarit (May 2015). <a rel="nofollow" class="external text" href="https://dx.doi.org/10.1162/rest_a_00448">"Identifying Moral Hazard in Car Insurance Contracts"</a>. <i>Review of Economics and Statistics</i>. <b>97</b> (2): 301–313. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1162%2Frest_a_00448">10.1162/rest_a_00448</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0034-6535">0034-6535</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:57559397">57559397</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Economics+and+Statistics&rft.atitle=Identifying+Moral+Hazard+in+Car+Insurance+Contracts&rft.volume=97&rft.issue=2&rft.pages=301-313&rft.date=2015-05&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A57559397%23id-name%3DS2CID&rft.issn=0034-6535&rft_id=info%3Adoi%2F10.1162%2Frest_a_00448&rft.aulast=Weisburd&rft.aufirst=Sarit&rft_id=http%3A%2F%2Fdx.doi.org%2F10.1162%2Frest_a_00448&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaranoffSager2008" class="citation journal cs1">Baranoff, Etti G; Sager, Thomas W (2008-12-29). <a rel="nofollow" class="external text" href="https://doi.org/10.1057%2Fgpp.2008.40">"The Impact of Mortgage-Backed Securities on Capital Requirements of Life Insurers in the Financial Crisis of 2007–2008"</a>. <i>The Geneva Papers on Risk and Insurance - Issues and Practice</i>. <b>34</b> (1): 100–118. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1057%2Fgpp.2008.40">10.1057/gpp.2008.40</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1018-5895">1018-5895</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154456091">154456091</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Geneva+Papers+on+Risk+and+Insurance+-+Issues+and+Practice&rft.atitle=The+Impact+of+Mortgage-Backed+Securities+on+Capital+Requirements+of+Life+Insurers+in+the+Financial+Crisis+of+2007%E2%80%932008&rft.volume=34&rft.issue=1&rft.pages=100-118&rft.date=2008-12-29&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154456091%23id-name%3DS2CID&rft.issn=1018-5895&rft_id=info%3Adoi%2F10.1057%2Fgpp.2008.40&rft.aulast=Baranoff&rft.aufirst=Etti+G&rft.au=Sager%2C+Thomas+W&rft_id=https%3A%2F%2Fdoi.org%2F10.1057%252Fgpp.2008.40&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><a href="/wiki/Bengt_Holmstrom" class="mw-redirect" title="Bengt Holmstrom">Bengt Holmstrom</a>, 1979. "Moral Hazard and Observability", <i>Bell Journal of Economics</i>, 10(1), pp. <a rel="nofollow" class="external text" href="http://www.econ.yale.edu/~dirkb/teach/pdf/holmstrom/1979%20moral%20hazard.pdf">74–91</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120407041915/http://www.econ.yale.edu/~dirkb/teach/pdf/holmstrom/1979%20moral%20hazard.pdf">Archived</a> 2012-04-07 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Michael A. Spence, 1973. "Job Market Signaling," <i>Quarterly Journal of Economics</i>, 83(3), pp. <a rel="nofollow" class="external text" href="http://www.columbia.edu/itc/sipa/u8216-03/PDF/Michael%20Spence%20-%20Job%20Market%20Signalling,%20Quarterly%20Journal%20of%20Economics%20(1973).pdf">355–377.</a></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">Joseph E. Stiglitz, 1975. "The Theory of 'Screening', Education, and the Distribution of Income," <i>American Economic Review</i>,65(3), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/1804834">283</a>–300.</span> </li> <li id="cite_note-Palgrave_Macmillan-25"><span class="mw-cite-backlink">^ <a href="#cite_ref-Palgrave_Macmillan_25-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Palgrave_Macmillan_25-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPark2017" class="citation book cs1">Park, K. Francis (28 July 2017). <i>Risk and Uncertainty - The Palgrave Encyclopedia of Strategic Management</i>. London: Palgrave Macmillan. pp. 1–7. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-349-94848-2" title="Special:BookSources/978-1-349-94848-2"><bdi>978-1-349-94848-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Risk+and+Uncertainty+-+The+Palgrave+Encyclopedia+of+Strategic+Management&rft.place=London&rft.pages=1-7&rft.pub=Palgrave+Macmillan&rft.date=2017-07-28&rft.isbn=978-1-349-94848-2&rft.aulast=Park&rft.aufirst=K.+Francis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWijayaratnaDixit2016" class="citation journal cs1">Wijayaratna, Kasun; Dixit, Vinayak (September 2016). <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/308351164">"Impact of information on risk attitudes: Implications on valuation of reliability and information"</a>. <i>Journal of Choice Modelling</i>. <b>20</b>: 16–34. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jocm.2016.09.004">10.1016/j.jocm.2016.09.004</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Choice+Modelling&rft.atitle=Impact+of+information+on+risk+attitudes%3A+Implications+on+valuation+of+reliability+and+information&rft.volume=20&rft.pages=16-34&rft.date=2016-09&rft_id=info%3Adoi%2F10.1016%2Fj.jocm.2016.09.004&rft.aulast=Wijayaratna&rft.aufirst=Kasun&rft.au=Dixit%2C+Vinayak&rft_id=https%3A%2F%2Fwww.researchgate.net%2Fpublication%2F308351164&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWerner2017" class="citation book cs1">Werner, Jan (17 August 2017). <i>Risk Aversion - The New Palgrave Dictionary of Economics</i>. London: Palgrave Macmillan. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-78676-5" title="Special:BookSources/978-0-333-78676-5"><bdi>978-0-333-78676-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Risk+Aversion+-+The+New+Palgrave+Dictionary+of+Economics&rft.place=London&rft.pub=Palgrave+Macmillan&rft.date=2017-08-17&rft.isbn=978-0-333-78676-5&rft.aulast=Werner&rft.aufirst=Jan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarl_ShapiroHal_R._Varian1999" class="citation book cs1">Carl Shapiro; Hal R. Varian (1999). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/39210116"><i>Information rules : a strategic guide to the network economy</i></a>. Boston, Mass.: Harvard Business School Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-87584-863-X" title="Special:BookSources/0-87584-863-X"><bdi>0-87584-863-X</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/39210116">39210116</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Information+rules+%3A+a+strategic+guide+to+the+network+economy&rft.place=Boston%2C+Mass.&rft.pub=Harvard+Business+School+Press&rft.date=1999&rft_id=info%3Aoclcnum%2F39210116&rft.isbn=0-87584-863-X&rft.au=Carl+Shapiro&rft.au=Hal+R.+Varian&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F39210116&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-Klemperer_P._2018-29"><span class="mw-cite-backlink">^ <a href="#cite_ref-Klemperer_P._2018_29-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Klemperer_P._2018_29-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Klemperer P. (2018) Network Goods (Theory). In: Macmillan Publishers Ltd (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGreaton2019" class="citation web cs1">Greaton, Timothy (23 December 2019). <a rel="nofollow" class="external text" href="https://insights.nikkoam.com/articles/2019/12/whats_causing_the_exponential">"What's causing the exponential growth of data?"</a>. <i>Nikko Asset Management</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Nikko+Asset+Management&rft.atitle=What%27s+causing+the+exponential+growth+of+data%3F&rft.date=2019-12-23&rft.aulast=Greaton&rft.aufirst=Timothy&rft_id=https%3A%2F%2Finsights.nikkoam.com%2Farticles%2F2019%2F12%2Fwhats_causing_the_exponential&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKoutroumpis2009" class="citation journal cs1">Koutroumpis, Pantelis (8 August 2009). "The economic impact of broadband on growth: A simultaneous approach". <i>Telecommunications Policy</i>. <b>33</b> (9): 471–485. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.telpol.2009.07.004">10.1016/j.telpol.2009.07.004</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Telecommunications+Policy&rft.atitle=The+economic+impact+of+broadband+on+growth%3A+A+simultaneous+approach&rft.volume=33&rft.issue=9&rft.pages=471-485&rft.date=2009-08-08&rft_id=info%3Adoi%2F10.1016%2Fj.telpol.2009.07.004&rft.aulast=Koutroumpis&rft.aufirst=Pantelis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKim2017" class="citation web cs1">Kim, Henry (29 March 2017). <a rel="nofollow" class="external text" href="https://medium.com/@h27kim/when-bad-information-crowds-out-the-good-cdd208ba5cb7">"When Bad Information Crowds out the Good"</a>. <i>Medium</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Medium&rft.atitle=When+Bad+Information+Crowds+out+the+Good&rft.date=2017-03-29&rft.aulast=Kim&rft.aufirst=Henry&rft_id=https%3A%2F%2Fmedium.com%2F%40h27kim%2Fwhen-bad-information-crowds-out-the-good-cdd208ba5cb7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.interaction-design.org/literature/article/how-to-achieve-critical-mass-for-a-product-launch">"How to Achieve Critical Mass for a Product Launch"</a>. <i>Interaction Design Foundation</i>. September 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Interaction+Design+Foundation&rft.atitle=How+to+Achieve+Critical+Mass+for+a+Product+Launch&rft.date=2020-09&rft_id=https%3A%2F%2Fwww.interaction-design.org%2Fliterature%2Farticle%2Fhow-to-achieve-critical-mass-for-a-product-launch&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://nobelprize.org/nobel_prizes/economics/laureates/2001/">"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001"</a>. <i>nobelprize.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">10 April</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=nobelprize.org&rft.atitle=The+Sveriges+Riksbank+Prize+in+Economic+Sciences+in+Memory+of+Alfred+Nobel+2001&rft_id=http%3A%2F%2Fnobelprize.org%2Fnobel_prizes%2Feconomics%2Flaureates%2F2001%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInformation+economics" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=15" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Papers">Papers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=16" title="Edit section: Papers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Bakos, Yannis and Brynjolfsson, Erik 2000. "Bundling and Competition on the Internet: Aggregation Strategies for Information Goods" <i>Marketing Science</i> Vol. 19, No. 1 pp. 63–82.</li> <li>Bakos, Yannis and Brynjolfsson, Erik 1999. "Bundling Information Goods: Pricing, Profits and Efficiency" <i>Management Science,</i> Vol. 45, No. 12 pp. 1613–1630</li> <li>Brynjolfsson, Erik, and Saunders, Adam, 2009. "Wired for Innovation: How information technology is reshaping the economy", <a rel="nofollow" class="external autonumber" href="https://web.archive.org/web/20091024064832/http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=11848">[1]</a>, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-262-01366-5" title="Special:BookSources/0-262-01366-5">0-262-01366-5</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-262-01366-6" title="Special:BookSources/978-0-262-01366-6">978-0-262-01366-6</a></li> <li><a href="/wiki/Andreu_Mas-Colell" title="Andreu Mas-Colell">Mas-Colell, Andreu</a>; Michael D. Whinston, and Jerry R. Green, 1995, <i>Microeconomic Theory</i>. Oxford University Press. Chapters 13 and 14 discuss applications of <a href="/wiki/Adverse_selection" title="Adverse selection">adverse selection</a> and <a href="/wiki/Moral_hazard" title="Moral hazard">moral hazard</a> models to <a href="/wiki/Contract_theory" title="Contract theory">contract theory</a>.</li> <li><a href="/wiki/Paul_Milgrom" title="Paul Milgrom">Milgrom, Paul R.</a>, 1981. "Good News and Bad News: Representation Theorems and Applications," <i>Bell Journal of Economics</i>, 12(2), pp. <a rel="nofollow" class="external text" href="https://www.msu.edu/~conlinmi/teaching/EC860/voluntarydisclosure/milgrom1981belljournal.pdf">380–391.</a></li> <li><a href="/wiki/Philip_Nelson_(professor)" class="mw-redirect" title="Philip Nelson (professor)">Nelson, Phillip</a>, 1970. "Information and Consumer Behavior," <i>Journal of Political Economy</i>, 78(2), p <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/1830691">p. 311</a>–329.</li> <li>_____, 1974. "Advertising as Information," <i>Journal of Political Economy</i>, 82(4), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100613013252/http://comm.psu.edu/about/centers/don-davis-program-in-ethical-leadership/09adInfo.pdf">729–754. Technology</a>, 978-0134645957</li> <li><a href="/wiki/Christopher_A._Pissarides" title="Christopher A. Pissarides">Pissarides, C. A.</a>, 2001. "Search, Economics of," <i>International Encyclopedia of the Social & Behavioral Sciences</i>, pp. 13760–13768. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090324090358/http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7MRM-4MT09VJ-32F&_rdoc=27&_hierId=151000134&_refWorkId=21&_explode=151000131,151000134&_fmt=high&_orig=na&_docanchor=&_idxType=SC&view=c&_ct=28&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=c5208bb5af455b336d71f75b6472a94c">Abstract.</a></li> <li><a href="/wiki/Michael_Rothschild" title="Michael Rothschild">Rothschild, Michael</a> and Joseph Stiglitz, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," <i>Quarterly Journal of Economics</i>, 90(4), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110513141446/http://porter.ssc.upenn.edu/~hfang/teaching/socialinsurance/readings/fudan_hsbc/Rothschild_Stiglitz76(2.2).pdf">629–649.</a></li> <li><a href="/wiki/Carl_Shapiro" title="Carl Shapiro">Shapiro, Carl</a>, and <a href="/wiki/Hal_R._Varian" class="mw-redirect" title="Hal R. Varian">Hal R. Varian</a>, 1999. <i>Information Rules: A Strategic Guide to the Network Economy</i>. Harvard University Press. <a rel="nofollow" class="external text" href="http://hbr.org/product/information-rules-a-strategic-guide-to-the-network/an/863X-HBK-ENG">Description</a> and scroll to chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=aE_J4Iv_PVEC&q=%22Information+Rules:+A+Strategic+Guide+to+the+Network+Economy%22">links.</a></li> <li><a href="/wiki/George_J._Stigler" class="mw-redirect" title="George J. Stigler">Stigler, George J.</a>, 1961. "The Economics of Information," <i>Journal of Political Economy</i>, 69(3), pp. <a rel="nofollow" class="external text" href="http://home.uchicago.edu/~vlima/courses/econ200/spring01/stigler.pdf">213–225.</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz, Joseph E.</a> and <a href="/wiki/Andrew_Weiss_(economist)" title="Andrew Weiss (economist)">Andrew Weiss</a>, 1981. "Credit Rationing in Markets with Imperfect Information," <i>American Economic Review</i>, 71(3), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110719175047/http://leeds-faculty.colorado.edu/yungc/Doctoral%20Course/PhD%20papers/stiglitz.pdf">393–410.</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Monographs">Monographs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=17" title="Edit section: Monographs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Birchler, Urs, and Monika Bütler, 2007. <i>Information Economics</i>. London, Routledge. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-37346-3" title="Special:BookSources/978-0-415-37346-3">978-0-415-37346-3</a>. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=alSXCzWQmKcC&q=Birchler,+U.W.,+and+M.+B%C3%BCtler+(2007).+%22Information+Economics%22">Description</a> and chapter-arrow-page links, pp. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=alSXCzWQmKcC&pg=PR7">vii</a>-<a rel="nofollow" class="external text" href="https://books.google.com/books?id=alSXCzWQmKcC&pg=PR11">xi.</a></li> <li><a href="/wiki/Douma,_Sytse" class="mw-redirect" title="Douma, Sytse">Douma, Sytse</a> and <a href="/wiki/Hein_Schreuder" title="Hein Schreuder">Hein Schreuder</a>, 2013. "Economic Approaches to Organizations". 5th edition. London: Pearson <a rel="nofollow" class="external autonumber" href="http://catalogue.pearsoned.co.uk/educator/product/Economic-Approaches-to-Organisations/9780273735298.page">[2]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150515235236/http://catalogue.pearsoned.co.uk/educator/product/Economic-Approaches-to-Organisations/9780273735298.page">Archived</a> 2015-05-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0273735292" title="Special:BookSources/0273735292">0273735292</a> • <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780273735298" title="Special:BookSources/9780273735298">9780273735298</a></li> <li>Maasoumi, Esfandiar, 1987. "Information theory," <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>, v. 2, pp. 846–51.</li> <li>Marilyn M. Parker, Robert J. Benson, H.E. Trainor, 1988, <a rel="nofollow" class="external text" href="http://www.palgrave-journals.com/jit/journal/v5/n1/abs/jit199013a.html">Information Economics: Linking Business Performance to Information</a></li> <li><a href="/wiki/Henri_Theil" title="Henri Theil">Theil, Henri</a>, 1967. <i>Economics and Information Theory</i>. Amsterdam, North Holland.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Dictionaries">Dictionaries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=18" title="Edit section: Dictionaries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2008. 2nd Edition, selected entries:</li></ul> <dl><dd>"bubbles" by <a href="/wiki/Markus_K._Brunnermeier" class="mw-redirect" title="Markus K. Brunnermeier">Markus K. Brunnermeier</a></dd> <dd>"information aggregation and prices" by James Jordan.</dd> <dd>"information cascades,"] by Sushil Bikhchandani, David Hirshleifer, and Ivo Welch.</dd> <dd>"information sharing among firms" by Xavier Vives.</dd> <dd>"information technology and the world economy"] by <a href="/wiki/Dale_W._Jorgenson" title="Dale W. Jorgenson">Dale W. Jorgenson</a> and Khuong Vu.</dd> <dd>"insider trading" by Andrew Metrick.</dd> <dd>"learning and information aggregation in networks"] by Douglas Gale and Shachar Kariv.</dd> <dd>"mechanism design" by <a href="/wiki/Roger_B._Myerson" class="mw-redirect" title="Roger B. Myerson">Roger B. Myerson</a>.</dd> <dd>"revelation principle" by Roger B. Myerson.</dd> <dd>"monetary business cycles (imperfect information)"] by <a href="/wiki/Christian_Hellwig" title="Christian Hellwig">Christian Hellwig</a>.</dd> <dd>"prediction markets" by Justin Wolfers and Eric Zitzewitz.</dd> <dd>"social networks in labour markets" by Antoni Calvó-Armengo and Yannis M. Ioannides.</dd> <dd>"strategic and extensive form games" by Martin J. Osborne.</dd></dl> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Information_economics&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Information_economics" class="extiw" title="commons:Category:Information economics">Information economics</a> at Wikimedia Commons</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Microeconomics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Microeconomics" title="Template:Microeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Microeconomics" title="Template talk:Microeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a class="mw-selflink selflink">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q1394203#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4161671-6">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://catalogo.bne.es/uhtbin/authoritybrowse.cgi?action=display&authority_id=XX554160">Spain</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://lod.nl.go.kr/resource/KSH2004041010">Korea</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Information_economics&oldid=1258968844">https://en.wikipedia.org/w/index.php?title=Information_economics&oldid=1258968844</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Information_economics" title="Category:Information economics">Information economics</a></li><li><a href="/wiki/Category:Asymmetric_information" title="Category:Asymmetric information">Asymmetric information</a></li><li><a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Microeconomics</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:All_articles_with_dead_external_links" title="Category:All articles with dead external links">All articles with dead external links</a></li><li><a href="/wiki/Category:Articles_with_dead_external_links_from_December_2017" title="Category:Articles with dead external links from December 2017">Articles with dead external links from December 2017</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Articles_with_excerpts" title="Category:Articles with excerpts">Articles with excerpts</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_September_2009" title="Category:Articles with unsourced statements from September 2009">Articles with unsourced statements from September 2009</a></li><li><a href="/wiki/Category:Commons_category_link_is_on_Wikidata" title="Category:Commons category link is on Wikidata">Commons category link is on Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 22 November 2024, at 17:03<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Information_economics&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-ffqzr","wgBackendResponseTime":172,"wgPageParseReport":{"limitreport":{"cputime":"0.653","walltime":"0.956","ppvisitednodes":{"value":3339,"limit":1000000},"postexpandincludesize":{"value":95747,"limit":2097152},"templateargumentsize":{"value":2755,"limit":2097152},"expansiondepth":{"value":17,"limit":100},"expensivefunctioncount":{"value":7,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":119408,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 819.783 1 -total"," 29.40% 241.035 1 Template:Reflist"," 22.29% 182.733 1 Template:Economics_sidebar"," 21.86% 179.195 1 Template:Sidebar_with_collapsible_lists"," 13.09% 107.272 1 Template:Authority_control"," 10.39% 85.197 1 Template:Cite_encyclopedia"," 8.44% 69.201 1 Template:Short_description"," 6.91% 56.677 2 Template:Fix"," 6.91% 56.672 1 Template:Excerpt"," 5.27% 43.209 1 Template:Microeconomics"]},"scribunto":{"limitreport-timeusage":{"value":"0.394","limit":"10.000"},"limitreport-memusage":{"value":7976790,"limit":52428800},"limitreport-logs":"table#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\n"},"cachereport":{"origin":"mw-api-ext.codfw.main-7556f8b5dd-r48k7","timestamp":"20241122170352","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Information economics","url":"https:\/\/en.wikipedia.org\/wiki\/Information_economics","sameAs":"http:\/\/www.wikidata.org\/entity\/Q1394203","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q1394203","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2005-01-19T03:19:42Z","dateModified":"2024-11-22T17:03:51Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/8\/8c\/Supply-demand-equilibrium.svg","headline":"branch of microeconomic theory that studies how information affects economics"}</script> </body> </html>