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Potential Value of Data and Free Access to Data

Author

Listed:
  • Amos Golan

    (American University and Santa Fe Institute)

  • Spiro Stefanou

    (United States Department of Agriculture)

Abstract

In this study we develop measures of the potential value of information with an emphasis on observed information – data. Though value is a relative concept, developing approximate and applicable measures is essential. Such a measure (or set of measures) allows us to evaluate the potential value of public and privately available datasets, and the value of accessing each. There are several benefits to having such measures. First, providers of data can perform a cost-benefit analysis. Second, policy makers can better determine the benefits of different data when deciding whether to invest in its collection, production and release. The proposed measures are derived from information-theoretic principles as well as other statistics, in conjunction with relative measures based on semantic arguments. These measures are functions of attributes that can be aggregated into three basic blocks: (i) data reliability, integrity and accuracy, (ii) data quality, and (iii) potential value. We provide detailed empirical examples applying these measures to three data sets, each of which is different in context, size and complexity.

Suggested Citation

  • Amos Golan & Spiro Stefanou, 2024. "Potential Value of Data and Free Access to Data," Working Papers 2024-008, Human Capital and Economic Opportunity Working Group.
    • Handle: RePEc:hka:wpaper:2024-008
    Note: MIP
    as

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    File URL: http://humcap.uchicago.edu/RePEc/hka/wpaper/Golan_Stefanou_2024_potential-value-free-access-data.pdf
    File Function: First version, December 28, 2023
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    More about this item

    Keywords

    benford's law; compressibility; condition number; mutual information; potential value; relative entropy; Shannon entropy; simple statistics; value;
    All these keywords.

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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