Understanding data-driven value creation

“[The] two moments — when data are transformed into information and knowledge (gaining insights) and then used for decision making (taking action) — are when the social and economic value of data is mainly reaped. Separating these concepts (data, information and knowledge) is…

Data as a public good

“Data are non-rival and non-excludable by their very nature: many parties can use them at the same time without any loss of utility for any of the parties. If they are not made excludable by law they become a public good.”

Data quality is context dependent

“The information that can be extracted from data depends on the quality of the data. Poor-quality data will therefore almost always lead to poor results (‘garbage in, garbage out’).

[Information] is context dependent, and as a result data quality will typically…

Why law based data ownership matters

“Economists are inclined to think that well-defined and easily enforceable property rights are an efficient way to organize an economy. They reduce uncertainty and the margins for bargaining, thereby reducing transaction costs that create deadweight welfare losses for society. […]

Data at a low level

“Information theory starts with applications in telecommunications by Hartley (1928) and Shannon (1948). Their engineering approach focuses on the transmission of signals or messages between a sender and a receiver, irrespective of the semantic meaning of the message.

Data-driven decision making responsibility

“The use of data and analytics does not come without limitations […]. There are considerable risks that the underlying data and analytic algorithms could lead to unexpected false results. […]

If something is free then what is the product?

The question is rephrasing of ‘if something is free, you are the product’ statement. And the answer can be extracting from the following:

“The existence of a free good signals that there is a companion good [across the multi-sided market], that firms…

Data-driven decision making it its extreme

“Decision makers do not necessarily need to understand the phenomenon before they act on it.

What is data ownership as a de facto right

“[Data related] ownership or residual rights are not legally specified, or incompletely specified. Exclusive data ownership thereby becomes a de facto right: I have the data and can effectively prevent others from accessing the data, therefore I am the owner of all residual rights…

Data become information become knowledge

“[Interaction] between the World, data signals, information and knowledge