Characteristic of Information
• Expandable• Compressible• Substitutable• Transportable• Diffusive and • Shareable
Information Economics
• economics of information is different in several ways from the economics of classic goods and services
Properties of Information
• has large fixed costs of producing the first unit and relatively lower marginal costs for producing additional units
• value of information depends on when it is sold• when sold is still retained by the seller• information can be enjoyed by more than one
consumer• without a decrease in the amount produced
Information as a Public Good
• Exclusionary• Non-exclusionary
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