The Economic Value of Data: Current Methodologies and The Effect of Ownership

Abstract

This thesis is a literature review of various policy briefs, economic reports, and theoretical economic studies, together with some discussions of the findings. The thesis aims to give an overview and analysis of the current methodologies to measure the economic value of data, and how property rights allocation can affect the value and these methodologies. The thesis shows that while there have already been many methodologies in use, they are lacking since they focus mostly on the monetary aspects of data valuation, even though the economic value of data consists of both the monetary values and the broader societal impacts. Furthermore, the thesis shows that different ownership regimes can have different effects on the value of data, namely through its distortion to market interactions and economic efficiency. It can be inferred that a more adaptable approach to data valuation might be needed. Not only can the findings from this thesis be informative for firms, policymakers, and researchers trying to understand the economics of data, but they also encourage further research about new methodologies, emerging technologies, and ethical considerations of data economics.