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The Value of US Government Data to US Business Decisions

Author

Listed:
  • Ellen Hughes-Cromwick
  • Julia Coronado

Abstract

The US government is a major producer of economic and financial data, statistics, analysis, and forecasts that are gathered, compiled, and published as public goods for use by citizens, government agencies, researchers, nonprofits, and the business community. There is no market transaction in the publication and dissemination of these government data and therefore no market-determined value. The purpose of this paper is to outline and augment our understanding of the value of government data for business decision-making. We provide an overview of the topic, including results from government reports and a private sector survey. We then provide concrete examples of how these government data are used to make business decisions focusing on three sectors: automotive, energy, and financial services. Examples of new initiatives by the federal government to open access to more data, exploiting technology advances associated with the internet, cloud storage, and software applications, are discussed. With the significant growth in the digital economy, we also include discussion and insights around how digital platform companies utilize government data in conjunction with their privately generated data (or "big data") to foster more informed business decisions.

Suggested Citation

  • Ellen Hughes-Cromwick & Julia Coronado, 2019. "The Value of US Government Data to US Business Decisions," Journal of Economic Perspectives, American Economic Association, vol. 33(1), pages 131-146, Winter.
    • Handle: RePEc:aea:jecper:v:33:y:2019:i:1:p:131-46
    Note: DOI: 10.1257/jep.33.1.131
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    Citations

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    Cited by:

    1. Orazem, Peter F. & Tran, Thu, 2020. "To Inform or Influence? The Difference between Data Released by Nonprofits and by the Government," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 50(1), March.
    2. J Bayoán Santiago Calderón & Dylan Rassier, 2022. "Valuing the U.S. Data Economy Using Machine Learning and Online Job Postings," BEA Working Papers 0204, Bureau of Economic Analysis.
    3. Franz Huber & Alan Ponce & Francesco Rentocchini & Thomas Wainwright, 2020. "The Wealth of (Open Data) Nations? Examining the Interplay of Open Government Data and Country-level Institutions for Entrepreneurial Activity at the Country-level," SPRU Working Paper Series 2020-13, SPRU - Science Policy Research Unit, University of Sussex Business School.
    4. Ya-Ting Chang & Ming-Kuen Chen & Yi-Chun Kung, 2022. "Evaluating a Business Ecosystem of Open Data Services Using the Fuzzy DEMATEL-AHP Approach," Sustainability, MDPI, vol. 14(13), pages 1-21, June.

    More about this item

    JEL classification:

    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities

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