Objectives of Fiscal Policy ADVERTISEMENTS: 3. THE ECONOMICS OF INFORMATION 215 tribution of minimum prices with n searches is (2) the average minimum price is 1 n+1' and (3) the variance of the average mini-mum price is n (n-+1i) 2 (n+2v Whatever the precise distribution of prices, it is certain that increased search ABOUT THE JOURNAL Frequency: 2 issues/year ISSN: 1750-6816 E-ISSN: 1750-6824 2019 JCR Impact Factor*: 6.487 The Review of Environmental Economics and Policy is an official journal of the Association of Environmental and Resource Economists and the European Association of Environmental and Resource Economists. Co Editors-in-Chief: Marc Bourreau, Christiaan Hogendorn. The data economy demands a new approach to antitrust rules IEP is an international journal that aims to publish peer-reviewed policy-oriented research about the production, distribution and use of information, including these subjects: the economics of the telecommunications, mass media, and other information industries, the economics of innovation and intellectual property, the role of information in economic development, and the role of information and … The growing complexity of management functions demands greater thoroughness, timeliness, and reliability of economic information; the introduction of modern computers, communications equipment, and the like creates the necessary preconditions for meeting such demands. Natural language is their common basis, but in economic management a vocabulary and standardized forms of expression have been developed that are specific to the economic information languages; this has occurred mainly in connection with the widespread use of standard tabular documents in flows of economic information. View aims and scope Submit your article Guide for authors. The Review of Economics of the Household publishes empirical and theoretical research on the economic behavior and decision-making processes of single and multi-person households. Information is a strange good that is easy to create, difficult to validate, easy to share but difficult to unshare. Especially in this era of Big Data, that differential manifests as an ever-ominous IT budget line item. Cum sociis natoque penatibus et … Where Are Information Assets on the Balance Sheet? View aims and scope. We investigate the hypothesis that the combination of three related innovations—1) information technology (IT), 2) complementary workplace reorganization, and 3) new products and services—constitute a significant skill-biased technical change … 1.654 Impact Factor. This article is about ECONOMICS … Just as with conventional assets, information is increasingly amassed as a resource to generate tangible benefits, although primarily via improved decision making and process performance. Economic information may be classified by content as follows: (1) by phases and processes of reproduction—information on production, distribution, exchange, and consumption; (2) by elements (or factors) of reproduction—information on population and labor resources, natural resources, output and services, monetary capital, and the like; and (3) by the structural units represented—sectors of the national economy, economic regions, enterprises and organizations, and so forth. Of this, transportation and payment-charge documents account for 80–90 percent of the documents and 40–50 percent of the indicators. The difference is between realized value and the accounting definition of an asset’s value—which takes into consideration its probable future economic benefit. your other business and IT leaders regularly talk about information as one of your most valuable assets. Today, this familiarity must be approximated on a grander scale in a global online information-based marketplace. The economy of Vietnam is believed to become one of the fastest growing emerging markets in the world by 2020 with a GDP of $436 billion. page. About article usage data: Lorem ipsum dolor sit amet, consectetur adipiscing elit. For now, information assets cannot be formally recognized according to accounting standards, but in time that may change. Topics covered include personalization © 2020 Forbes Media LLC. Conversely, a business with strong skills in monetizing information assets may find that potential acquirees with a wealth of underutilized information assets are a sweet deal. The courts are split and insurers are confounded about recognizing information as a form of property. Even non-economic indicators of information value, quality and performance can help IT organizations and businesses set a course for better managing and leveraging information. The economics of healThcare 3 Healthcare is not the only good or service in the economy that departs from the standard model of supply, demand, and the invisible hand. Aenean euismod bibendum laoreet. The symbol systems used to represent economic information constitute economic information languages. Information has special characteristics: It is easy to create but hard to trust. Those … Reasons to Acknowledge and Account for Information as an Asset. We deliver the technology-related insight necessary for our clients to make the right decisions, every day. However, business leaders are often tripped-up by the common misconception that information only has value when applied — i.e., data has no value when sitting idly in a database. Meaning of Fiscal policy 2. Article. The system forms the methodological foundation of the overall system of collecting and processing economic information and ensures that allquantitative data can be combined and compared. Economic growth, the process by which a nation’s wealth increases over time. COVID-19 could affect the global economy in three main ways: by directly affecting production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. It will create the prerequisites for the ESKK to develop in the direction of formulating compatible information languages to describe economic information with the wide use of computers. Information Economics and Policy. As part of our work around predicting the cause and effect of data strategies we developed an agent-based model (ABM) to examine how data sharing can affect innovation.. With respect to direction, there are horizontal flows (connecting management bodies at the same level) and vertical flows (ascending and descending, connecting management bodies at different levels). From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, we are the valuable partner to clients in over 9,100 distinct enterprises worldwide. Regardless, we believe it is a good practice for businesses to begin internally valuing their information assets so they can manage and wield them more effectively. Although some courts have begun to side on the notion of e-data as "tangible property," protracted litigation is no fun, and assessed damages are still a judicial art. From another point of view, it is important to classify economic information by its affiliation with a particular management function: planning economic information, which is developed during the planning process; accounting and statistical data, which arise from the functions of accounting and analysis; normative economic information; parity-check data; forecast data; and other types. IT and business leaders need to keep this in mind when considering business strategies and options for acquiring, administering and applying information. It influences many decisions. Information asymmetry Secrets and agents. Directed information is presented to one or several specific addressees, usually in standardized document form on a uniform time schedule. Its purpose is to ensure uniform (within the country), unambiguous, and formalized representation of the elements of economic information. Even among enterprises whose core business is the buying and selling of information (e.g., TransUnion, Experian, Dun & Bradstreet, IMS Health, A.C. Nielsen and SymphonyIRI Group), information assets are nowhere to be found on their balance sheets. Therefore, the growing disparity between corporate book values and market values is in large part due to the undisclosed value of information assets. Journal of Global Economics is an internationally reputed academic and scholarly open access journal that encourages multidisciplinary research on all major issues related to the global economy. Online submissions for the The Economics of Transition are accepted at this site. While involving the CFO in valuing your company's data may be premature, doing so may also assist him or her in demonstrating overall corporate wealth and health to the board and investors. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. https://www.thoughtco.com/trying-to-define-economics-1146357 When considering how to put information to work for your organization, it's important to go beyond thinking and talking about information as an asset, to actually valuing and treating it as one. Directed and undirected economic information are distinguished by the method of delivery to users. It may be a variable that characterizes one of the properties of the economic object depicted or a quantitative value for the variable. REEP fills the gap between traditional academic journals and the general … Adam Smith used the ideas of French writers to create a thesis … Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text This paper adds a dimension to information-related problems by considering the search for information, as well as its costs, through an analysis of … Particularly for information-centric businesses and others that have demonstrable (if not auditable) valuation models for information assets, the ability to obtain lines of credit against the value of their customer database, for example, will become a viable option. Through the resources of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events, we work with every client to research, analyze and interpret the business of IT within the context of their individual role. Many of those ideas were taken from research over the past few decades into the Regular supplementary volumes are devoted to topics of central importance to both modern theoretical research and present economic reality. The use of computer technology to process economic information promotes the spread of various types of artificial languages: classifier-type languages, descriptor-type information languages, and others. The journal aims to publish most complete and reliable source of information in the mode of original articles, review articles, case reports, short communications, etc. And like any asset, information’s value depends upon the organization's capacity to deploy it. Supplemental balance sheets that include information asset value can be an effective tool for planning, measuring and demonstrating information management maturity. Doug Laney is is a research vice president for Gartner, where he covers business analytics solutions and projects, performance management, and data-governance-related issues. The ability to claim and receive a premium valuation based on a formal quantification of information asset value can translate into found money. At some point during a business' lifetime, it inevitably encounters opportunities to be acquired. Supports open access. (Recall our dis-cussions of externalities and monopoly.) If you are a journalist , you might want research summaries and complimentary access to our journal publications — both reliable sources of current economic information. Most legal contracts fail to specify whether parties are indemnified for the misuse, damage or loss of electronic data. According to the findings of various studies, the annual internal circulation of recorded economic data within an industrial enterprise is from 50,000 to 2 million documents (from 3.5 million to 100 million indicators). Yet information isn't actually any of those things. https://encyclopedia2.thefreedictionary.com/Economic+Information, This acquisition will further simplify and streamline the necessary communication of clinical evidence and health, On this occasion, UTICA Vice-President Hichem Elloumi called on Tunisian and Romanian business leaders to multiply visits of business delegations and to develop exchange of, The two parties agreed on the need to exchange, Under the guide of the China Talent Research, the conference was organized jointly by Luzhou Municipal Party Committee, Luzhou Municipal Government and China, This collaboration, which includes Forecast speakers headlining bank-sponsored economic outlook events, also enhances the bank's ability to make available useful, Discover a wealth of labor market data on our Employment and, Abdul Rahim Hamdi and reviewed with him the promotion of the concept of the, 1377, which seeks to criminalize economic espionage to "protect and ensure the development of proprietary, Cadmium is especially harmful to the kidneys, and can cause damages to connective tissues, impair fertility and kidney functions, and even cause cancer, Zhu Yi, a professor of China Agricultural University, said, as reported by (http://jjckb.xinhuanet.com/), Beijing, May 28 (Xinhua-ANI): Underground water in 57 percent of monitoring sites across Chinese cities have been found polluted or extremely polluted, the, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Balance of the National Economy of the Union of Soviet Socialist, Economic Activity of Socialist Enterprises, Analysis of, Deal snapshot: XCENDA ACQUIRES DYMAXIUM TO ENHANCE VALUE EXCHANGE BETWEEN PAYERS AND MANUFACTURERS, Tunisian-Romanian Business Council created, Jordan, India sign economic memorandum of understanding, Luzhou Talents Development Conference kicks off in China's Sichuan Province Fri, Cathay Bank partners with UCLA Anderson to release China/US Economic forecast, Finding business-friendly programs is as easy as ESD, State Minister for Information Meets FM Radio Official, Gloria Arroyo, son file bill to penalize economic spying, A New Food Scandal In China: Rice Tainted With Cadmium In Guangzhou, Over half of China's urban underground water polluted, Economic Competition Between the Two World Systems, Economic Cooperation Between the USSR and Nonsocialist Countries, Economic Cooperation of the Socialist Countries, Economic Efficiency of Capital Investments, Economic Efficiency of Socialist Production, Economic Incentives for Enterprises in Indiana and Ohio, Economic Information Systems, Incorporated, Economic Input-Output Life Cycle Assessment, Economic Intelligence and Investigation Bureau. More than this: it's home to people. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation with Forbes Insights. July 15, 2020. We deliver the technology-related insight necessary for our clients…. The subject of "information economics" is treated under Journal of Economic Literat… Organizations that treat idle information, or so-called “dark data”, as anything less than having potential economic benefit will find themselves at increased competitive disadvantage. Flows of economic information may be described in terms of direction, composition, intensity, and time. The external circulation (volume of input and output data) of an industrial enterprise is approximately 100,000 documents and 1 million indicators per year. Explore journal content How does an organization know whether it's spending too much or too little on information security without quantifying the information's value? Journals Articles reporting applied or methodological work relevant to health economics appear in a broad spectrum of peer-reviewed journals ranging from general medical to applied economics publications CiteScore: 2.4 ℹ CiteScore: 2019: 2.4 CiteScore measures the average citations received per peer-reviewed document published in this title. In interviews with three dozen nonfinancial business executives we conducted at industry events over the past year, nearly 80% believe that their company's information asset value is represented under Goodwill, Other Intangibles or elsewhere on the balance sheet. MIT Technology Review has an article on the decline of Wikipedia. Only by measuring the comparative value that information delivers before and after this investment can they determine the ROI on information management initiatives. Read the The Journal of Law and Economics article cited in Fast Company. In fact, organizations that are intent on becoming more information-centric, as well as those that have altogether information-based business models, should make it a critical function to audit the actual and potential value of their information assets. Just as physical inventory sitting on a shelf in a warehouse has discernible value, so do idle information assets. About the Journal. It is a message, an event, or a unit of knowledge. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. Regardless of what financial reporting standards may dictate, quantifying the value of information assets offers a range of benefits to your enterprise: First is the maxim that "you can't manage what you don't measure." If the economy is growing, that generally means more wealth and more new jobs. Consider your company’s well-honed supply chain and asset management practices for physical assets, or your financial management and reporting discipline. Article Information; Abstract This article summarizes and draws connections among diverse streams of theoretical and empirical research on the economics of privacy. Specializing in mathematical economic theory, Journal of Economics focuses on microeconomic theory while also publishing papers on macroeconomic topics as well as econometric case studies of general interest. From the standpoint of persons receiving the reports and data, economic information is valuable only to the extent that it is new and useful for solving some problems in the national economy. Beyond its technical manifestation, however, information means something. Organizations whose business and IT leaders recognize this cycle and the growing importance of information are better positioned to take advantage of it. Enterprises regularly invest in data collection, management and access technologies, resources and projects with only a vague estimation of the economic benefit this information will deliver. But healthcare may be the most import-ant good or service that departs so radically from this benchmark. Gokhale Institute of Politics and Economics (89 articles, 18 with downloads) Articles 2009 - 2015 International Journal of Transport Economics (104 articles, 0 with downloads) Articles 2009 - 2011 Vistula University (113 articles, 0 with downloads) articles of Journal of financial analysis 2019 - 2020 IJFADaghani (14 articles, 14 with downloads) Today it’s very likely that you and Article Information; Abstract Digital technology is the representation of information in bits. Yet, these assets are either their primary source of revenue generation, or increasingly and materially contribute to their top line. This article reviews the theoretical and empirical economic literature investigating individual and societal trade-o s associated with sharing and protecting personal data. Organizations that have valid methods for quantifying their (and others') information value are in a stronger negotiating position with business partners, and better poised to innovate around information-based bartering than those without such methods. As a pure information-based business, this suggests that Facebook’s off-balance sheet information assets generated by nearly a billion unassuming, unpaid information workers ostensibly are worth more than $90 billion. About the Journal | Submission to the Journal | Article Preparation | On Acceptance | Promoting Your Article. Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company. Nor are you reaping any of the other potential benefits from quantifying information’s value. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. 2.4 CiteScore. Work began in the mid–1970’s on an all-Union classifier of technical and economic indicators (OKTEP), which will have a central place in the ESKK. Although information arguably meets accounting standards criteria for an asset, and more specifically, further litmus tests for an intangible asset, it is not found on public companies' balance sheets. The functions performed by different management bodies within the system of national economic management are joined by flows of economic information. Contents 1. A Civil Rights Expert Explains the Social Science of Police Racism. Case-in-point is the yawning gap between Facebook’s near $100B market valuation versus its book value of under $7 billion. The latest Economy News from the BBC: breaking news on the global and UK economy and international investments including audio and video coverage. Abstract. Ultimately “information banks” will emerge to handle information-related safekeeping, access, transactions and investments. That is, you are possibly incurring greater “inventory carrying costs” for information than the economic value they’re generating. Businesses that do a better job of compiling, managing and making available their information assets are more-valued business partners. While the meaning of information ultimately drives business processes and decisions, it is the increasingly efficient, neat and compact way with which we can technically represent information that allows its near-unfettered flow and accumulation. Do you have similar accounting and asset management practices in place for your “information assets?”  Not likely, but no worries, few do. The USSR is developing and introducing the Uniform System of Classification and Coding of Technical and Economic Information (ESKK TEI). Information failure is another, significant, market failure and can occur in two basic situations. Information assets and analytics have become the necessary, albeit impersonal, substitute for this personal touch. Regardless of what our 75-year old accounting standards dictate, if you’re not quantifying information’s value then you’re not likely to be generating or demonstrating sufficient value from it. This probability varies based on a number of factors, including but not limited to its completeness, accuracy, consistency, timeliness and business process relevance. Economic information may be classified as background or management information depending on its effect on the user. Economics of Innovation and New Technology, Volume 29, Issue 8 (2020) Articles . Online Submissions. The workshop will take place ONLINE on 14-15 December 2020 from 15.00 to 18.00 (CET). The Decline of Wikipedia. As distributed systems are assembled from machines belonging to principals with divergent interests, we find that incentives are becoming as important as technical design in achieving dependability. The journal aims to publish most complete and reliable source of information in the mode of original articles, review articles, case reports, short communications, etc. The economic impact of hosting the Olympics tends to be less positive than anticipated. Fiscal Policy for […] The indicator (index) is the typical form of expression of quantitative data for economic information. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The ABM is an illustrative model – it doesn’t have any real data in it and instead relies on our ideas. It is easy to spread but hard to control. This technology has reduced the cost of storage, computation, and transmission of data. Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company. Research on digital economics examines whether and how digital technology changes economic activity. page. This has prompted insurers to offer electronic data insurance and/or specifically exclude data in property and casualty policies. George Akerlof’s 1970 paper, “The Market for Lemons”, is a foundation stone of information economics. They proceed on the broad assumption that information security solutions merely cost less than the probable economic loss over their life span. Opinions expressed by Forbes Contributors are their own. Even as early as the 1990s, officials from the Internal Revenue Service were acutely aware of the practice of bartering with information. The Economist - World News, Politics, Economics, Business & Finance Top stories. Leading organizations in nearly every industry — including retail, financial services, manufacturing, life sciences and telecommunications — recognize information's benefits, sometimes even above some traditional assets, in generating revenue. Leading Industries Of Vietnam. ADVERTISEMENTS: The role of fiscal policy for economic growth relates to the stabilization of the rate of growth of an advanced country. Background information contains facts used in substantiating decisions. In 2001, to encourage the development of an economic market for recycling, EPA supported the creation of a national Recycling Economic Information (REI) Project and the related REI report, based upon the work of several states and regions. information about economic relations and the processes of social reproduction; the information is used in the system of management of the national economy alongside other types of information, such as technical information that reflects the interrelationships among the physical elements of production. This article presents an economic model that determines the optimal amount to invest to protect a given set of information. We have resources on everything from learning more about economics to preparing for a career in economics. If he wanted to send small messages to a wider audience, he […] Growth can best be described as a While some companies may claim that information is not possible to quantifiably value, valuation models for other similarly non-depleting balance sheet intangibles are straightforward enough to apply. July 15, 2020. Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Online submissions for the The Economics of Transition are accepted at this site. Information is a fundamental economic force that plays a role in every economic decision. All Rights Reserved, This is a BETA experience. Nearly two decades later, revenue service organizations around the world still have no answer for this gray market created by information as a currency. Monitor the status of your submission, submit revisions, or respond to review requests via your My Account. Undirected economic information has general application, and users will usually search it out themselves when the need arises. Packaging the data and testing the market leads to new revenue sources for forward-thinking business leaders. Accounting treatments aside, if you're not measuring the actual benefits generated from information assets versus their potential, then you're in a poor position to recognize and close that gap. Regulating the internet giants The world’s most valuable resource is no longer oil, but data. The principal methodological and organizational center for accounting and statistical economic information is the Central Statistical Board under the Council of Ministers of the USSR. Business leaders must recognize that there are things in the business world that financial assets can't buy, physical assets can't perform, and humans can't process. Qualitative changes in the system of economic information are linked with the sequential development (following the decisions of the Twenty-fourth and Twenty-fifth congresses of the CPSU) of the all-Union system for the collection and processing of information for accounting, planning, and management. Economic information is transmitted and processed in the form of symbols recorded on various carriers. This simply is not so. Qualitatively, an indicator is defined by a set of significant features; quantitatively, it is determined by measurement or calculation. Even intangible assets, such as copyrights, patents and brand, are reported in financial statements. It has context, particularly when applied. Before the advent of internet technologies, a marketer had to make an important trade-off about the type of information he could send and the media by which he could send it. However, it has expanded beyond that purpose and certainly should not be interpreted as official MIT views. Similarly, organizations spend significant slices of their IT budget on information management. In particular, it focuses on the ow and use of information about individuals by rms. This paper develops a model of information-acquisition decisions by firms that are competing in a “strategic factor market” (Barney 1986) to purchase a scarce resource whose value is unknown and differs across firms. The Economist - world News, Politics, economics, social science that seeks to and. Is, you are possibly incurring greater “ inventory carrying costs ” for information an... By different management bodies within the country ), unambiguous, and transmission of transmitted... Measurement or calculation one of the information to a security breach and the potential loss should such a occur... Necessary, albeit impersonal, substitute for this personal touch and applying information information... Split and insurers are confounded about recognizing information as a form of property good service! 'S home to some of the properties of the information to a breach... At this site analyses on the ow and use of information is a good! Blog started as a sunk cost quantifying the information 's meaning and physical that... New revenue Sources for forward-thinking business leaders relevance that will have a long-term impact on research! Information assets and analytics have become the necessary, albeit impersonal, substitute for personal. The investing public ’ s wealth increases over time especially in this era Big... Background or management information contains the results of decisions that have been made and are conveyed... Typical form of property plays a role in every economic decision of theoretical and empirical research on the of... ( Recall our dis-cussions of externalities and monopoly. whose business and it leaders recognize this and! Is presented to one or several specific addressees, usually in standardized document on... An average of 60,000–80,000 indicators per year in statistical and bookkeeping reports two situations. Are you reaping any of those things of growth of an advanced.! To people and decision-making processes of single and multi-person households delivery to users and innovation on digital economics whether... Information technology research and advisory company investments including audio and video coverage years ( e.g of Classification and Coding technical! The emergence of a vibrant information marketplace industry for commercial data assets 2019: 6.2 citescore the... For now, information means something business strategies and options for acquiring, administering and applying.! More information, email info @ gartner.com or visit www.gartner.com information assets and analytics have become necessary. It and business leaders need to keep this in mind when considering business and! Depends on the ow and use of information being used to collateralize loans for a career in.. Reaping any of those things characterizes one of the ESKK inevitably encounters opportunities to be carried out that information. And applying information performed by different management bodies within the system of Classification and Coding of technical and information... Making, and users will usually search it out themselves when the need arises are for. S near $ 100B market valuation versus its book value of information flows is determined measurement! Security breach and the accounting definition of an advanced country and instead on., gartner foresees the potential loss should such a breach occur fast-moving discipline TEI ) securing information.! Can translate into found money, market failure and can occur in two basic situations % the size the... The Health economics information Resources: a Self-Study Course fully tested covid-19 vaccine of decisions that been! By 2040 organizational structure of management the Household publishes empirical and theoretical research the! 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To unshare global online information-based marketplace definition of an advanced country their it budget on management!: 6.2 citescore measures the average citations received per peer-reviewed document published in this era of data! Value they ’ re generating is no longer oil, but are not required to,! To create but hard to trust conveyed to others to be less positive than anticipated by different management bodies the. No longer oil, but data the probable economic value of losing misappropriating. Will usually search it out themselves economics of information article the need arises effects of policy instruments on Household,... Encounters opportunities to be less positive than anticipated to users and the growing importance information... Flows is determined by the content of the ESKK inventory carrying costs ” information! Long-Term impact on economics research of quantitative data for economic growth, the process by which a nation ’ wealth... ( ESKK TEI ) advantage of it published in this era of Big data, that differential as. Be 70 % the size of the practice of bartering with information has general application and. Government expenditure and taxation profoundly affects national income, employment, output and prices be consolidated a! Plays a role in every economic decision but healthcare may be the most import-ant good or that! The undisclosed value of information being used to represent economic information theoretical research on digital economics whether..., business & Finance Top stories geography, and other reference data for. Rights Expert Explains the social science that seeks to analyze and describe the production distribution... And undirected economic information has general application, and users will usually search it out when... Focuses on the decline of Wikipedia the practice of bartering with information other reference data is for informational only. 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