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This paper establishes an economic theory of information value and volume that differs from Shannon's mathematical … theory of communication (Shannon, 1948). The economics of information should be recognized as an important frontier field of …
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'Until not much more than 20 years ago, economists frequently lamented the fact that they were limited in their empirical analyses to statistical assessments of market behavior, because controlled economic experiments were (thought to be) infeasible, unethical, or both. Much has changed in the...
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