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The Economics of Privacy

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  • Hui, Kai-Lung
  • Png, Ivan P. L.

Abstract

In this chapter, we review economic analyses of privacy. We begin by scrutinizing the "free market" argument against privacy regulation, and highlight why it may not work well for personal information because welfare may be non-monotone in the quantity of information, there may be excessive incentives to collect information that has no social value, and cross-market externalities may arise from the exploitation of information. We then discuss research on property rights and suggest some challenges in determining their optimal allocation. We conclude by summarizing the insights provided by recent empirical research and highlighting directions for future research in the economics of privacy.

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Bibliographic Info

Paper provided by Regulation2point0 in its series Working paper with number 272.

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Date of creation: Jun 2005
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Handle: RePEc:reg:wpaper:272

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Web page: http://regulation2point0.org/

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  1. Il-Horn Hann & Kai-Lung Hui & Sang-Yong Tom Lee & Ivan Png, 2005. "Consumer Privacy and Marketing Avoidance," Industrial Organization 0503009, EconWPA.
  2. Alessandro Acquisti & Hal R. Varian, 2002. "Contidioning Prices on Purchase History," Microeconomics 0210001, EconWPA.
  3. George J. Stigler, 1980. "An Introduction to Privacy in Economics and Politics," University of Chicago - George G. Stigler Center for Study of Economy and State 10, Chicago - Center for Study of Economy and State.
  4. Taylor, Curt, 2004. "Privacy and Information Acquisition in Competitive Markets," Berkeley Olin Program in Law & Economics, Working Paper Series qt5hk0k89w, Berkeley Olin Program in Law & Economics.
  5. Curtis R. Taylor, 2004. "Consumer Privacy and the Market for Customer Information," RAND Journal of Economics, The RAND Corporation, vol. 35(4), pages 631-650, Winter.
  6. Hahn, Robert W. & Layne-Farrar, Anne, 2001. "The Benefits and Costs of Online Privacy Legislation," Working paper 516, Regulation2point0.
  7. Richard A. Posner, 1980. "The Economics of Privacy," University of Chicago - George G. Stigler Center for Study of Economy and State 16, Chicago - Center for Study of Economy and State.
  8. Benjamin Hermalin & Michael Katz, 2006. "Privacy, property rights and efficiency: The economics of privacy as secrecy," Quantitative Marketing and Economics, Springer, vol. 4(3), pages 209-239, September.
  9. Shyam Sunder & Matthew Cronin & Darrin Filer & Robert Kraut & James Morris & Rahul Telang & Proceedings the, 2002. "Markets for Attention: Will Postage for Email Help?," Yale School of Management Working Papers ysm394, Yale School of Management, revised 01 Oct 2008.
  10. Giacomo Calzolari & Alessandro Pavan, 2004. "On the Optimality of Privacy in Sequential Contracting," Discussion Papers 1394, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. M. Tolga Akçura & Kannan Srinivasan, 2005. "Research Note: Customer Intimacy and Cross-Selling Strategy," Management Science, INFORMS, vol. 51(6), pages 1007-1012, June.
  12. Konrad, Kai A., 2001. "Privacy and time-consistent optimal labor income taxation," Journal of Public Economics, Elsevier, vol. 79(3), pages 503-519, March.
  13. Bulow, Jeremy I & Geanakoplos, John D & Klemperer, Paul D, 1985. "Multimarket Oligopoly: Strategic Substitutes and Complements," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 488-511, June.
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  16. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, vol. 18(2), pages 301-317, August.
  17. Katz, Michael L, 1984. "Firm-Specific Differentiation and Competition among Multiproduct Firms," The Journal of Business, University of Chicago Press, vol. 57(1), pages S149-66, January.
  18. Hui-Wen, Koo & Png, I. P. L., 1994. "Private security: Deterrent or diversion?," International Review of Law and Economics, Elsevier, vol. 14(1), pages 87-101, March.
  19. Posner, Richard A, 1981. "The Economics of Privacy," American Economic Review, American Economic Association, vol. 71(2), pages 405-09, May.
  20. Yuxin Chen & Chakravarthi Narasimhan & Z. John Zhang, 2001. "Individual Marketing with Imperfect Targetability," Marketing Science, INFORMS, vol. 20(1), pages 23-41, November.
  21. Hann, Il-Horn & Hui, Kai-Lung & Lee, Tom S. & Png, Ivan P. L., 2003. "The Value of Online Information Privacy: An Empirical Investigation," Working paper 85, Regulation2point0.
  22. Boadway, Robin & Marceau, Nicolas & Marchand, Maurice, 1996. "Investment in Education and the Time Inconsistency of Redistributive Tax Policy," Economica, London School of Economics and Political Science, vol. 63(250), pages 171-89, May.
  23. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
  24. Richard A. Posner, 1978. "Privacy, Secrecy, and Reputation," University of Chicago - George G. Stigler Center for Study of Economy and State 4, Chicago - Center for Study of Economy and State.
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Cited by:
  1. Hugo Mialon & Sue Mialon, 2008. "The Economics of Search Warrants," Emory Economics 0810, Department of Economics, Emory University (Atlanta).
  2. Hollis, Aidan & Strauss, Jason, 2007. "Privacy, Driving Data and Automobile Insurance: An Economic Analysis," MPRA Paper 11091, University Library of Munich, Germany.
  3. Simon P. Anderson & André De Palma, 2008. "Information Congestion," Working Papers hal-00349516, HAL.

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