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The terms: The parameters of information economics

In: The Elgar Companion to Information Economics

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  • Sandra Braman

Abstract

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

Suggested Citation

  • Sandra Braman, 2024. "The terms: The parameters of information economics," Chapters, in: Daphne R. Raban & Julia WÅ‚odarczyk (ed.), The Elgar Companion to Information Economics, chapter 25, pages 506-534, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21115_25
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802203967.00037
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