IDEAS home Printed from https://ideas.repec.org/a/bla/jamest/v40y1989i2p68-85.html
   My bibliography  Save this article

The value of information: Approaches in economics, accounting, and management science

Author

Listed:
  • Aatto J. Repo

Abstract

This article reviews and analyzes research performed by economists, accounting researchers and management scientists in the field of economics of information. The main emphasis is on approaches taken to describe and measure the value of information. Economists define information as a phenomenon to reduce uncertainty and it is usually studied in terms of exchange values. Information markets and products, as well as information as a public good, are described. The approaches to the value of information favored by economists are (1) statistical decision theory approach, (2) equilibrium theory approach, (3) multidimensional value approach, and (4) cognitive approach. These approaches are discussed and concluded with cost‐benefit and value considerations of information. Some empirical studies are also presented. It is concluded that economic approaches based on ‘information theory’ have not achieved significant practical results in a general sense, but ‘classical’ economic approaches can and should be used in describing information products (and services) in terms of exchange values, as has been the case with other goods. But the cognitive approach, with analysis of the tasks performed, should be used simultaneously for describing the value‐in‐use of information. © 1989 John Wiley & Sons, Inc.

Suggested Citation

  • Aatto J. Repo, 1989. "The value of information: Approaches in economics, accounting, and management science," Journal of the American Society for Information Science, Association for Information Science & Technology, vol. 40(2), pages 68-85, March.
  • Handle: RePEc:bla:jamest:v:40:y:1989:i:2:p:68-85
    DOI: 10.1002/(SICI)1097-4571(198903)40:23.0.CO;2-J
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/(SICI)1097-4571(198903)40:23.0.CO;2-J
    Download Restriction: no

    File URL: https://libkey.io/10.1002/(SICI)1097-4571(198903)40:23.0.CO;2-J?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nani, Albi, 2023. "Valuing big data: An analysis of current regulations and proposal of frameworks," International Journal of Accounting Information Systems, Elsevier, vol. 51(C).
    2. T. Dolney, 2015. "From Mylar to map documents: GIS AML inventory for abandoned coal mine investigations," International Journal of Data Mining, Modelling and Management, Inderscience Enterprises Ltd, vol. 7(1), pages 39-59.
    3. Amos Golan & Spiro Stefanou, 2024. "Potential Value of Data and Free Access to Data," Working Papers 2024-008, Human Capital and Economic Opportunity Working Group.
    4. Pau, L-F., 2003. "The business Challenges In Communicating, Mobile Or Otherwise," ERIM Inaugural Address Series Research in Management EIA-2002-14-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam..
    5. Leddin, Clare & Morse-McNabb, Elizabeth & Smith, Kevin & Ho, Christie & Jacobs, Joseph, 2023. "How can improved farmer decisions and farm system impacts resulting from the use of digital forage measurement technologies on dairy farms be valued?," Agricultural Systems, Elsevier, vol. 212(C).
    6. Pau, L. -F., 2002. "The communications and information economy: issues, tariffs and economics research areas," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1651-1675, August.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jamest:v:40:y:1989:i:2:p:68-85. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.asis.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.