Edited by Daphne R. Raban, Professor of Business Administration, School of Business Administration, University of Haifa, Israel and Julia Włodarczyk, Associate Professor of Economics, Department of Economics, University of Economics in Katowice, Poland

‘Current and thought-provoking! This edited book on information economics presents a timely picture of the dynamics of the information economy given the digital revolution and the interaction between bits and markets. It features contributions from prominent researchers in the field, who distill years of academic research into their chapters. Academic researchers and policymakers will benefit from the authors’ insights on topics such as information asymmetry, innovation, and crowdfunding.’

• Contents:Preface xivPART I INFORMATION ECONOMICS OVERVIEW1 Information economics examined through scarcity and abundance 2Daphne R. Raban and Julia Włodarczyk2 Robust theory and fragile practice: information in a world ofdisinformationPart 1: Indirect communication 20Joseph E. Stiglitz and Andrew Kosenko3 Robust theory and fragile practice: information in a world ofdisinformationPart 2: Direct communication 53Joseph E. Stiglitz and Andrew Kosenko4 Information and income distribution: the perspective of information economics 81Julia WłodarczykPART II INFORMATION ASYMMETRY5 Asymmetric information as a market failure in retrospect 106Wojciech Giza6 A quadrennial review of the significance of information asymmetry ineconomics and finance 118Pedro A. Martín-Cervantes and María del Carmen Valls Martínez7 Overcoming asymmetric information: a data-driven approach 135Giuseppe Pernagallo8 Asymmetric information in health economics: can contract regulationimprove equity and efficiency? 154Pau Olivella9 Consequences of information asymmetry in a syndication network: thejoint investments of the Israeli venture capital funds 170Ilan TalmudPART III INFORMATION TRANSMISSION AND INFLUENCE10 Disclosure of conflicts of interest: theory and empirics 185Ming Li and Ting Liu11 Information and expertise 202Filippo Pavesi, Massimo Scotti and Nicola Argelli12 Informational influence and its forecasting in e-commerce 224Avraham Noy and Shimon SchwartzPART IV INNOVATION AND INTELLECTUAL PROPERTY13 Digital innovation: an information-economic perspective 245Johannes M. Bauer and Tiago S. Prado14 Innovation and information: smooth and ongoing change, or turbulenceand cognitive over-stress? On the complex deep structure of innovation 269Wolfram Elsner15 Intangibles, information goods, and intellectual property goods inmodern economics 298Dominika Bochańczyk-Kupka16 Incomplete contracts, intellectual property rights, and incentives:investment in knowledge assets under alternative institutional configurations 312Erkan Gürpinar and Eyüp ÖzverenPART V PAYMENT, VALUE, CROWDFUNDING17 Payment on information markets 336Wolfgang G. Stock18 Payment on information markets 361Daphne R. Raban and Niv Ahituv19 The role of influencer endorsements in users’ willingness to pay forknowledge products: an empirical investigation 376Xiaoyu Chen and Alton Y. K. Chua20 Barriers to participation in cultural crowdfunding 392Roei DavidsonPART VI CHALLENGES21 The challenge of organizational bulk email systems: model andempirical studies 404Ruoyan Kong and Joseph A. Konstan22 The effect of supervisor’s control and workload on AIS users’perceived usefulness and approach to misuse an automated systemoutput: the moderating role of experience of AIS practitioners 433Ewa Wanda Maruszewska and Maciej Andrzej Tuszkiewicz23 On the status of machine learning inferences in data privacy economicsand regulation 459David Bodoff24 The digital world has a long shadow 478Serghei Ohrimenco, Grigori Borta and Valeriu CerneiPART VII FUTURE25 The terms: the parameters of information economics 503Sandra BramanIndex 532

Edited by Daphne R. Raban, Professor of Business Administration, School of Business Administration, University of Haifa, Israel and Julia Włodarczyk, Associate Professor of Economics, Department of Economics, University of Economics in Katowice, Poland

‘Current and thought-provoking! This edited book on information economics presents a timely picture of the dynamics of the information economy given the digital revolution and the interaction between bits and markets. It features contributions from prominent researchers in the field, who distill years of academic research into their chapters. Academic researchers and policymakers will benefit from the authors’ insights on topics such as information asymmetry, innovation, and crowdfunding.’

• Contents:Preface xivPART I INFORMATION ECONOMICS OVERVIEW1 Information economics examined through scarcity and abundance 2Daphne R. Raban and Julia Włodarczyk2 Robust theory and fragile practice: information in a world ofdisinformationPart 1: Indirect communication 20Joseph E. Stiglitz and Andrew Kosenko3 Robust theory and fragile practice: information in a world ofdisinformationPart 2: Direct communication 53Joseph E. Stiglitz and Andrew Kosenko4 Information and income distribution: the perspective of information economics 81Julia WłodarczykPART II INFORMATION ASYMMETRY5 Asymmetric information as a market failure in retrospect 106Wojciech Giza6 A quadrennial review of the significance of information asymmetry ineconomics and finance 118Pedro A. Martín-Cervantes and María del Carmen Valls Martínez7 Overcoming asymmetric information: a data-driven approach 135Giuseppe Pernagallo8 Asymmetric information in health economics: can contract regulationimprove equity and efficiency? 154Pau Olivella9 Consequences of information asymmetry in a syndication network: thejoint investments of the Israeli venture capital funds 170Ilan TalmudPART III INFORMATION TRANSMISSION AND INFLUENCE10 Disclosure of conflicts of interest: theory and empirics 185Ming Li and Ting Liu11 Information and expertise 202Filippo Pavesi, Massimo Scotti and Nicola Argelli12 Informational influence and its forecasting in e-commerce 224Avraham Noy and Shimon SchwartzPART IV INNOVATION AND INTELLECTUAL PROPERTY13 Digital innovation: an information-economic perspective 245Johannes M. Bauer and Tiago S. Prado14 Innovation and information: smooth and ongoing change, or turbulenceand cognitive over-stress? On the complex deep structure of innovation 269Wolfram Elsner15 Intangibles, information goods, and intellectual property goods inmodern economics 298Dominika Bochańczyk-Kupka16 Incomplete contracts, intellectual property rights, and incentives:investment in knowledge assets under alternative institutional configurations 312Erkan Gürpinar and Eyüp ÖzverenPART V PAYMENT, VALUE, CROWDFUNDING17 Payment on information markets 336Wolfgang G. Stock18 Payment on information markets 361Daphne R. Raban and Niv Ahituv19 The role of influencer endorsements in users’ willingness to pay forknowledge products: an empirical investigation 376Xiaoyu Chen and Alton Y. K. Chua20 Barriers to participation in cultural crowdfunding 392Roei DavidsonPART VI CHALLENGES21 The challenge of organizational bulk email systems: model andempirical studies 404Ruoyan Kong and Joseph A. Konstan22 The effect of supervisor’s control and workload on AIS users’perceived usefulness and approach to misuse an automated systemoutput: the moderating role of experience of AIS practitioners 433Ewa Wanda Maruszewska and Maciej Andrzej Tuszkiewicz23 On the status of machine learning inferences in data privacy economicsand regulation 459David Bodoff24 The digital world has a long shadow 478Serghei Ohrimenco, Grigori Borta and Valeriu CerneiPART VII FUTURE25 The terms: the parameters of information economics 503Sandra BramanIndex 532