More on Information Economics
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After my previous blog post on information economics, I got in touch with Dr. Thomas Weber who is an Assistant Professor of Management Science and Engineering at Stanford. He studies information economics and I wanted some further reading on the subject. Dr. Weber pointed me to a great review of literature that I'm reading right now. The title is "The Economic Analysis of Advertising" by Kyle Bagwell from Columbia University, which summarizes the economics literature on advertising's impact on consumer behavior from the 19th century onwards. Advertising is a form of information, albeit a typically biased form. The studies on advertising's impact on behavior can help us also understand the impact of "highly researched accurate information" on consumer behavior, as both are forms of information. The article is long, but it's great and I recommend it to anyone in the information OR marketing industries. It really helps better understand what we do and the impact of information on consumer behavior at a much higher academic / economic / theoretical level.
The first question I'm asking is how do consumers judge the accuracy of advertising and information that is provided to them? Theoretically, the framework used for judging the accuracy of advertising could be the same framework used the judge all information, and thus, judge the accuracy of information and media? This question becomes even more important with the democratization of media, where established media (i.e. newspapers) are fighting much less established media (blogs, online media). If both those media can better understand how people judge accuracy, they might have better success at differentiating themselves, or, in turn, building reputation.
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