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" In the second place, there is a fundamental paradox in the determination of demand for information; its value for the purchaser is not known until he has the information, but then he has in effect acquired it without cost. "
Ökonomie der Information - Page 32
by Frank Linde - 2005 - 153 pages
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An Institutionalist Guide to Economics and Public Policy

David E. McNabb, Marc R. Tool - Business & Economics - 2006 - 344 pages
...Arrow, in observing such possibilities, has alleged a "Fundamental Paradox in the Determination of the Demand for Information": "Its value for the purchaser is not known until he has the information."17 And if he already has the information, why should he pay for it? The reverse of the...
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Doing Deals: Investment Banks at Work

Robert G. Eccles - Business & Economics - 1988 - 273 pages
Doing Deals is an in-depth explanation of the unique management style of investment banks. Represented are insights drawn from 17 U.S. investment banks, 21 issuing customers ...
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Consumer Safety Regulation : Putting a Price on Life and Limb: Putting a ...

Peter Asch Professor of Economics Rutgers University - Business & Economics - 1988 - 190 pages
...information can be known with certainty only by those who already have it. In Arrow's (1962, p. 615) words: There is a fundamental paradox in the determination...information, but then he has in effect acquired it without cost. This problem may manifest itself in somewhat different ways. A consumer might purchase information...
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Internationalisierung der Wirtschaft und der Wirtschaftspolitik

1990 - 290 pages
...(1981), RUGMAN (1980), 14 This refers to ARROW'S "information paradox". The value of an information "for the purchaser is not known until he has the information. but then he has in effect acquired it without costs". (ARROW 1971: 152). 15 He explicitly recurs to COASE (1937), PAPANDREOU (1952: 183-222) and...
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Technological Competition in Global Industries: Marketing and Planning ...

David T. Methé - Business & Economics - 1991 - 228 pages
...information. The paradox is that, for the adopter of the innovation, the informational component's value "is not known until he has the information, but then he has in effect acquired it without cost" (Arrow, 1971, p. 152). This leads us directly into the intellectual property rights issue of...
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Explaining Process and Change: Approaches to Evolutionary Economics

Ulrich Witt - Business & Economics - 1992 - 184 pages
...deviations are not at a minimum. However, the neoclassical answer to the problem of information had to face "a fundamental paradox in the determination of demand...information, but then he has. in effect, acquired it without cost" 1Arrow 1971, 1481. As a consequence, an optimization of information efforts by equating marginal...
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Organization of Transnational Corporations

Gunnar Hedlund - Economic development - 1993 - 396 pages
...commensurate with the seller's claims, the fundamental paradox of information arises: its value to the purchaser is not known until he has the information, but then he has in effect acquired it without cost. In the absence of unassailable (legal) protection over the intellectual property in question,...
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Economic Incentives and Environmental Policies: Principles and Practice

Johannes Baptist Opschoor, R. Kerry Turner - Business & Economics - 1994 - 309 pages
...Of course, information transfer can also be left to the market. But as noted by Arrow (1962, p. 615) there is a fundamental paradox in the determination...information, but then he has in effect acquired it without cost. In addition, it may be more efficient for some collective body to provide knowledge and information...
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Information and Communication in Economics

Robert E. Babe - Business & Economics - 1993 - 347 pages
...formulation of the same dilemma in 1962: [Information's] value for the purchaser is not known until he [sic] has the information, but then he has, in effect, acquired it without cost (1962/1971, p. 148). Other problems with information as commodity have been identified as well....
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Freiburger Beiträge zur Ordnungsökonomik

Manfred E. Streit - Economics - 1995 - 380 pages
...fundamentale Informationsparadoxie hat schon ARROW 1962, S. 48 beschrieben: „a fundamental paradox in the demand for information: its value for the purchaser is not known until he has in eflect acquired it without cost." In seiner eigenen Analyse blieb diese Erkenntnis allerdings ungenutzt....
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