Search Results
(1 - 2 of 2)
- Title
- Unidentified meeting (undated)
- Date(s)
- 1973, 1973~
- Contributor(s)
- National Association of Manufacturers (U.S.) (originator), Roberts, Clyde F., Jr. (depicted), Buckalew, Bob (depicted), Rayne, Alan (depicted), Huston, Bill (depicted), Mack, Darrell (depicted), Red Carpet Inns (event place)
- Collection ID
- National Association of Manufacturers photographs and audiovisual materials (Accession 1973.418)
- Hagley ID
- 1973418_022_18_004
- Collection
- National Association of Manufacturers
- Title
- Trading facts: Arrow's fundamental paradox and the origins of global news networks, International communication and global news networks: historical perspectives.[f]2011
- Date(s)
- 2011
- Contributor(s)
- Bakker, Gerben (author)
- Description
-
- Since the Renaissance newsbrokers have developed solutions to overcome the main problem of selling news. The ‘fundamental paradox in the determination of demand for information,’ originally identified by Kenneth J. Arrow, implies that buyers cannot assess how much they want to pay for information without knowing its content, but once they know its content, they do not need to pay anymore.
- The first part investigates the evolution of newsbrokers’ business models since the Renaissance, noting...
Show more- Since the Renaissance newsbrokers have developed solutions to overcome the main problem of selling news. The ‘fundamental paradox in the determination of demand for information,’ originally identified by Kenneth J. Arrow, implies that buyers cannot assess how much they want to pay for information without knowing its content, but once they know its content, they do not need to pay anymore.
- The first part investigates the evolution of newsbrokers’ business models since the Renaissance, noting the use of reciprocity by diplomats and merchants, who wrote the latest news at the bottom of their letters, and how the news trade profited from selling numerical values of quantifiable properties of economic qualities, such as prices, exchange rates, ship arrivals, ‘credit ratings,’ and later interest rates and share prices. These properties could all be stated without revealing the actual numerical value. Newsbrokers used various transmission technologies to satisfy the expanding demand for news, from couriers, pigeons, semaphore systems, pneumatic tubes to, eventually, the electric telegraph.
- The second part focuses on how, using several of these technologies, international news agencies emerged that partially replaced the earlier newsbrokers during the nineteenth century. The business models they developed to mitigate Arrow’s paradox included subscription selling that made news items’ marginal price zero, the bundling of news, the lobbying to create and enforce copyrights in news, and, finally, cross- subsidisation of news provision with ancillary revenues from advertising, financial services or from governments. The main agencies—such as Reuters, Wolff-Continental, Havas and Associated Press—overcame further selling difficulties by forming an international news cartel.
Show less - Hagley ID
- EBOOK_20130001
- Accession
- 194724
- Collection
- Born digital publications