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Conference Paper: The Economics of Data

TitleThe Economics of Data
Authors
KeywordsData
Industry organization
Welfare
Prisoners’ dilemma
Ownership
Issue Date2019
Citation
China International Conference in Finance (CICF) 2019, Guangzhou, China, 9-12 July 2019 How to Cite?
AbstractWe analyze the economic consequences of selling consumer data to oligopoly producers. Without data sales, producers keep secret their private consumer data, leading to efficiency loss and in some cases, to a prisoners dilemma for producers. In the presence of an independent data vendor who maximizes its own profits with smart contracts, data sales causes producers to effectively share their consumer data in equilibrium, thereby improving total surplus. This setting is consistent with a situation in which data is owned by consumers and analyzing such a setting provides a way to quantify the economic value of consumer data. When data is owned by producers, a data vendor a la a trade association is likely to maximize the total profits of producers, and its presence can address the prisoners dilemma for producers. Our analysis provides implications for the debates about data ownership and privacy.
DescriptionSession: Fintech Developments
Persistent Identifierhttp://hdl.handle.net/10722/284719

 

DC FieldValueLanguage
dc.contributor.authorEasley, D-
dc.contributor.authorHuang, S-
dc.contributor.authorYang, L-
dc.contributor.authorZhong, Z-
dc.date.accessioned2020-08-07T09:01:44Z-
dc.date.available2020-08-07T09:01:44Z-
dc.date.issued2019-
dc.identifier.citationChina International Conference in Finance (CICF) 2019, Guangzhou, China, 9-12 July 2019-
dc.identifier.urihttp://hdl.handle.net/10722/284719-
dc.descriptionSession: Fintech Developments-
dc.description.abstractWe analyze the economic consequences of selling consumer data to oligopoly producers. Without data sales, producers keep secret their private consumer data, leading to efficiency loss and in some cases, to a prisoners dilemma for producers. In the presence of an independent data vendor who maximizes its own profits with smart contracts, data sales causes producers to effectively share their consumer data in equilibrium, thereby improving total surplus. This setting is consistent with a situation in which data is owned by consumers and analyzing such a setting provides a way to quantify the economic value of consumer data. When data is owned by producers, a data vendor a la a trade association is likely to maximize the total profits of producers, and its presence can address the prisoners dilemma for producers. Our analysis provides implications for the debates about data ownership and privacy.-
dc.languageeng-
dc.relation.ispartofChina International Conference in Finance (CICF) 2019-
dc.subjectData-
dc.subjectIndustry organization-
dc.subjectWelfare-
dc.subjectPrisoners’ dilemma-
dc.subjectOwnership-
dc.titleThe Economics of Data-
dc.typeConference_Paper-
dc.identifier.emailHuang, S: huangsy@hku.hk-
dc.identifier.authorityHuang, S=rp02052-
dc.identifier.hkuros312027-

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