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Information Value and Interregional Input-Output Structure

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  • Takita, Toshiaki

Abstract

This paper establishes an economic theory of information value and volume that differs from Shannon’s mathematical theory of communication (Shannon, 1948). The economics of information should be recognized as an important frontier field of economics to explore the 4th industrial revolution including Internet of the things (IoT) and artificial intelligence (AI). However, we need to construct an fundamental way to analyse information flow and stock. Because of this, the value of information goods as a non-market or market good is measured as agents’ willingness to pay (WTP) for travel and telecommunication from the overall viewpoint of transportation and telecommunication economics. And we construct an economic model for analysing the information flow between head and branch offices. This firms’ total profit is maximized by optimally imputing the amount of time which employees devote to collecting and processing internal and external information. Here, factors of production are internal and external information flows and stock information. Finally we propose information inputoutput table explaining inter-regional information flow of the sample economic model.

Suggested Citation

  • Takita, Toshiaki, 2017. "Information Value and Interregional Input-Output Structure," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168545, International Telecommunications Society (ITS).
    • Handle: RePEc:zbw:itsp17:168545
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    References listed on IDEAS

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    1. Pantea, Smaranda & Sabadash, Anna & Biagi, Federico, 2017. "Are ICT displacing workers in the short run? Evidence from seven European countries," Information Economics and Policy, Elsevier, vol. 39(C), pages 36-44.
    2. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
    3. DeSerpa, Allan C., 1973. "Microeconomic theory and the valuation of travel time: Some clarification," Regional and Urban Economics, Elsevier, vol. 2(4), pages 401-410.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    value of information; information flow; willingness to pay; value of time; face-to-face communication; telecommunication information input–output table; head office; branch offices Firm behaviour; Spatial economic model;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • J29 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Other
    • L63 - Industrial Organization - - Industry Studies: Manufacturing - - - Microelectronics; Computers; Communications Equipment
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods
    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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