Effect of information formats on information services: analysis of four selected agricultural commodities in the USA
2006
We analyze sources of information in agricultural markets to understand patterns of demand for decision support services and the division of labor in the supply of these services. Information formatting--qualitative variation that determines accessibility and relevance of information in specific contexts--prohibits universal access to informational content. Information formats give rise to both transaction costs and complementarities reflected in patterns of information exchange in commodity systems. Controlling for actors' structural roles and levels of education, we develop a hedonic model of information demand such that actors seek information that is formatted to meet their needs and capabilities. Employing survey data, we explain elements of observed patterns of information exchange in four commodity systems in the USA. Results point to opportunities to expand our understanding of socioeconomic processes underlying production and consumption of decision support.
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