Semantic Network in Information Processing for the Pork Market
No 3/2014, September
Abstract
The main aim of this paper is to capture the elements of individual information frames and their relations using semantic network; and to express the loss of information and information asymmetry in the market environment. Preferences of elements in the network are evaluated by the Analytical network process. The benefits of applying semantic networks in the market environment are in increasing consumer information and reducing information asymmetry.The use of semantic networks will be shown in the analysis of the information frames of the producer, distributor and consumer in the pork market. The consumer’s frame expresses expectations and preferences, according to which decisions are made. Producer operates with greater range of information about the product than is available to the consumer. Distributor receives information from both the producer and from the consumer, but this information is not usually fully shared to the consumers or producers. This creates information asymmetry.
Keywords
Semantic Network, Framing Effect, Producer’s Frame, Distributor's Frame, Consumer’s Frame, Asymmetric Information, Analytic Network Process.