Economics of data is just beginning to showcase the Value to humanity!
Social Economics with the development on financial instruments as it relates to income/wages based on a persons data and more importantly, the value associated to such dataset for sale to any/all buyers – is the basis upon Persons Asset Class.
(Note: the following white paper is not associated with any work/project by Persons Asset Class – Only for the intended purposes of research and knowledge sharing for the betterment of equitable systems.)
the following published paper – “Nonrivalry and the Economics of Data”
July 31, 2018 — Version 0.6
> link to read/download
- Charles I. Jones (Stanford GSB and NBER)
- Christopher Tonetti (Stanford GSB and NBER)
Data is nonrival: a person’s location history, medical records, and driving data can be used by any number of firms simultaneously without being depleted. Nonrivalry
leads to increasing returns and implies an important role for market structure and property rights. Who should own data? What restrictions should apply to the use of data? We show that in equilibrium, firms may not adequately respect the privacy of consumers. But nonrivalry leads to other consequences that are less obvious. Because of nonrivalry, there may be large social gains to sharing data across firms, even in the presence of privacy considerations. Fearing creative destruction, firms may choose to hoard data they own, leading to the inefficient use of nonrival data. Instead, giving the data property rights to consumers can generate allocations that are close to optimal. Consumers appropriately balance their concerns for privacy against the economic gains that come from selling data to all interested parties.
Thanks to Hart Lambur (twitter: @hal2001 ) for bringing to attention this paper on economics of data and more importantly, social gains from selling their own data