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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 - 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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Consumer Safety Regulation: Putting a Price on Life and Limb

Peter Asch - 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

Erik Boettcher, Philipp Herder-Dorneich, Karl-Ernst Schenk, Dieter Schmidtchen - Business & Economics - 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 - International business enterprises - 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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Communication and the Transformation of Economics: Essays in Information ...

Robert E. Babe - Language Arts & Disciplines - 1995 - 270 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" (Arrow, [1962] 1971, p. 148). Other problems with information as commodity have been identified...
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The Economic Nature of the Firm: A Reader

Louis Putterman, Randall S. Kroszner - Business & Economics - 1996 - 390 pages
...buyer that the information possesses great value, the "fundamental paradox" of information arises: "its value for the purchaser is not known until he...information, but then he has in effect acquired it without cost" (Arrow, 1971, p. 152). Suppose that recognition is no problem, that buyers concede value, and...
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