Answer to Question #10708 in Economics of Enterprise for Harry Williams
Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation. Develop a bargaining situation from which you would conclude that access to market-related information does in fact affect the outcomes.
Markets are transmission mechanisms between growth in the wider economy and the lives of the poor. Markets may fail when some are unable to access them or can only access them on unfavorable terms. Improved telecommunications can lower the cost of acquiring information, lower risks, and improve market efficiency. These services can offer previously unconnected farmers access to up-to-date price information and broaden market participation. Information and communication technologies (ICT) allow potential participants to gather and communicate information through means such as radio, cell phones and computer networks. ICT reduce costs of connecting buyers and sellers. These cost savings, combined with quick access to information and instant communication with trade partners, open new market possibilities. For example, if the company decides to launch a new product line it will need to conduct a marketing research that requires the collection of primary and secondary data. In case of the access to market-related information means inaccurate data the marketers won't make successful research and the company will have losses in profits. The reason is that inaccurate data causes wrong choice of strategy and inefficient concentration of resources. That's why access to market-related information does in fact affect the outcomes.
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