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Information economics is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions.
The theory states that concentrating industries in specific regions creates several advantages. For one, greater economic activity occurs when many firms cluster in one area. In turn, this creates agglomeration spillovers which increases the total factor productivity of firms in the same county since they are all competing for the top spot.
Small Business Economics 12.3 (1999): 217–231. Bannock, Graham. The economics and management of small business: an international perspective (Routledge, 2004). Bean, Jonathan James. "Beyond the broker state: a history of the federal government's policies toward small business, 1936–1961" (PhD Diss. The Ohio State University, 1994). Bean ...
More specifically, it is a branch of microeconomics that studies the urban spatial structure and the location of households and firms (Quigley 2008). Historically, much like economics generally, urban economics was influenced by multiple schools of thought, including original institutional economics and Marxist economics.
In economics, the economics of location is the study of strategies used by firms and retails in a monopolistically competitive environment in determining where to locate. [1] Unlike a product differentiation strategy, where firms make their products different in order to attract customers, an economics of location strategy is consistent with ...
Cambridge is a good example of a K=4 Transport Model Central Place, although it is surrounded by 7, rather than 6, settlements. Each satellite is 10–15 miles from Cambridge and each lies on a major road leading out of Cambridge: Ely - A10 north; Newmarket - A1303 (now bypassed by A14/A11) northeast; Haverhill - A1307 southeast; Saffron Walden ...
Given the assumptions of the Hotelling model, consumers will choose either firm as long as the combined price and transportation cost of the product is less than the competitive firm. For example, if both firms sell the product at the same price , consumers in quadrants and will pick the firm closest to them. The price realized by the consumer is
Economic: Economic agglomeration can create some economic benefits but also tends to widen the disparity between rich areas and poor areas and increase interregional inequality. [22] Interregional inequality cannot be prevented because it is a necessary stage during economic development.