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Arrow (1959) - Economic Welfare And The Allocation Of Resources For Invention (view source)
Revision as of 14:36, 20 June 2010
, 14:36, 20 June 2010→Information as a Commodity
If a monopolist owner of the information were to sell it, the buyer could reproduce it at little or no cost (i.e. information is non-rival). If the ownjer owner doesn't sell it but uses it, this use will be socially inefficient, as well as possibly privately inefficient (the owner may not be the best user).
*The price will be positive and should be zero, so demand will be below the optimum
*At any price the nature of information will lead to lower demand
==Invention as the Product of Information==
