The Nature and Role of Information under Imperfect Markets: A Theoretical Review

Abstract

This paper is a theoretical review of the discussions on information as a commodity in the literature of Economics. The paper is presented in four sections- the introduction, Importance and nature of Information as a commodity, Informational issues under imperfect markets: A Theoretical Review and conclusion. In introduction part, the author tried to connect the incomplete information as the byproduct of imperfect markets. In second part, the paper discusses the importance and nature of information as a commodity. And also discusses how it differs from other commodity markets. The third part of the paper is purely a theoretical review on the literature discussing informational issues in the market related with general functioning of the market and also with respect to the existence of equilibria under such markets. Finally, the paper concludes the discussion of the paper by sighting the increased demand for the information in the present markets.