The economic Value of Information

This paper highlights attempts at different levels to find the economic value of information as it relates to its use, traffic and as commodities. Information value is relative to utility to decision maker, interest to a user and often expressed as a derivation from communicational utility. Above all, the value of information is an expression of impacts or how it is used.

On the information value as traffic, a more recent attempt has arisen with the online database industry. This showed that the rate of growth in electronic dissemination had exceeded the rate of consumption, thereby resulting in information overload. Noticed also was a decrease in informational flows in print media.

In terms of information value as commodities, some theorists agreed that many forms of electronic information are commodities which are available for purchase in the market place. While this may be true to some extent, the use and exchange value of this commodity still remains difficult to determine. As a matter of fact, the only the market price will serve as a good indicator of the value of information commodities.

Criticism

In general, it is believed that the value of information is hard to determine. This is because what is of value to one person may not be to another. It is diffcult or impossible to have a common ground in the definition of the value of information.

On the other hand, if information value is seen as a commodity, what determines the quantity to be bought and sold? And again how many people because of their economic conditions will be able to afford it? This means that many people may not be able to use information.

In my view, this has serious implication for all organizations as well as those who use such commodities at various levels.

Noah Omagbogu

MIM/Educ/11726/2007-08

27/8/2008

1.20 pm

The economic Value of Information

Information is very vital in decision making; however its “value” has been a topic of debate. Different scholars have divergent views about what value information has.

Considering the value of information on the basis of its usefulness may be limited as what is useful today may not be as useful the next day.

The recent attempt to value information with the online database industry is to consider information as a traffic or channel for achieving desired purposes. Because information is available in many forms and different purposes, its value can be considered in terms of classification or categorization. This is where data obtained can be interpreted on the basis of certain designed attributes. In another way to value information is to consider it as a commodity such that the worth of its exchange can be determined. In this aspect value may be difficult to ascertain as the owner may view differently from expected users of such information. Although, it may be difficult to determine what value an information has, the author opined that it may be better to value information in commodity form.

Critique

It is on the basis of the above submission that one wish to challenge information seekers to always provide adequately for any information as this is very important in decision making.

Budgetary allocation for information should be given top priority if adequate decisions are to be taken.

Any nation or organization that pays lip service to information is heading for doom as the highest bidder would always obtain the best information.

Manpower development in information technology (IT) is a very wise investment and this should be encouraged by any organization or nation.

Information should not be seen as a commodity, it should allowed to be accessible to those in need of it.

Princess Bridget Terfa Ikyembe (Mrs.)

MIM/Educ/12702/2007-08

27/8/08

11.14 am

The Economic Value of Information

Many scholars have expressed their views on the economic value of information form various perspectives: information value as use, information value as traffic and information value as commodity.

Value of information is seen as an expression of how useful the information is to its recipients. Information value is relative to utility to decision makers. Information value is frequently expressed as a derivation from communicational utility. This view as value information is the transmission of messages from the superior to the sub-ordinates in the managerial hierarchy of an organization.

Indeed, information is available in many forms, not just computerized, there have been attempts to map its societal usage, flow and value. The rate of growth in electronic dissemination of information had exceeded the rate of its consumption, this difference justifies the concept of information of overload.

Information has economic value if its ability to be exchanged for another commodity or money.

Critique

The economic factors are often viewed as impediment to and constraints upon information value by its use. This is not withstanding, information should be seen as a commodity, we must learn how to pay for information, for any good plan you need accurate information. Market price serves as a good indicator of the value of information commodity.

Elameyi Susan Unobe

MIM/Educ/11975/2007-08

27/8/2008

10.43 am

The economic Value of Information

There are two schools of thought, one views economic value of information on the basis of its utility that accrue to the recipient and the others value information on the basis of what it can be exchanged for money.

Therefore, the economic value of information is an expression of impacts or how it is used.

The economic value of information is relative to utility to decision policy makers.

The economic value of information in general terms is the transmission of messages from the superior down to the sub-ordinates in the managerial hierarchy in the organization.

The information in this 21^st century appears in different formats, but attempts have been made to map out its societal usage, flow and value.

The overall growth in electronic dissemination of information had overwhelm the rate of its consumption.

Critique

The economic factors are often viewed as impediments and constraints to the value of information use.

The value of information in economic terms is absolutely hard to determine.

Do you subscribe to information as a commodity? Information should not be valued as a commodity so that every body can have access to it for the public good.

There were different views among scholars as to the economic value of information as they opined that market price serves a good indicator of the value of information commodities.

Ogala, Raphael A.

MIM/Educ/11154/2007-08

27/8/08

10.04 am

The Economic Value of Information

The value of information is viewed in various ways by the information theorists.
1. As use to which it can be put
2. As traffic or sale in education or Research and Development
3. As a commodity
But an information theorist, Bell (1983) view information as a unique commodity in that information is not consumed in its use, and thus can be exchanged as well as used many times.
It is also realized that some information lose their exchange value through its use while others may increase their potential exchange value through their use.
In the Nigerian context, many pieces of information could be exchanged and used many times such as Students (undergraduates) information book whether digitalized or in print form. In such a case, students can be made to pay for such information as a way of generating revenue for the institution.

Free, Fee-Based and Value-Added Information Services

The situation in Nigeria
There is no doubt that sound information is the bedrock of good decision. In this information age, many factors could hamper the availability and sustainability of the internet services whether they are free, fee-based or value-added.
These factors include the national information infrastructure, politics, corruption and finance.
In this country, the national information infrastructure such as the electrical power supply, optic fiber cable distribution, satellite, information centers and skilled manpower is not robust and as such many problems are being encountered with the internet services.
The politicking game and corruption has not helped matters in any way.
The budgetary allocation assigned to technology has been far from being adequate for basic infrastructures.
I am of the opinion that valuable information should be paid for. Although many of my fellow contributors believe that this will be a far cry judging poverty level of the populace. But I feel that removing corruption and fund misappropriation the populace will have no business with poverty.
Posted by Ophelia Ezetoha
MIM/EDUC/19113/2007-2008

Free,Fee-based and Value-added informatiom Services

Free, Fee-based and value added information services

Online service providers and Nigeria situation?

For adequate decisions to be taken by business managers information is necessary and there are different sources by which this could be obtained.

The internet and its facilities are now available and can be accessed given the right atmosphere.

In Nigeria, online service is exist, though at a very limited level due to different factors, some of these services include free websites where information is available free of charge, fee-base websites where specific fees are charged as well as value added information services where fees are paid within organizational or company's purchasing process.

The Nigerian situation however does not favour free web based sites as government cannot actually provide for the subsidy required by providers to make their services free.

For the fee as well as value added websites majority of Nigerian citizens are not usually able to pay for the desired information as the country’s economic situation is not favourable. Only few individuals or organizations have the capacity to pay.

The above situation can be considered as a result of wrong foresight as the nation priorities are usually wrongly placed by those at the helm of affairs. Adequate attention is not given to technological advancement due to corruption and desire to acquire unnecessary wealth. In adequate power supply has contributed greatly to the underdevelopment infrastructure.

SOLUTIONS:

(1) The solution to these problems, government should Endeavour to provide the facilities of online services from urban to rural areas. Awareness should be created, and also develop its manpower.
(2) Government should ensure that financial support budget is meant for the maintenances of the facilities to aid people constant in search of information.
(3) Government should ensure power supply is constantly available to reduce the cost of fueling generators and charges should be minimized.


Princess Bridget Terfa Ikyembe (Mrs.)
MIM/Educ/12702/2007-08
4.00 pm.

Free, Fee-based added value information services

How effective are these services in Nigeria?

The functionality of these websites is seriously in doubt.

This is partly because of poor economic condition of the people in which they pre-ocuppied with feeding themselves adequately.

Again inadequate supply of electricty poses another danger to online service development.

Until these problems are minized or reduced, the efficiency and effectiveness of online services in Nigeria remain a mirage.

Elameyi Susan Unobe
MIM/Educ/11975/2007-08
3.15 pm.

Free, Fee-based added value information services

How effective are these services in Nigeria?

The functionality of these websites is seriously in doubt.

This is partly because of poor economic condition of the people in which they pre-ocuppied with feeding themselves adequately.

Again inadequate supply of electricty poses another danger to online service development.

Until these problems are minized or reduced, the efficiency and effectiveness of online services in Nigeria remain a mirage.

Elameyi Susan Unobe
MIM/Educ/11975/2007-08
3.15 pm.

Free, Fee based and Value added Information services

Are these services real in Nigeria? My opinion is that these websites may not seem to be functional in this country despite the fact that online services are all over the place.

Nigerian nation is bedeviled with this monster called corruption and so online development is greatly handicapped. The eractic and epileptic power supply is a serious set back. The economic hardship has put alot of Nigerians below poverty line as they struggle to make ends meet or keep the body and soul together as a result. seeking for value added information services has been seriously relegated to the background.

Free, Fee-based and Value-added Information services/

FREE, FEE-BASED WEBSITES AND VALUE-ADDED INFORMATION SERVICES, ARE THEY WORKING IN NIGERIA?

These websites are not working properly in Nigeria even though online services are dotted here and there in the country.

Poor internet infrastructure is another problem affecting online services in Nigeria.

The supply of electricity in our country is very erratic and this has raised the cost of online searches.

The majority of cyber cafes in the country don't provide 24 hours service.

The computer and internet literacy is still very low in the country especially in the rural areas.

The povery in the country has not helped matter, people are basically concerned with how they feed themselves and family and not online searches.

Ogala,Raphael A.
MIM/EDUC/11154/2007-08
13/08/2008
10.OO AM

Welcome Online

Welcome to MIM Online Information Industries Class.
This blog will enable us appreciate ICT and server as a platform to explore one aspect of web 2.0. Please let us keep our discussion focus on the topics and assignment given.