The Economic Value of Information

Bellin, David

doi:10.1177/107554709301500207

Cited by 5 publications

(5 citation statements)

References 7 publications

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“…Peter Drucker introduced the idea of a knowledge economy to business management, writing about ''knowledge workers'' as early as 1959. Drucker echoed older wisdom, including Adam Smith's observation that knowledge builds business value (Bellin 1993;Ichijo and Nonaka 2007) and GWF Hegel's premise that organizational value accrues from continually synthesizing old information with new (1837/1997). Reflection builds organizational knowledge, which is organizational value (Argyris and Schön 1978;Peake and Epstein 2004;Schön 1983;Gilbert 2007).…”

Section: Introductionmentioning

confidence: 89%

Building Organizational Knowledge and Value: Informed Decision Making in Kansas Children’s Community-Based Mental Health Services

Stipp

Kapp

2010

Community Ment Health J

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Knowledge is managers' principal asset and knowledge building is managers' primary work. This qualitative study explores knowledge building by directors of children's community-based mental health services in Kansas. Of the state's 27 directors, 25 completed a survey about knowledge building, in their preference of online or telephone format. Fourteen participants took part either in preliminary interviews for study development, or in follow-up interviews for further detail and member checking. Study findings indicate that with requisite resources, directors inform their decision making with streams of information, which they manage and generate to build organizational knowledge and value for local practice effectiveness.

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Section: Introductionmentioning

confidence: 89%

Building Organizational Knowledge and Value: Informed Decision Making in Kansas Children’s Community-Based Mental Health Services

Stipp

Kapp

2010

Community Ment Health J

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“…Researchers have addressed the business value of information in extant literature across different information value domains: Hubbard and Schmarzo have addressed the economic value of information (Hubbard, 2014;Schmarzo, 2016); Arrow and Bellin have discussed valuing information as a commodity (Arrow, 2012;Bellin, 1993); and Bates, Bellin and Laney have considered information's business use (Bates, 1990;Bellin, 1993;Laney, 2012Laney, , 2018. Laney has also gone further in segregating business use into realized, probable and potential values (Laney, 2012(Laney, , 2018.…”

Section: Literature Reviewmentioning

confidence: 99%

“…This further evolved with the introduction of knowledge management in organizations in the 1980s and 1990s (Black and Manchand, 1982). The current phase addresses how intangible assets can be measured (Baruch, 2003;Bates, 1990;Bellin, 1993;Higson and Waltho, 2009) and how they can be understood in the manner of more traditional physical assets (Hubbard, 2014;Laney, 2018). In the past 10 years infonomics further developed and evolved methods for valuing information.…”

Section: Information Valuementioning

confidence: 99%

Infonomics and the environment

Barragan

2021

RMJ

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Purpose The purpose of this paper is to examine the possible implications of applying the infonomics methodology and measurement model within records and information management (RIM) to reduce organizations’ electronic footprint. By analyzing content using infonomics, it is possible for RIM managers in the private sector to keep only information with the highest value and change their behavior around keeping content beyond its infonomic value. This, in turn, may reduce the stress upon natural resources that are used in maintaining information data centers. Design/methodology/approach This paper examines different theories of evaluating information value and describes the role of infonomics in analyzing information as an asset to minimize its electronic footprint. Its focus is on the implications of applying a set of measurements that go beyond the information valuing models currently used in RIM; thereby, this study addresses how information that has superseded its business value may be eliminated. Findings This paper concludes that infonomics could elevate RIM function and alter how RIM managers within the private sector value information. Further, the inclusion of infonomics into RIM models may create new roles for RIM managers and extend the influence and reach of RIM. This may also lead to valuing all content and eliminating content that no longer has any business value. This may also eliminate the need for large data storage centers that harness and exhaust nonrenewable resources. Future developments must be watched and analyzed to see if this becomes a norm. Practical implications This paper will be of interest to stakeholders responsible for valuing information, appraisal of information, life-cycle management, records management, InfoSec and big data analytics. Originality/value The work is original but parts of this subject have been previously addressed in another study.

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“…Economists have tried to model this use‐value approach but, because it excludes marketplace considerations, these analyses do not help with pricing decisions. Exchange value and use value are not necessarily the same—some information will lose exchange value through use, but the potential exchange value of other information will increase with use (Bellin, 1993). Eaton (1987) concluded that the value of information eludes precise calculation, noting that it is entirely dependent upon context, use, and outcome.…”

Section: The Pricing Of Information and Information Goodsmentioning

confidence: 99%

Economic theory as it applies to public sector information

Nilsen¹

2010

Annual Review Info Sci & Tec

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IntroductionThis chapter 1 reviews the economics literature pertaining to public sector information. In addition, the economic arguments put forward in government studies and policy documents are reviewed, focusing on the current push for harmonization of public sector information policy across the European Union and the debate as to which model of information dissemination is preferable (i.e., the U.S. open access model versus the more restrictive European model). Some works by economists that appeared in the library and information science (LIS) and other literatures are covered, but the LIS literature in general is not reviewed.The term "public sector information" (PSI) is used here rather than "government information" or "official information." The terms are synonymous, although PSI can be construed more broadly, to include any information produced by public sector bodies, including cultural and educational institutions. Public sector information (and content) is any kind of information that is produced and/or collected by a public body as part of the institution's mandated role. It is directly generated by, and associated with, the functioning of the public sector and is readily useable in commercial applications (Organisation for Economic Co-operation and Development, Directorate for Science, Technology and Industry, Working Party on the Economy, 2006). As will be discussed, the economic value of its commercial use is the focus of much recent attention in Europe.The chapter begins with a brief summary of neoclassical economic theory, including the concepts of market failure and public goods, to lay the groundwork for the review. Readers familiar with these concepts may wish to move directly to the section on the economics of information. The literature on the history of information economics; the definitions of information used by economists; and their concepts of information as a public good, as a commodity, and as a contributor to social value are addressed. The review then focuses on the economic arguments and rationalization for public sector versus private sector supply of information, the impact of PSI on general economic efficiency, commercial re-use, value adding, and revenue generation. Then the literature on the pricing of information and the arguments around the imposition of user fees for PSI, and, finally, the arguments for CHAPTER 10 419 and against copyrighting PSI are reviewed. The vast literature on the economics of e-government and of privatization is not addressed. Neoclassical Economic TheoryNeoclassical economic theory and social welfare theory are of particular interest for this review because both underlie the development of the economics of information. As Nobel economist Donald Lamberton pointed out (1994a), neoclassical economics provided a base and a language for information economics, which was necessary in order to keep an open dialogue with the economics profession, as well as with international and national decision makers in industry and government.According to the neoclassic...

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The Economic Value of Information

Cited by 5 publications

References 7 publications

Building Organizational Knowledge and Value: Informed Decision Making in Kansas Children’s Community-Based Mental Health Services

Building Organizational Knowledge and Value: Informed Decision Making in Kansas Children’s Community-Based Mental Health Services

Infonomics and the environment

Economic theory as it applies to public sector information

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