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1 results

  • 5 - Pricing of Information

  • from Part II - Information Products and Sources
  • Aija Leiponen, Cornell University, New York
  • Book:
    Digital Innovation Strategy
    Published online:
    21 December 2023
    Print publication:
    21 December 2023, pp 66-77

  • Summary

    Human minds are particularly biased when processing information in digital environments. Behavioral economics has highlighted many cognitive biases that afflict our economic decision making. We may choose people like ourselves for important jobs or we may focus on irrelevant characteristics. We may also focus on recent, available information because our brains interpret that as more relevant for the current situation, whereas, optimally, we might benefit from a deeper dive into collecting more representative or comprehensive data and analyzing it appropriately. Even the way information is presented influences whether we believe it. Designers of digital content and experiences need to be aware of and account for such biases when engaging users.