The Value of Information: Theory and Empirical Evidence
Daphne Raban
University of Haifa, Israel
The information economy has several unique attributes:
1. Goods and services are mostly digital;
2. Goods and services are usually free;
3. Money and power are highly centralized.
In the context of the information economy, my research, stemming from a behavioral perspective of the individual information user, focuses on the tension between free and paid information. Through a series of innovative online experiments, we have shown that economic behavior of information users is irrational, as people prefer to accumulate information however useless it may be. Even in an era of easy access to abundant information, people still prefer to own information. In another set of experiments, we found that voluntary payments for information are an efficient, yet under-utilized form of value-based payment for information. Information is known to be an experience good, i.e. its value become apparent only after use. In a more recent series of experiments we showed that a “consumption experience” influenced the subjective value of information to a lesser extent than a “production experience”. We continued to examine similar effects in the presence of digital peers and showed social effects on value perception. In yet another line of research, we studied the co-existence of free and paid information as available on the web. We analyzed a large set of online questions and answers and obtained strong real-life support for our earlier lab findings regarding voluntary payments. We were able to show quantitatively that in information markets, free activity is a catalyst to paid activity. My presentation will describe the theoretical approach that supported the experimental- and big data-based studies on the subjective value of information.
Keywords: information economics; value of information; information consumption
Raban, D. R. (2007). User‐centered evaluation of information: a research challenge. Internet Research, 17(3), 306–322. https://doi.org/10.1108/10662240710758948
Raban, D. R. (2008). The incentive structure in an online information market. Journal of the American Society for Information Science and Technology, 59(14), 2284–2295. https://doi.org/10.1002/asi.20942
Raban, D. R. (2009). Self-Presentation and the Value of Information in Q & A Websites. Journal of the American Society for Information Science, 60(12), 2465–2473. https://doi.org/10.1002/asi.21188
Raban, D. R. (2012). Conversation as a source of satisfaction and continuance in a question-and-answer site. European Journal of Information Systems, 21(4), 427–437. https://doi.org/10.1057/ejis.2011.42
Raban, D. R., & Mazor, M. (2013). The Willingness to Pay for Information in Digital Marketplaces. In Perspectives in Business Informatics Research (pp. 267–277). https://doi.org/10.1007/978-3-642-40823-6_21
Rusho, Y., & Raban, D. R. (2019). Hands on: Information Experiences as Sources of Value. Journal of the Association for Information Science and Technology. DOI: https://doi.org/10.1002/asi.24288
University of Haifa, Israel
The information economy has several unique attributes:
1. Goods and services are mostly digital;
2. Goods and services are usually free;
3. Money and power are highly centralized.
In the context of the information economy, my research, stemming from a behavioral perspective of the individual information user, focuses on the tension between free and paid information. Through a series of innovative online experiments, we have shown that economic behavior of information users is irrational, as people prefer to accumulate information however useless it may be. Even in an era of easy access to abundant information, people still prefer to own information. In another set of experiments, we found that voluntary payments for information are an efficient, yet under-utilized form of value-based payment for information. Information is known to be an experience good, i.e. its value become apparent only after use. In a more recent series of experiments we showed that a “consumption experience” influenced the subjective value of information to a lesser extent than a “production experience”. We continued to examine similar effects in the presence of digital peers and showed social effects on value perception. In yet another line of research, we studied the co-existence of free and paid information as available on the web. We analyzed a large set of online questions and answers and obtained strong real-life support for our earlier lab findings regarding voluntary payments. We were able to show quantitatively that in information markets, free activity is a catalyst to paid activity. My presentation will describe the theoretical approach that supported the experimental- and big data-based studies on the subjective value of information.
Keywords: information economics; value of information; information consumption
Raban, D. R. (2007). User‐centered evaluation of information: a research challenge. Internet Research, 17(3), 306–322. https://doi.org/10.1108/10662240710758948
Raban, D. R. (2008). The incentive structure in an online information market. Journal of the American Society for Information Science and Technology, 59(14), 2284–2295. https://doi.org/10.1002/asi.20942
Raban, D. R. (2009). Self-Presentation and the Value of Information in Q & A Websites. Journal of the American Society for Information Science, 60(12), 2465–2473. https://doi.org/10.1002/asi.21188
Raban, D. R. (2012). Conversation as a source of satisfaction and continuance in a question-and-answer site. European Journal of Information Systems, 21(4), 427–437. https://doi.org/10.1057/ejis.2011.42
Raban, D. R., & Mazor, M. (2013). The Willingness to Pay for Information in Digital Marketplaces. In Perspectives in Business Informatics Research (pp. 267–277). https://doi.org/10.1007/978-3-642-40823-6_21
Rusho, Y., & Raban, D. R. (2019). Hands on: Information Experiences as Sources of Value. Journal of the Association for Information Science and Technology. DOI: https://doi.org/10.1002/asi.24288
We don’t know what we don’t know: Discoverability paradox in the scholarly landscape
Katarzyna Materska
University of Silesia, Katowice, Poland
Background:
With science growing (Open Access, Open Data, Big Data) we can observe increasing gap between accessibility and discoverability. Discoverability is a popular buzzword (with different meaning in different contexts) generally signifying the degree to which scholars can locate the content needed to advance their research, re-use other colleagues' achievements and undertake other creative activities. Discoverability appears in many official documents, as a postulate rather than a specific actions or solutions how to achieve it.
Purpose:
The main purpose of this study is to revisit discoverability problems in two contexts: 1. the scholarly users’ attempts (not always effective) to identify needed research results, 2. as a component of the new ecosystem of stakeholders helping users discover scholarly content in a more efficient way. These two aspects are confronted with the phenomenon of dark knowledge, also produced in academic environment. All this, in a sense, brings us closer to understanding why we don’t know what we don’t know
Methodology:
To determine the essence of the discoverability phenomenon in the digital environment (in the meaning of discovering documents and data sets, not discovering ideas in science) the perspective of effective scholarly communication was adopted. A review of the recent literature was done and information about discovery tools and services was derived from accessible business and projects documents, without the intention of completeness.
Findings:
Resources discovery do not necessarily start with conscious searching. Quite often researchers and scholars are doomed encountering research outputs unexpectedly (serendipity) in the increasing phenomenon described as “dark knowledge”, ”dark research”, “dark data:, “big literature” “invisible web” etc. Against this background we should rather talk about interesting than relevant information.
Recently, new initiatives have been undertaken by different participants of scholarly communication to improve the discoverability of scientific resources (some examples will be given).
Conclusions:
While a big effort has been made when it comes to accessibility of scientific data, publications and other research outputs, discoverability is still seriously lacking, even if we can observe the new ecosystem of players who try to help users discover scholarly content in a more efficient way.
Originality/value:
Amid the proliferation of projects and conferences, research data and publications, digital libraries, repositories, open journals etc., discoverability becomes very important category in the scholarly communication landscape. This article is a contribution to deeper reflection on this subject and the condition of a researcher not to be lost in knowledge.
Keywords: discoverability, information discovery, discovery services, serendipity, dark knowledge, scholarly users, scholarly communication, open science
University of Silesia, Katowice, Poland
Background:
With science growing (Open Access, Open Data, Big Data) we can observe increasing gap between accessibility and discoverability. Discoverability is a popular buzzword (with different meaning in different contexts) generally signifying the degree to which scholars can locate the content needed to advance their research, re-use other colleagues' achievements and undertake other creative activities. Discoverability appears in many official documents, as a postulate rather than a specific actions or solutions how to achieve it.
Purpose:
The main purpose of this study is to revisit discoverability problems in two contexts: 1. the scholarly users’ attempts (not always effective) to identify needed research results, 2. as a component of the new ecosystem of stakeholders helping users discover scholarly content in a more efficient way. These two aspects are confronted with the phenomenon of dark knowledge, also produced in academic environment. All this, in a sense, brings us closer to understanding why we don’t know what we don’t know
Methodology:
To determine the essence of the discoverability phenomenon in the digital environment (in the meaning of discovering documents and data sets, not discovering ideas in science) the perspective of effective scholarly communication was adopted. A review of the recent literature was done and information about discovery tools and services was derived from accessible business and projects documents, without the intention of completeness.
Findings:
Resources discovery do not necessarily start with conscious searching. Quite often researchers and scholars are doomed encountering research outputs unexpectedly (serendipity) in the increasing phenomenon described as “dark knowledge”, ”dark research”, “dark data:, “big literature” “invisible web” etc. Against this background we should rather talk about interesting than relevant information.
Recently, new initiatives have been undertaken by different participants of scholarly communication to improve the discoverability of scientific resources (some examples will be given).
Conclusions:
While a big effort has been made when it comes to accessibility of scientific data, publications and other research outputs, discoverability is still seriously lacking, even if we can observe the new ecosystem of players who try to help users discover scholarly content in a more efficient way.
Originality/value:
Amid the proliferation of projects and conferences, research data and publications, digital libraries, repositories, open journals etc., discoverability becomes very important category in the scholarly communication landscape. This article is a contribution to deeper reflection on this subject and the condition of a researcher not to be lost in knowledge.
Keywords: discoverability, information discovery, discovery services, serendipity, dark knowledge, scholarly users, scholarly communication, open science
