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The Data Revolution and Economic Analysis

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Author Info

  • Liran Einav

    ()
    (Stanford University)

  • Johnathan Levin

    ()
    (NBER)

Abstract

Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we measure, track and describe economic activity. They also can enable novel research designs that allow researchers to trace the consequences of different events or policies. We outline some of the challenges in accessing and making use of these data. We also consider whether the big data predictive modeling tools that have emerged in statistics and computer science may prove useful in economics.

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Bibliographic Info

Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 12-017.

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Date of creation: May 2013
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Handle: RePEc:sip:dpaper:12-017

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  1. Hyunyoung Choi & Hal Varian, 2012. "Predicting the Present with Google Trends," The Economic Record, The Economic Society of Australia, vol. 88(s1), pages 2-9, 06.
  2. Thomas Piketty & Emmanuel Saez, 2003. "Income Inequality In The United States, 1913-1998," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 1-39, February.
  3. Peter J. Klenow & Oleksiy Kryvtsov, 2007. "State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?," Discussion Papers 07-007, Stanford Institute for Economic Policy Research.
  4. Liran Einav & Theresa Kuchler & Jonathan D. Levin & Neel Sundaresan, 2011. "Learning from Seller Experiments in Online Markets," NBER Working Papers 17385, National Bureau of Economic Research, Inc.
  5. Raj Chetty & John N. Friedman & Jonah E. Rockoff, 2011. "The Long-Term Impacts of Teachers: Teacher Value-Added and Student Outcomes in Adulthood," NBER Working Papers 17699, National Bureau of Economic Research, Inc.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The fuss about big data
    by Economic Logician in Economic Logic on 2013-09-25 14:01:00
  2. big data and economic research
    by René Böheim in Econ Tidbits on 2013-05-14 05:38:00
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Cited by:
  1. Christian Baker & Jeremy Bejarano & Richard W. Evans & Kenneth L. Judd & Kerk L. Phillips, 2014. "A Big Data Approach to Optimal Sales Taxation," BYU Macroeconomics and Computational Laboratory Working Paper Series 2014-03, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.
  2. Jin-Hyuk Kim & Tin Cheuk Leung, 2013. "Quantifying the Impacts of Digital Rights Management and E-Book Pricing on the E-Book Reader Market," Working Papers 13-03, NET Institute.
  3. Avi Goldfarb & Shane Greenstein & Catherine Tucker, 2014. "Introduction to "Economics of Digitization"," NBER Chapters, in: Economics of Digitization National Bureau of Economic Research, Inc.

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