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The digital economy is disrupting our old models
Diane Coyle 14 HOURS AGO

To put it in economic jargon, we are in the territory of externalities and public goods. Information once shared cannot be unshared.

The digital economy is one of externalities and public goods to a far greater degree than in the past. We have not begun to get to grips with how to analyse it, still less to develop policies for the common good. There are two questions at the heart of the challenge: what norms and laws about property rights over intangibles such as data or ideas or algorithms are going to be needed? And what will the best balance between collective and individual actions be or, to put it another way, between government and market?
mydata  personal_data  digital_economy  Facebook  externalities  knowledge_economy  public_goods  algorithms  data  ideas  intangibles  property_rights  protocols 
april 2018 by jerryking
M.I.T.'s Alex Pentland: Measuring Idea Flows to Accelerate Innovation - -
April 15, 2014 | NYT | By STEVE LOHR.

Alex Pentland --“Social Physics: How Good Ideas Spread — The Lesson From a New Science.”

Mr. Pentland has been identified with concepts — and terms he has coined — related to the collection and interpretation of all that data, like “honest signals” and “reality mining.” His descriptive phrases are intended to make his point that not all data in the big data world is equal....Reality mining, for example, examines the data about what people are actually doing rather than what they are looking for or saying. Tracking a person’s movements during the day via smartphone GPS signals and credit-card transactions, he argues, are far more significant than a person’s web-browsing habits or social media comments....Central to the concept of social physics is the ability to measure communication and transactions as never before. Then, that knowledge about the flow of ideas can be used to accelerate the pace of innovation.

The best decision-making environment, Mr. Pentland says, is one with high levels of both “engagement” and “exploration.” Engagement is a measure of how often people in a group communicate with each other, sharing social knowledge. Exploration is a measure of seeking out new ideas and new people.

A golden mean is the ideal....[traders] with a balance of diversity of ideas in their trading network — engagement and exploration — had returns that were 30 percent ahead of isolated traders and well ahead of the echo chamber traders, too....The new data and measurement tools, he writes, allow for a “God’s eye view” of human activity. And with that knowledge, he adds, comes the potential to engineer better decisions in a “data-driven society.”
Alex_Pentland  books  cross-pollination  curiosity  data_scientists  data_driven  decision_making  massive_data_sets  MIT  Mydata  sensors  social_physics  Steve_Lohr  idea_generation  heterogeneity  ideas  intellectual_diversity  traders  social_data  signals  echo_chambers 
april 2014 by jerryking
The hot, confusing mess that is digital privacy — Tech News and Analysis
By Derrick Harris
Aug. 22, 2013

It’s all about how you use it

OK, so we should regulate how companies use data rather than what they can collect. That has been a big push from the technology industry, and it certainly makes more sense than limiting what’s gathered — especially considering that most rights to gather data are granted contractually (capitalists love contracts) and it’s just so easy to collect it. But how do you regulate usage?

Even if we make companies like Google and Facebook tell users how they’re using user data, there’s still the challenge of timing. Surely, we can’t expect companies to get consent from users every time they’re experimenting with some new product or new model using our data, right? That seems like it would be a pretty big hindrance on innovation — push your product ideas into the public eye or get slammed with penalties.

Further, granting real permission is based on having all the facts. “We’re going to use your personal data for targeted advertising” is a lot different than saying “We’re going to take your age, city, site behavior and — ooh, you signed in via Twitter — Twitter account info to predict that you’re black, white, rich, poor, healthy or suffering from herpes.” If we were to mandate the latter type of disclosure, would we expect consent every time a company’s data scientists reweighted the variables in their models or found some new correlations? Could we revoke permissions because something happened and our profiles suddenly look less appealing?
privacy  permissions  data  mydata  transparency  SLAs  customer_agreements 
april 2014 by jerryking
What executives should know about open data
anuary 2014 | McKinsey & Company | by Michael Chui, James Manyika, and Steve Van Kuiken.
open_data  McKinsey  executive_management  data  MyData 
january 2014 by jerryking
Personal Data: The Emergence of a New Asset Class
January 2011 | An Initiative of the World Economic Forum
In Collaboration with Bain & Company, Inc
data  mydata  frameworks  privacy  Industrial_Internet  Bain  asset_classes 
july 2013 by jerryking
Show Us the Data. (It’s Ours, After All.)
April 24, 2011 | | RICHARD H. THALER.
Companies are accumulating vast amounts of information about your likes
& dislikes. But they are doing this not only because you’re
interesting. The more they know, the more $ they can make.The collection
& dissemination of this information raises a host of privacy
issues, of course, but it also raises a broader issue: We should have
the right to access data about ourselves. Not only should our data be
secure; it should also be available for us to use for our own purposes.
After all, it is our data. A guiding principle: If a business collects
data on consumers electronically, it should provide them with a version
of that data that is easy to download and export to another Web site.
Think of it this way: you've lent the company your data, and you’d like a
copy for your own use...if we’re smart, we’ll also use the data that is
being collected to improve our own lives....US companies should embrace
a “mydata” program.
privacy  personal_data  consumers  consumer_activism  mydata  data  competingonanalytics 
april 2011 by jerryking
Crovitz: The 0.00002% Privacy Solution -
MARCH 28, 2011 | | By L. GORDON CROVITZ Most Web users are
comfortable sharing personal data in exchange for benefits. "Google Flu
Trends exemplifies why it is not possible to come to an objective,
prospective agreement on when data collection is sufficiently in the
public's interest and when it is not," writes Brooklyn Law School's Jane
Yakowitz in an academic paper, "Tragedy of the Data Commons." The
Google service uses just the sort of data that privacy advocates believe
should not be tracked, yet this kind of anonymized data is priceless
for research. "We are at great risk not of privacy threats," she writes,
"but of information obstruction." People are increasingly at ease with
sharing personal data in exchange for other benefits. They are happy to
provide information about themselves through social media so that they
can connect with friends and relatives on Facebook, look for new jobs on
LinkedIn, and stay on top of the news their colleagues are reading
through Twitter.
Facebook  Google  privacy  L._Gordon_Crovtiz  personal_data  Mydata 
march 2011 by jerryking

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