The Theory of Attention and the Economy of Understanding as a New Price Model in the Information Economy?

Abstract

Most prices in the information economy (scientific information) are based on length of information, duration of online time, actuality etc., but most of these price concepts give little satisfaction to the customer because they are irrational and not comprehensible. Till today there exist no price concepts in the information economy concidering the attention or understanding of information. Therefore the theory of Georg Franck (1999, 2002) will be an interesting attempt for new price models. People nowadays stay in confrontation with a maximum number of information per day and recognise only the most attractive and readily comprehensible information. Advertising agencies are measuring the attention drawn by a particular medium like television. The private TV as a leading mass medium finances itself by selling the service of catching attention. These are systems of channels supplying information in order to gather attention in return and determine the financial success. It should be the goal of every author (scientist) to gather attention by the scientific community. Every scientist and author should formulate his publication attractive to receive a maximum of attention and understanding because these two points will be rewarded directly with scientific success (Science Citation Index). But how much would the consumer (scientist) pay for understanding and attention? Till today no host or supplier of information uses this model. But for example Google uses the theory of attention in its ranking (frequency of linking) and word advertising (most-searched words) indirectly and this possibly would be a step to new price concepts.