“Again, these pessimistic conclusions concern liquid markets with a large number of very simple and visible transactions. In other information markets this effect is far less relevant. In fact, even financial information markets have seen a boom in the last decades thanks to all the market inefficiencies and the “noise” produced by random traders with random goals and objectives. In sum, consistent with the reality in which information markets flourish, the rest of our discussion assumes the proper functioning of information markets, that is, where ownership can be protected by copyright laws and private information does not get revealed in people’s actions. While information sellers need to be aware of their market’s potential vulnerability, these market conditions do apply to the vast majority of information products”.
Gurus and Oracles: the marketing of information
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