Markets run on information. Buyers make decisions by relying on their knowledge of the products available, and sellers decide what to produce based on their understanding of what buyers want. But the distribution of market information has changed, as consumers increasingly turn to sources that act as intermediaries for information—companies like Yelp and Google. Antitrust Law in the New Economy considers a wide range of problems that arise around one aspect of information in the marketplace: its quality.

Sellers now have the ability and motivation to distort the truth about their products when they make data available to intermediaries. And intermediaries, in turn, have their own incentives to skew the facts they provide to buyers, both to benefit advertisers and to gain advantages over their competition. Consumer protection law is poorly suited for these problems in the information economy. Antitrust law, designed to regulate powerful firms and prevent collusion among producers, is a better choice. But the current application of antitrust law pays little attention to information quality.

Mark Patterson discusses a range of ways in which data can be manipulated for competitive advantage and exploitation of consumers (as happened in the LIBOR scandal), and he considers novel issues like “confusopoly” and sellers’ use of consumers’ personal information in direct selling. Antitrust law can and should be adapted for the information economy, Patterson argues, and he shows how courts can apply antitrust to address today’s problems.

Every day, corporations are connecting the dots about our personal behavior—silently scrutinizing clues left behind by our work habits and Internet use. The data compiled and portraits created are incredibly detailed, to the point of being invasive. But who connects the dots about what firms are doing with this information? The Black Box Society argues that we all need to be able to do so—and to set limits on how big data affects our lives.

Hidden algorithms can make (or ruin) reputations, decide the destiny of entrepreneurs, or even devastate an entire economy. Shrouded in secrecy and complexity, decisions at major Silicon Valley and Wall Street firms were long assumed to be neutral and technical. But leaks, whistleblowers, and legal disputes have shed new light on automated judgment. Self-serving and reckless behavior is surprisingly common, and easy to hide in code protected by legal and real secrecy. Even after billions of dollars of fines have been levied, underfunded regulators may have only scratched the surface of this troubling behavior.

Frank Pasquale exposes how powerful interests abuse secrecy for profit and explains ways to rein them in. Demanding transparency is only the first step. An intelligible society would assure that key decisions of its most important firms are fair, nondiscriminatory, and open to criticism. Silicon Valley and Wall Street need to accept as much accountability as they impose on others.

The golden democratic tradition of an informed and involved electorate freely and rationally choosing its public officials seems to be at odds with American political reality. Thus the questions: On what basis do people vote and form opinions? How does the lack of information at the individual level affect system performance?

In this collection twenty-six distinguished political scientists discuss, debate, and define the relationship between information and the democracy it supposedly serves. The contributors address both the empirical and normative aspects of governing in the United States, employing psychological, sociological, and economic perspectives.

An in-depth assessment of innovations in military information technology informs hypothetical outcomes for artificial intelligence adaptations

In the coming decades, artificial intelligence (AI) could revolutionize the way humans wage war. The military organizations that best innovate and adapt to this AI revolution will likely gain significant advantages over their rivals. To this end, great powers such as the United States, China, and Russia are already investing in novel sensing, reasoning, and learning technologies that will alter how militaries plan and fight. The resulting transformation could fundamentally change the character of war.

In Information in War, Benjamin Jensen, Christopher Whyte, and Scott Cuomo provide a deeper understanding of the AI revolution by exploring the relationship between information, organizational dynamics, and military power. The authors analyze how militaries adjust to new information communication technology historically to identify opportunities, risks, and obstacles that will almost certainly confront modern defense organizations as they pursue AI pathways to the future. Information in War builds on these historical cases to frame four alternative future scenarios exploring what the AI revolution could look like in the US military by 2040.

How do we ensure that waste and inefficiency do not undermine the mission of publicly funded schools? Derek Neal writes that economists must analyze education policy in the same way they analyze other procurement problems. Insights from research on incentives and contracts in the private sector point to new approaches that could induce publicly funded educators to provide excellent education, even though taxpayers and parents cannot monitor what happens in the classroom.

Information, Incentives, and Education Policy introduces readers to what economists know—and do not know—about the logjams created by misinformation and disincentives in education. Examining a range of policy agendas, from assessment-based accountability and centralized school assignments to charter schools and voucher systems, Neal demonstrates where these programs have been successful, where they have failed, and why. The details clearly matter: there is no quick-and-easy fix for education policy. By combining elements from various approaches, economists can help policy makers design optimal reforms.

Information, Incentives, and Education Policy is organized to show readers how standard tools from economics research on information and incentives speak directly to some of the most crucial issues in education today. In addition to providing an overview of the pluses and minuses of particular programs, each chapter includes a series of exercises that allow students of economics to work through the mathematics for themselves or with an instructor’s assistance. For those who wish to master the models and tools that economists of education should use in their work, there is no better resource available.

The occupation of the northern half of the Chinese territories in the 1120s brought about a transformation in political communication in the south that had lasting implications for imperial Chinese history. By the late eleventh century, the Song court no longer dominated the production of information about itself and its territories. Song literati gradually consolidated their position as producers, users, and discussants of court gazettes, official records, archival compilations, dynastic histories, military geographies, and maps. This development altered the relationship between court and literati in political communication for the remainder of the imperial period. Based on a close reading of reader responses to official records and derivatives and on a mapping of literati networks, the author further proposes that the twelfth-century geopolitical crisis resulted in a lasting literati preference for imperial restoration and unified rule.

Hilde De Weerdt makes an important intervention in cultural and intellectual history by examining censorship and publicity together. In addition, she reorients the debate about the social transformation and local turn of imperial Chinese elites by treating the formation of localist strategies and empire-focused political identities as parallel rather than opposite trends.

Confronting us at every turn, flowing from every imaginable source, information defines our era--and yet what we don't know about it could--and does--fill a book. In this indispensable volume, a primer for the information age, Hans Christian von Baeyer presents a clear description of what information is, how concepts of its measurement, meaning, and transmission evolved, and what its ever-expanding presence portends for the future.

Information is poised to replace matter as the primary stuff of the universe, von Baeyer suggests; it will provide a new basic framework for describing and predicting reality in the twenty-first century. Despite its revolutionary premise, von Baeyer's book is written simply in a straightforward fashion, offering a wonderfully accessible introduction to classical and quantum information. Enlivened with anecdotes from the lives of philosophers, mathematicians, and scientists who have contributed significantly to the field, Information conducts readers from questions of subjectivity inherent in classical information to the blurring of distinctions between computers and what they measure or store in our quantum age. A great advance in our efforts to define and describe the nature of information, the book also marks an important step forward in our ability to exploit information--and, ultimately, to transform the nature of our relationship with the physical universe.

How do smokers evaluate evidence that smoking harms health? Some evidence suggests that smokers overestimate health risks from smoking. This book challenges this conclusion. The authors find that smokers tend to be overly optimistic about their longevity and future health if they quit later in life.

Older adults' decisions to quit smoking require personal experience with the serious health impacts associated with smoking. Smokers over fifty revise their risk perceptions only after experiencing a major health shock--such as a heart attack. But less serious symptoms, such as shortness of breath, do not cause changes in perceptions. Waiting for such a jolt to occur is imprudent.

The authors show that well-crafted messages about how smoking affects quality of life can greatly affect current perceptions of smoking risks. If smokers are informed of long-term consequences of a disease, and if they are told that quitting can indeed come too late, they are able to evaluate the risks of smoking more accurately, and act accordingly.

This book analyzes how information circulated before the telegraph. Using newspapers and their contents, postal services, the volume of commodity trade, and travel patterns to analyze information circulation, Allan Pred provides a cogent and complete description of interrelationships among the large cities during the period from 1790 to 1840. His principal concern, however, is with general urban-growth and locational processes. Developments between 1790 and 1840 are studied in order to understand the growth process of all systems of cities, both past and present.

Allan Pred has developed a multiple-loop feedback model to describe the process by which a few cities established their long-term dominance, or high rank, during the early growth of particular urban systems and subsystems. The model includes non-local multiplier effects generated by local urban growth, allows interurban trade and information flows mutually to reinforce one another, and permits “spatially biased” information circulation to influence where business opportunities are exploited and how economic innovations are diffused. Several interurban innovation diffusion processes are examined to confirm the validity of certain aspects of the model.

Examples of both hierarchical and non-hierarchical diffusion processes are given, including the spread of the Bank Panic of 1837, daily newspapers, and steam engines. Much information is presented in the form of clear and illuminating tables, figures, and maps. This study, by historical perspective on social change and deeper insight into the importance of information circulation in urban growth, should be immensely valuable to current regional and locational planning.