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Information good

Index Information good

Information good in economics and law is a type commodity whose market value is derived from information it contains. [1]

21 relations: Analog recording, Artificial scarcity, Commodification, Commodity, Compact disc, Copyright, Digital Millennium Copyright Act, Digitization, DVD, Economics, Efficient-market hypothesis, Excludability, File sharing, Information, Information asymmetry, Intellectual property, Law, Market failure, Perfect information, The Market for Lemons, Uncertainty.

Analog recording

Analog recording (Greek, ana is "according to" and logos "relationship") is a technique used for the recording of analog signals which, among many possibilities, allows analog audio and analog video for later playback.

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Artificial scarcity

Artificial scarcity describes the scarcity of items even though either the technology and production, or sharing capacity exists to create a theoretically limitless abundance, as well as the use of laws to create scarcity where otherwise there wouldn't be.

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Commodification

Commodification is the transformation of goods, services, ideas and people into commodities, or objects of trade.

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Commodity

In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

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Compact disc

Compact disc (CD) is a digital optical disc data storage format that was co-developed by Philips and Sony and released in 1982.

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Copyright

Copyright is a legal right, existing globally in many countries, that basically grants the creator of an original work exclusive rights to determine and decide whether, and under what conditions, this original work may be used by others.

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Digital Millennium Copyright Act

The Digital Millennium Copyright Act (DMCA) is a United States copyright law that implements two 1996 treaties of the World Intellectual Property Organization (WIPO).

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Digitization

Digitization, at WhatIs.com in Collins English Dictionary less commonly digitalization, is the process of converting information into a digital (i.e. computer-readable) format, in which the information is organized into bits.

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DVD

DVD (an abbreviation of "digital video disc" or "digital versatile disc") is a digital optical disc storage format invented and developed by Philips and Sony in 1995.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Efficient-market hypothesis

The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information.

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Excludability

In economics, a good or service is called excludable if it is possible to prevent people (consumers) who have not paid for it from having access to it.

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File sharing

File sharing is the practice of distributing or providing access to digital media, such as computer programs, multimedia (audio, images and video), documents or electronic books.

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Information

Information is any entity or form that provides the answer to a question of some kind or resolves uncertainty.

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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Intellectual property

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect, and primarily encompasses copyrights, patents, and trademarks.

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Law

Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior.

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Market failure

In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

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Perfect information

In economics, perfect information is a feature of perfect competition.

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The Market for Lemons

"The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a well-known 1970 paper by economist George Akerlof which examines how the quality of goods traded in a market can degrade in the presence of information asymmetry between buyers and sellers, leaving only "lemons" behind.

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Uncertainty

Uncertainty has been called "an unintelligible expression without a straightforward description".

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References

[1] https://en.wikipedia.org/wiki/Information_good

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