PRICE FORMATION IN THE INFORMATION ECONOMY: SPECIFIC FEATURES OF THE INFODOCUMENTARY MARKET

BERECHET,  Mirea – Gheorghe; MIREA, Miruna – Mihaela; NEDELCU, Andreea – Raluca

doi:10.65672/jfme.2025.1.16

PRICE FORMATION IN THE INFORMATION ECONOMY: SPECIFIC FEATURES OF THE INFODOCUMENTARY MARKET

Authors

BERECHET, Mirea – Gheorghe — Romanian Academy Library, Romanian Academy, Calea Victoriei no. 125, Sector 1, Bucharest, Romania
MIREA, Miruna – Mihaela — Romanian Academy Library, Romanian Academy, Calea Victoriei no. 125, Sector 1, Bucharest, Romania
NEDELCU, Andreea – Raluca — Romanian Academy Library, Romanian Academy, Calea Victoriei no. 125, Sector 1, Bucharest, Romania

Landing page: https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p172-183.html

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DOI: 10.65672/jfme.2025.1.16

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Abstract

Neoclassical growth models conceptualize knowledge as a private good subject to the rules of perfect competition. However, this perspective raises questions regarding the specificity of information and the limits of conventional market mechanisms in the knowledge domain. While classical production factors are consumed in the production process and recovered through the market realization of outputs, information and knowledge do not follow these standard patterns. Information integrated into production contributes anticipatively to achieving outcomes (feed-forward) without being consumed. It functions analogously to a catalyst: it facilitates transformations within the production process yet remains intact and can even increase in value through its use. Unlike classical economic markets, where demand and supply pertain to the same entity, the infodocumentary market is characterized by a structural disjunction: demand targets knowledge, whereas supply provides information. The defining feature of this market, without parallel in standard economic theory, lies in the existence of two equilibrium points, corresponding to two distinct transaction prices.

JEL Classification

D83, L86, O33

Keywords

information, knowledge, user, infodocumentary market, price of information

How to cite

BERECHET, Mirea – Gheorghe; MIREA, Miruna – Mihaela; NEDELCU, Andreea – Raluca (2025). PRICE FORMATION IN THE INFORMATION ECONOMY: SPECIFIC FEATURES OF THE INFODOCUMENTARY MARKET. Journal of Financial Management and Economics, 13(1), 172-183. DOI: 10.65672/jfme.2025.1.16.

RePEc record

Handle: Repec:vls:rojfme:v:13:y:2025:i:1:p:172-183