The Value of Information

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The Value of Information

In the world today, information is an important aspect in almost every part of our life. From what time the movie we want to see begins to whether we should buy stock in Dell or IBM, we depend on accurate information. Is this kind of information a commodity? The dictionary defines a commodity as something valuable or useful (Webster 1993). Presently, information is a commodity because people are willing to pay high prices for information in order to make better decisions. In this paper, I will give many examples of how information acts as a commodity. I will also show how information acts as a commodity in other areas than just technology and business.

The kind of information I will explore is the knowledge of a specific news or event derived from study, experience or instruction(Webster 1993). This type of information is not something everyone can have access to. This information can separate the successful companies from the one¹s struggling to survive. This information is valuable, and can be bought, sold traded and even stolen. It can be the most important asset a company owns.

One aspect where information acts as something valuable is in the area of sports. The National Football League is a billion dollar business. The careers of coaches, players and general managers can rest on one play or one game. To minimize mistakes or to find any advantage, teams spend millions of dollars to pay scouts to provide useful information. One part of putting together a winning team is doing well on draft day. Teams do a tremendous amount of research on every player who is eligible to be drafted. The NFL has its own private investigation firm. It is called NFL Security, and it is rarely seen or discussed. Its job is to compile information about every possible draftee. If players smoke marijuana at Saturday-night parties, it's probably in their files. If players stay in bars past 2 A.M., it's probably in their files (Sports Illustrated p.34). The purpose of NFL Security is to prevent a team from investing millions of dollars in a player who might have drug or other problems that could prevent a player from performing up to a certain standard. "For the amount of money involved here, the employers would like to know good hard facts about their potential players. Employers deserve that. And we're going to give it to them," says Mike Ahlerich, an employee at NFL Securities (Sports Illustrated p.

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