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p. 887. Economic Informationlocked

  • Luciano Floridi

Abstract

‘Economic information’ explores the value of information in society. Information is different from other commodities — it can be consumed limitless times, it can be shared easily, and reproduced with very little cost. Its value comes from its usefulness. The usefulness of information often depends on its completeness, as the more complete an individual's information is, the better their strategic decisions will be. Being underinformed in a situation (asymmetric information) can lead to moral hazard or adverse selection scenarios. A Bayesian approach can be used to acquire missing information and therefore make better decisions.

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