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The Elgar Companion to Information Economics
The Elgar Companion to Information Economics dexterously navigates this interdisciplinary field of research which celebrates the crucial contribution of information to decision making, market dynamics, and economic well-being. Offering a wealth of conceptual analysis, this erudite Companion embarks on an intellectual journey exploring the fundamentals of information economics.
This title contains one or more Open Access chapters.
This title contains one or more Open Access chapters.
More Information
Critical Acclaim
Contributors
Contents
More Information
The Elgar Companion to Information Economics dexterously navigates this interdisciplinary field of research which celebrates the crucial contribution of information to decision making, market dynamics, and economic well-being. Offering a wealth of conceptual analysis, this erudite Companion embarks on an intellectual journey exploring how the fundamentals of information economics explain rapid developments in the information landscape.
Featuring contributions from acclaimed international scholars, chapters expertly analyse the role of information for economic processes. From asymmetric information to AI and digital influencers, they examine the latest developments in research and the practical problems raised by recent innovative technologies while discussing important policy implications. Major themes such as information and disinformation, inequality, information asymmetry, innovation, informational influence, payment and value are examined, and special focus is given to the contrast between scarcity and abundance of information. A number of pressing issues in the processing of information are also identified.
This authoritative Companion will serve as a fundamental resource for policymakers, economists, sociologists, information scientists, communication scholars, and political scientists. Postgraduate students and academic researchers interested in the economics of innovation, industrial economics, technology and ICT will similarly benefit from this Companion.
Featuring contributions from acclaimed international scholars, chapters expertly analyse the role of information for economic processes. From asymmetric information to AI and digital influencers, they examine the latest developments in research and the practical problems raised by recent innovative technologies while discussing important policy implications. Major themes such as information and disinformation, inequality, information asymmetry, innovation, informational influence, payment and value are examined, and special focus is given to the contrast between scarcity and abundance of information. A number of pressing issues in the processing of information are also identified.
This authoritative Companion will serve as a fundamental resource for policymakers, economists, sociologists, information scientists, communication scholars, and political scientists. Postgraduate students and academic researchers interested in the economics of innovation, industrial economics, technology and ICT will similarly benefit from this Companion.
Critical Acclaim
‘Current and thought-provoking! This edited book on information economics presents a timely picture of the dynamics of the information economy given the digital revolution and the interaction between bits and markets. It features contributions from prominent researchers in the field, who distill years of academic research into their chapters. Academic researchers and policymakers will benefit from the authors’ insights on topics such as information asymmetry, innovation, and crowdfunding.’
– Raquel Benhunan-Fich, Baruch College, New York, US
– Raquel Benhunan-Fich, Baruch College, New York, US
Contributors
Contributors include: Niv Ahituv, Nicola Argelli, Johannes M. Bauer, Dominika Bochańczyk-Kupka, David Bodoff, Grigori Borta, Sandra Braman, Valeriu Cernei, Xiaoyu Chen, Alton Y.K. Chua, Roei Davidson, Wolfram Elsner, Wojciech Giza, Erkan Gürpınar, Ruoyan Kong, Joseph A. Konstan, Andrew Kosenko, Ming Li, Ting Liu, Pedro A. Martín-Cervantes, María del Carmen Valls Martínez, Ewa Wanda Maruszewska, Avraham (Avi) Noy, Serghei Ohrimenco, Pau Olivella, Eyüp Özveren, Filippo Pavesi, Giuseppe Pernagallo, Tiago S. Prado, Daphne Raban, Shimon Schwartz, Massimo Scotti, Joseph E. Stiglitz, Wolfgang G. Stock, Ilan Talmud, Maciej Tuszkiewicz, Julia Włodarczyk
Contents
Contents:
Preface xiv
PART I INFORMATION ECONOMICS OVERVIEW
1 Information economics examined through scarcity and abundance 2
Daphne R. Raban and Julia Włodarczyk
2 Robust theory and fragile practice: information in a world of
disinformation
Part 1: Indirect communication 20
Joseph E. Stiglitz and Andrew Kosenko
3 Robust theory and fragile practice: information in a world of
disinformation
Part 2: Direct communication 53
Joseph E. Stiglitz and Andrew Kosenko
4 Information and income distribution: the perspective of information economics 81
Julia Włodarczyk
PART II INFORMATION ASYMMETRY
5 Asymmetric information as a market failure in retrospect 106
Wojciech Giza
6 A quadrennial review of the significance of information asymmetry in
economics and finance 118
Pedro A. Martín-Cervantes and María del Carmen Valls Martínez
7 Overcoming asymmetric information: a data-driven approach 135
Giuseppe Pernagallo
8 Asymmetric information in health economics: can contract regulation
improve equity and efficiency? 154
Pau Olivella
9 Consequences of information asymmetry in a syndication network: the
joint investments of the Israeli venture capital funds 170
Ilan Talmud
PART III INFORMATION TRANSMISSION AND INFLUENCE
10 Disclosure of conflicts of interest: theory and empirics 185
Ming Li and Ting Liu
11 Information and expertise 202
Filippo Pavesi, Massimo Scotti and Nicola Argelli
12 Informational influence and its forecasting in e-commerce 224
Avraham Noy and Shimon Schwartz
PART IV INNOVATION AND INTELLECTUAL PROPERTY
13 Digital innovation: an information-economic perspective 245
Johannes M. Bauer and Tiago S. Prado
14 Innovation and information: smooth and ongoing change, or turbulence
and cognitive over-stress? On the complex deep structure of innovation 269
Wolfram Elsner
15 Intangibles, information goods, and intellectual property goods in
modern economics 298
Dominika Bochańczyk-Kupka
16 Incomplete contracts, intellectual property rights, and incentives:
investment in knowledge assets under alternative institutional configurations 312
Erkan Gürpinar and Eyüp Özveren
PART V PAYMENT, VALUE, CROWDFUNDING
17 Payment on information markets 336
Wolfgang G. Stock
18 Payment on information markets 361
Daphne R. Raban and Niv Ahituv
19 The role of influencer endorsements in users’ willingness to pay for
knowledge products: an empirical investigation 376
Xiaoyu Chen and Alton Y. K. Chua
20 Barriers to participation in cultural crowdfunding 392
Roei Davidson
PART VI CHALLENGES
21 The challenge of organizational bulk email systems: model and
empirical studies 404
Ruoyan Kong and Joseph A. Konstan
22 The effect of supervisor’s control and workload on AIS users’
perceived usefulness and approach to misuse an automated system
output: the moderating role of experience of AIS practitioners 433
Ewa Wanda Maruszewska and Maciej Andrzej Tuszkiewicz
23 On the status of machine learning inferences in data privacy economics
and regulation 459
David Bodoff
24 The digital world has a long shadow 478
Serghei Ohrimenco, Grigori Borta and Valeriu Cernei
PART VII FUTURE
25 The terms: the parameters of information economics 503
Sandra Braman
Index 532
Preface xiv
PART I INFORMATION ECONOMICS OVERVIEW
1 Information economics examined through scarcity and abundance 2
Daphne R. Raban and Julia Włodarczyk
2 Robust theory and fragile practice: information in a world of
disinformation
Part 1: Indirect communication 20
Joseph E. Stiglitz and Andrew Kosenko
3 Robust theory and fragile practice: information in a world of
disinformation
Part 2: Direct communication 53
Joseph E. Stiglitz and Andrew Kosenko
4 Information and income distribution: the perspective of information economics 81
Julia Włodarczyk
PART II INFORMATION ASYMMETRY
5 Asymmetric information as a market failure in retrospect 106
Wojciech Giza
6 A quadrennial review of the significance of information asymmetry in
economics and finance 118
Pedro A. Martín-Cervantes and María del Carmen Valls Martínez
7 Overcoming asymmetric information: a data-driven approach 135
Giuseppe Pernagallo
8 Asymmetric information in health economics: can contract regulation
improve equity and efficiency? 154
Pau Olivella
9 Consequences of information asymmetry in a syndication network: the
joint investments of the Israeli venture capital funds 170
Ilan Talmud
PART III INFORMATION TRANSMISSION AND INFLUENCE
10 Disclosure of conflicts of interest: theory and empirics 185
Ming Li and Ting Liu
11 Information and expertise 202
Filippo Pavesi, Massimo Scotti and Nicola Argelli
12 Informational influence and its forecasting in e-commerce 224
Avraham Noy and Shimon Schwartz
PART IV INNOVATION AND INTELLECTUAL PROPERTY
13 Digital innovation: an information-economic perspective 245
Johannes M. Bauer and Tiago S. Prado
14 Innovation and information: smooth and ongoing change, or turbulence
and cognitive over-stress? On the complex deep structure of innovation 269
Wolfram Elsner
15 Intangibles, information goods, and intellectual property goods in
modern economics 298
Dominika Bochańczyk-Kupka
16 Incomplete contracts, intellectual property rights, and incentives:
investment in knowledge assets under alternative institutional configurations 312
Erkan Gürpinar and Eyüp Özveren
PART V PAYMENT, VALUE, CROWDFUNDING
17 Payment on information markets 336
Wolfgang G. Stock
18 Payment on information markets 361
Daphne R. Raban and Niv Ahituv
19 The role of influencer endorsements in users’ willingness to pay for
knowledge products: an empirical investigation 376
Xiaoyu Chen and Alton Y. K. Chua
20 Barriers to participation in cultural crowdfunding 392
Roei Davidson
PART VI CHALLENGES
21 The challenge of organizational bulk email systems: model and
empirical studies 404
Ruoyan Kong and Joseph A. Konstan
22 The effect of supervisor’s control and workload on AIS users’
perceived usefulness and approach to misuse an automated system
output: the moderating role of experience of AIS practitioners 433
Ewa Wanda Maruszewska and Maciej Andrzej Tuszkiewicz
23 On the status of machine learning inferences in data privacy economics
and regulation 459
David Bodoff
24 The digital world has a long shadow 478
Serghei Ohrimenco, Grigori Borta and Valeriu Cernei
PART VII FUTURE
25 The terms: the parameters of information economics 503
Sandra Braman
Index 532
