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What is the value of data? A review of empirical methods

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  • Diane Coyle
  • Annabel Manley

Abstract

With the growing use of digital technologies, data have become core to many organizations’ decisions, with its value widely acknowledged across public and private sectors. Yet few comprehensive empirical approaches to establishing the value of data exist, and there is no consensus about which methods should be applied to specific data types or purposes. This paper examines a range of data valuation methodologies proposed in the existing literature. We propose a typology linking methods to different data types and purposes.

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  • Diane Coyle & Annabel Manley, 2024. "What is the value of data? A review of empirical methods," Journal of Economic Surveys, Wiley Blackwell, vol. 38(4), pages 1317-1337, September.
    • Handle: RePEc:bla:jecsur:v:38:y:2024:i:4:p:1317-1337
    DOI: 10.1111/joes.12585
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    References listed on IDEAS

    as
    1. Diane Coyle & Wendy Li, 2021. "The Data Economy: Market Size and Global Trade," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2021-09, Economic Statistics Centre of Excellence (ESCoE).
    2. Erik Brynjolfsson & Wang Jin & Kristina McElheran, 2021. "The power of prediction: predictive analytics, workplace complements, and business performance," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 56(4), pages 217-239, October.
    3. Diane Coyle & Annabel Manley, 2021. "Potential social value from data: an application of discrete choice analysis," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2021-17, Economic Statistics Centre of Excellence (ESCoE).
    4. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    5. Imanol Arrieta-Ibarra & Leonard Goff & Diego Jiménez-Hernández & Jaron Lanier & E. Glen Weyl, 2018. "Should We Treat Data as Labor? Moving beyond "Free"," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 38-42, May.
    6. Jerry Hausman, 2012. "Contingent Valuation: From Dubious to Hopeless," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 43-56, Fall.
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    Cited by:

    1. Li, Zhenghui & Xu, Yanting & Du, Ziqing, 2025. "Valuing financial data: The case of analyst forecasts," Finance Research Letters, Elsevier, vol. 75(C).
    2. Diane Coyle & John Lourenze Poquiz, 2025. "Making AI Count: The Next Measurement Frontier," NBER Chapters, in: The Economics of Transformative AI, National Bureau of Economic Research, Inc.

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