The Data Economy : Tools and Applications /
Baley, Isaac,
The Data Economy : Tools and Applications / Isaac Baley, Laura L. Veldkamp. - 1 online resource
Frontmatter -- CONTENTS -- List of Figures -- Acknowledgments -- 1 The Data Economy -- 2 Statistical Tools -- 3 Data Sources -- 4 Data-Driven Predictions and Aggregate Outcomes -- 5 Using Data in Strategic Settings -- 6 Using Data to Guide Investment -- 7 Data and Market Power -- 8 Data Markets and Data Platforms -- 9 Data in Production and the Data Feedback Loop -- 10 Data Measurement and Valuation -- 11 Data Policy and Welfare -- Conclusion -- A Mathematical Appendix -- References -- Index
restricted access http://purl.org/coar/access_right/c_16ec
Tools from macroeconomics and finance to incorporate the central role that data plays in the economyThe most valuable firms in the global economy are valued largely for their data. Amazon, Apple, Google, and others have proven the competitive advantage of a good data set. And yet despite the growing importance of data as a strategic asset, modern economic theory neglects its role. In this book, Isaac Baley and Laura Veldkamp draw on a range of theoretical frameworks at the research frontier in macroeconomics and finance to model and measure data economies. Starting from the premise that data is digitized information that facilitates prediction and reduces uncertainty, Baley and Veldkamp uncover the ways that firm-level data choices resonate throughout the broader macroeconomic and financial landscapes.With The Data Economy, Baley and Veldkamp put forward a broad research agenda with a formal yet accessible approach, offering an analysis of the data economy and its welfare effects that will be of interest to practitioners, researchers, and graduate students. The tools presented, many of them information-related methods from macroeconomics and finance, are theoretical but introduced with careful attention to how they can inform or enable measurement. Applications include assessing the economic worth of data and unraveling its influence on the structure of production, inflation, and pricing dynamics; firm and investor behavior; advertising; market power; and asset pricing. Baley and Veldkamp bring readers to the cutting edge of this novel research area, equipping them to formulate their own theoretical advances and policy analysis.
Mode of access: Internet via World Wide Web.
Isaac Baley is associate professor of economics at Universitat Pompeu Fabra, associate researcher at the Centre de Recerca en Economia Internacional, and affiliated professor at the Barcelona School of Economics. He is a former economic advisor to the Mexican Ministries of Economics and Finance. Laura Veldkamp is the Cooperman Professor of Economics and Finance at Columbia University's Graduate School of Business. She is the author of Information Choice in Macroeconomics and Finance (Princeton), a former editor of the Journal of Economic Theory, and a member of the American Finance Association's board of directors.
In English.
9780691256740
10.1515/9780691256740 doi
COMPUTERS / Computer Science.
BUSINESS & ECONOMICS / Economics / Theory.
BUSINESS & ECONOMICS / Economics / Macroeconomics.
SOCIAL SCIENCE / General.
Firm Price Signal Agents Market Asset Customers Variance Investors Product Platform Precision Optimal Noise Production Shocks Variable Capital Prior Payoffs Economy Forecast Equilibrium Goods Function Labor Posterior Linear Economic Vector Marginal Covariance Quality Output Power Financial Technology Zero Law Unit Data firm Stock Probability Knowledge Rational Consumers Solution Matrix Portfolio Distribution Tools Increase Privacy Component Digital Bayes advertising AI economics Bayesian learning Big data Data data assets data competition data feedback loop data markets data reagulation Data revolution digital assets digital economics e-capital Firm Price Signal Agents Market Asset Customers Variance Investors Product Platform Precision Optimal Noise Production Shocks Variable Capital Prior Payoffs Economy Forecast Equilibrium Goods Function Labor Posterior Linear Economic Vector Marginal Covariance Quality Output Power Financial Technology Zero Law Unit Data firm Stock Probability Knowledge Rational Consumers Solution Matrix Portfolio Distribution Tools Increase Privacy Component Digital Bayes advertising AI economics Bayesian learning Big data Data data assets data competition data feedback loop data markets data reagulation Data revolution digital assets digital economics e-capital
The Data Economy : Tools and Applications / Isaac Baley, Laura L. Veldkamp. - 1 online resource
Frontmatter -- CONTENTS -- List of Figures -- Acknowledgments -- 1 The Data Economy -- 2 Statistical Tools -- 3 Data Sources -- 4 Data-Driven Predictions and Aggregate Outcomes -- 5 Using Data in Strategic Settings -- 6 Using Data to Guide Investment -- 7 Data and Market Power -- 8 Data Markets and Data Platforms -- 9 Data in Production and the Data Feedback Loop -- 10 Data Measurement and Valuation -- 11 Data Policy and Welfare -- Conclusion -- A Mathematical Appendix -- References -- Index
restricted access http://purl.org/coar/access_right/c_16ec
Tools from macroeconomics and finance to incorporate the central role that data plays in the economyThe most valuable firms in the global economy are valued largely for their data. Amazon, Apple, Google, and others have proven the competitive advantage of a good data set. And yet despite the growing importance of data as a strategic asset, modern economic theory neglects its role. In this book, Isaac Baley and Laura Veldkamp draw on a range of theoretical frameworks at the research frontier in macroeconomics and finance to model and measure data economies. Starting from the premise that data is digitized information that facilitates prediction and reduces uncertainty, Baley and Veldkamp uncover the ways that firm-level data choices resonate throughout the broader macroeconomic and financial landscapes.With The Data Economy, Baley and Veldkamp put forward a broad research agenda with a formal yet accessible approach, offering an analysis of the data economy and its welfare effects that will be of interest to practitioners, researchers, and graduate students. The tools presented, many of them information-related methods from macroeconomics and finance, are theoretical but introduced with careful attention to how they can inform or enable measurement. Applications include assessing the economic worth of data and unraveling its influence on the structure of production, inflation, and pricing dynamics; firm and investor behavior; advertising; market power; and asset pricing. Baley and Veldkamp bring readers to the cutting edge of this novel research area, equipping them to formulate their own theoretical advances and policy analysis.
Mode of access: Internet via World Wide Web.
Isaac Baley is associate professor of economics at Universitat Pompeu Fabra, associate researcher at the Centre de Recerca en Economia Internacional, and affiliated professor at the Barcelona School of Economics. He is a former economic advisor to the Mexican Ministries of Economics and Finance. Laura Veldkamp is the Cooperman Professor of Economics and Finance at Columbia University's Graduate School of Business. She is the author of Information Choice in Macroeconomics and Finance (Princeton), a former editor of the Journal of Economic Theory, and a member of the American Finance Association's board of directors.
In English.
9780691256740
10.1515/9780691256740 doi
COMPUTERS / Computer Science.
BUSINESS & ECONOMICS / Economics / Theory.
BUSINESS & ECONOMICS / Economics / Macroeconomics.
SOCIAL SCIENCE / General.
Firm Price Signal Agents Market Asset Customers Variance Investors Product Platform Precision Optimal Noise Production Shocks Variable Capital Prior Payoffs Economy Forecast Equilibrium Goods Function Labor Posterior Linear Economic Vector Marginal Covariance Quality Output Power Financial Technology Zero Law Unit Data firm Stock Probability Knowledge Rational Consumers Solution Matrix Portfolio Distribution Tools Increase Privacy Component Digital Bayes advertising AI economics Bayesian learning Big data Data data assets data competition data feedback loop data markets data reagulation Data revolution digital assets digital economics e-capital Firm Price Signal Agents Market Asset Customers Variance Investors Product Platform Precision Optimal Noise Production Shocks Variable Capital Prior Payoffs Economy Forecast Equilibrium Goods Function Labor Posterior Linear Economic Vector Marginal Covariance Quality Output Power Financial Technology Zero Law Unit Data firm Stock Probability Knowledge Rational Consumers Solution Matrix Portfolio Distribution Tools Increase Privacy Component Digital Bayes advertising AI economics Bayesian learning Big data Data data assets data competition data feedback loop data markets data reagulation Data revolution digital assets digital economics e-capital