IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/35266.html

The Missing Value of Data

Author

Listed:
  • Ankit Bhutani
  • Guillermo Ordoñez
  • Laura Veldkamp

Abstract

Data assets are increasingly vital in modern economies, yet macroeconomic measurement is not well-adapted to capturing their value. Part of the problem is that data is an intangible asset: investments in data are missed in national accounts, and depreciation losses are missed in firms’ balance sheets. Another part, unique to data, is that it serves as a means of payment in the modern economy: consumption bartered for data is also omitted from national accounts. We propose an output-based approach to measure the missing value of data. We treat data as an asset, measure its volume based on the quality of firms’ revenue forecasts, and endogenously determine its depreciation. We then capitalize the data value and explore what the measured GDP would be if the data were treated and transacted similarly to a physical asset. Our findings suggest that the aggregate value of data is about 1.5% of GDP.

Suggested Citation

  • Ankit Bhutani & Guillermo Ordoñez & Laura Veldkamp, 2026. "The Missing Value of Data," NBER Working Papers 35266, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:35266
    Note: CF EFG PR
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w35266.pdf
    Download Restriction: Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html. Free access is also available to older working papers.
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:35266. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.