Economics of Information: A Guide to Economic and Cost-Benefit Analysis for Information Professionals PDF
Preview Economics of Information: A Guide to Economic and Cost-Benefit Analysis for Information Professionals
The Economics of Information Library and Information Science Text Series TheSchoolLibraryMediaCenter.5thed.ByEmanuelT.ProstanoandJoyce S.Prostano LibraryandInformationCenterManagement.5thed.ByRobertD.Stueart andBarbaraB.Moran TheAcademicLibrary:ItsContext,ItsPurpose,andItsOperation.ByJohn M.Budd TheSocialSciences:ACross-DisciplinaryGuidetoSelectedSources.2ded. NancyL.Herron,GeneralEditor IntroductiontoUnitedStatesGovernmentInformationSources.6thed.By JosephMorehead TheEconomicsofInformation:AGuidetoEconomicandCost-Benefit AnalysisforInformationProfessionals.2ded.ByBruceR.Kingma ReferenceandInformationServices:AnIntroduction.3ded.RichardE. BoppandLindaC.Smith,GeneralEditors DevelopingLibraryandInformationCenterCollections.4thed.ByG. EdwardEvanswiththeassistanceofMargaretR.Zarnosky TheCollectionPrograminSchools:Concepts,Practices,andInformation Sources.2ded.ByPhyllisJ.VanOrden InformationSourcesinScienceandTechnology.3ded.ByC.D.Hurt IntroductiontoTechnicalServices.6thed.ByG.EdwardEvansandSandra M.Heft TheSchoolLibraryMediaManager.2ded.ByBlancheWoolls TheHumanities:ASelectiveGuidetoInformationSources.5thed.ByRon BlazekandElizabethAversa Wynar’sIntroductiontoCatalogingandClassification.9thed.ByArleneG. Taylor IntroductiontoLibraryPublicServices.6thed.ByG.EdwardEvans, AnthonyJ.Amodeo,andThomasL.Carter AGuidetotheLibraryofCongressClassification.5thed.ByLoisMaiChan TheOrganizationofInformation.ByArleneG.Taylor SystemsAnalysisforLibrariansandInformationProfessionals.2ded.By LarryN.OsborneandMargaretNakamura Second Edition Bruce R. Kingma 2001 LibrariesUnlimited,Inc. Englewood,Colorado Copyright©2001BruceR.Kingma AllRightsReserved PrintedintheUnitedStatesofAmerica Nopartofthispublicationmaybereproduced,storedinare- trieval system, or transmitted, in any form or by any means, electronic,mechanical,photocopying,recording,orotherwise, withoutthepriorwrittenpermissionofthepublisher. LibrariesUnlimited,Inc. P.O.Box6633 Englewood,CO80155-6633 1-800-237-6124 www.lu.com LibraryofCongressCataloging-in-PublicationData Kingma,BruceR. Theeconomicsofinformation:aguidetoeconomicandcost-benefitanalysisfor informationprofessionals/BruceR.Kingma.--2nded. p.cm.--(Libraryandinformationsciencetextseries) Includesbibliographicalreferencesandindex. ISBN1-56308-816-9(pbk.) 1.Costeffectiveness. 2.Informationscience--Economicaspects. I.Title.IISeries. HD47.4.K562001 658.15'54--dc21 00-050701 To Susan This page intentionally left blank Contents Preface......................................................................................................xi Chapter1:Introduction..................................................................................1 WhyStudyEconomics?............................................................................2 Economics.................................................................................................4 InformationEconomics.............................................................................6 Summary...................................................................................................8 Notes..........................................................................................................8 Chapter2:Costs..............................................................................................9 FixedandVariableCosts........................................................................10 Marginal,Average,andTotalCosts........................................................12 OpportunityCosts....................................................................................18 OtherCostDefinitions.............................................................................20 SupplyandCosts.....................................................................................21 MarketSupply.................................................................................24 ChangesinMarketSupply..............................................................25 PriceElasticityofSupply........................................................................25 Summary.................................................................................................27 Notes........................................................................................................28 Chapter3:Benefits........................................................................................29 Demand...................................................................................................30 Price.................................................................................................30 ChangesinDemand.........................................................................32 PriceElasticityofDemand......................................................................35 ConsumerSurplus...................................................................................40 Summary.................................................................................................43 Notes........................................................................................................43 Chapter4:Markets.......................................................................................45 TheMarketEquilibrium..........................................................................46 ChangesinDemandandSupply.............................................................47 EconomicEfficiency...............................................................................51 MarketFailure.........................................................................................53 Summary.................................................................................................55 Chapter5:InformationasaPublicGood...................................................57 PublicGoodDemand..............................................................................58 FinancingPublicGoods..........................................................................61 InformationasaPublicGood..................................................................63 Summary.................................................................................................64 vii viii \ Contents Chapter6:Externalities................................................................................65 NegativeExternalities.............................................................................66 PositiveExternalities...............................................................................68 BalancingPositiveand NegativeExternalities.....................................................................70 Summary.................................................................................................72 Chapter7:Monopolies..................................................................................75 MonopolyDemand..................................................................................77 NaturalMonopolies.................................................................................80 Multi-PriceSuppliers..............................................................................85 Summary.................................................................................................88 Chapter8:UncertaintyandRisk.................................................................89 Expectationsandthe ValueofInformation.......................................................................90 AsymmetricalInformation andMarkets.....................................................................................92 InformationMarkets................................................................................95 Insurance.........................................................................................96 Education.........................................................................................97 OtherInformationMarkets..............................................................97 ModelingInformationAcquisition..........................................................98 Summary...............................................................................................101 Notes......................................................................................................101 Chapter9:CommodityorPublicGood....................................................103 MarketforBooksandJournals.............................................................104 InformationMarkets..............................................................................107 Summary...............................................................................................110 Chapter10:Pricing.....................................................................................113 UserFeesasAllocationTools...............................................................114 MarginalCostofPricing.......................................................................117 FinancingInformationGoods: RamseyPrices...............................................................................121 FinancingInformationGoods: Value-BasedPrices........................................................................123 Summary...............................................................................................125 Notes......................................................................................................125 Chapter11:Time.........................................................................................127 MeasuringtheValueofTime................................................................128 MeasuringOpportunityCosts.......................................................129 ValueofTimeSaved.....................................................................130 ConsumerSurplusandEconomicCost.........................................132 Contents / ix Congestion.............................................................................................133 PresentValue.........................................................................................136 Summary...............................................................................................139 Notes......................................................................................................140 Chapter12:ResourceSharing...................................................................141 MultipleUsersofInformationResources.............................................141 OpportunityCostofPatronTime..........................................................147 Summary...............................................................................................149 Chapter13:TheCostsandBenefitsofDigitalInformation...................151 CostofAccesstoInformation...............................................................152 ConsumerCosts.............................................................................152 ProducerandIntermediaryCosts..................................................154 PricingofDigitalInformation...............................................................156 Summary...............................................................................................159 Chapter14:NetworkEconomics...............................................................161 PricingofElectronicJournals...............................................................162 RoleofLibrariesina NetworkedEnvironment...............................................................165 Summary...............................................................................................166 Bibliography..........................................................................................167 Index......................................................................................................175
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