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Information economics and the Internet.

E Coiera1

  • 1Faculty of Medicine, University of New South Wales, Sydney, Australia. ewc@pobox.com

Journal of the American Medical Informatics Association : JAMIA
|June 1, 2000
PubMed
Summary

Information economics reveals challenges in the digital age. Producers must manage competition, while consumers face an "information famine" due to exponential growth and low-quality content overwhelming valuable resources.

Area of Science:

  • Economics
  • Information Science
  • Internet Studies

Background:

  • Information economics analyzes information dynamics in networked systems.
  • Unlike traditional goods, information is non-rivalrous and has near-zero reproduction costs.
  • This creates unique challenges for producers and consumers in the digital marketplace.

Purpose of the Study:

  • To explore the economic principles governing information flow online.
  • To identify strategies for information producers to maintain profitability.
  • To examine the implications of information abundance for consumers.

Main Methods:

  • Conceptual analysis of information economics principles.
  • Examination of market dynamics for digital information goods.

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  • Application of economic theories to information production and consumption.

    • Main Results:

    • Information producers can minimize competition through strategies like site access fees, bundling, or versioning.
    • Exponential information growth increases search costs for consumers, straining limited human attention.
    • The ease of creating low-quality content poses a risk of overwhelming high-quality information resources.

    Conclusions:

    • Sustainable profitability for information producers requires strategic market positioning.
    • Consumers face increasing difficulty in accessing relevant information amidst exponential growth.
    • Mitigating an 'information famine' necessitates effective navigation tools and quality control, with long-term outcomes uncertain.