Information market

from Wikipedia, the free encyclopedia

The information market is a market where information providers and information seekers meet to exchange information.

This can take place electronically, i.e. via the Internet, for example through the knowledge platform Wikipedia, or physically, among other things, as a trade fair.

In addition to commercial markets, information markets are also sub-markets of general electronic markets. Electronic markets support trade in goods of all kinds. Information markets, however, be realized on the exchange of information products and services, that summarized information goods (books, media content, software, information transfer, etc.).

purpose

The range of available knowledge and technologies is becoming more and more extensive in quantitative and qualitative terms and at the same time more and more complex. It calls for professionally qualified and experienced specialists who must have information skills; that means knowledge of the information market, in particular of the forms of production, processing, distribution, communication and use of knowledge and information. As a result, the need to concentrate and further market information has resulted in an independent market. The information economy, generally the marketing of knowledge, is often seen as the fourth sector alongside agriculture, industry and services.

application

“In information markets, a distinction is traditionally made between specialist information markets and public markets. However, the boundaries between these two markets are blurred due to the convergence effects of the Internet. Specialized information markets provide services (information goods) that usually serve to secure information about professional activities (in business, science, politics, media, etc.). The consumer markets are about the consumption of information goods (music, films, literature), the use of which is seen as a purpose in itself. "

- Rainer Kuhlen : Informationsmarkt // Information market . Retrieved May 5, 2010

Insofar as the information market is held locally, i.e. not virtual, its structure is reminiscent of a commercial market with individual providers who are available to information seekers. For further processing of the information offered, so-called scripts can give information seekers a route through the information market based on specialist topics or groups of questions. These scripts are often available at trade fairs in the form of printed trade fair guides. A moderator can further tailor the amount of information to the visitor by selecting the content that is appropriate for the visitor and thus tailoring the sum of the information content for the information seeker.

A special place among them takes the information broker an offering bundled which different information. It has been shown that additional information goods offered increase the choice for every consumer. This increases the chance that an information item will be offered to cover the information requirement, or the selection increases if several competing items are offered. These effects increase the expected benefit for consumers by participating in the market and thereby attract additional consumers. For the information provider, the number of potential consumers that an information broker can concentrate on is decisive. More consumers lead to a higher chance that the offered information is needed, which leads to an increase in the expected benefit of the provider. This increase leads to additional providers joining the network, thereby increasing the choice for consumers.

In summary, it can be said that the benefits of a broker and thus the demand for their brokerage services depend on the following aspects:

  • The characteristics of the market. The more confusing the market is and the higher the search costs, the more the network effects are dampened by the size of the market, and the more useful the information function of a broker can offer.
  • The properties of the broker's information channel. The more clearly and completely the broker informs consumers about offers, the lower the search costs, and thus the network effects and the resulting benefits are increased.

Advantages and disadvantages

advantages

  • Bundling of specific information in one place
  • Concentration of specific information over time at public and trade fairs
  • By bundling information in the market, there is an increase in utility for information seekers
  • the information market offers opportunities to find like-minded people and cooperation partners on the information market
  • the information market is a source for innovation approaches

disadvantage

  • Access costs to participate in the information market
  • Information overload or generalization of information in the case of platforms or events that are too broad
  • Information market can serve as a source for plagiarism
  • potentially high concentration of information through information brokers
  • potential exclusion of information providers from a specific information market by the managing information broker

literature

  • Michael Hahsler: Analysis of Patterns in the Software Development Process . With examples of information management and its applications for the Virtual University of the Vienna University of Economics and Business. 2001, Chapter 8.1: Use of a broker in an information market. (Vienna, University of Economics, Dissertation, 2001; digitized version (PDF; 1.2 MB) ).
  • Rainer Kuhlen : Information market. Chances and risks of the commercialization of knowledge (= writings on information science. Vol. 15). UVK - Universitäts-Verlag Konstanz, Konstanz 1995, ISBN 3-87940-529-8 .
  • Frank Linde, Wolfgang G. Stock : Information market. Offer and request information in i-commerce. Oldenbourg, Munich 2011, ISBN 978-3-486-58842-2 .