BCCP Conference and Policy Forum 2016 - Session 3: Data-driven Innovation

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BCCP Conference and Policy Forum 2016: Session 3: Data-driven Innovation

Unprecedented interconnectedness, data collection, and analytical capabilities are revolutionizing our interactions in society. Online platforms play a key role in this process as they shape the way consumers and firms use and commercialize the Internet. In data-driven platforms, product quality, for example search results and the targeting of advertisements, increases in the amount of data available. Search algorithms rely on consumer search behavior to learn and improve results in real-time. But can this process be considered a (demand-side) network effect or rather learning by doing as many other factors of production with diminishing returns to scale? Situations in which consumer data are pivotal have been proliferating at a rapid pace, online and offline. Far-reaching data collection is crucial for this process, yet it has evoked growing worries regarding privacy issues and potentially abusive practices by incumbent firms and government. This session examines the extent data-driven product development -for example via personalization and targeting- will benefit consumers. What are the current limits for data-driven innovation? Do data-driven platforms warrant new approaches to consumer and competition policy? Susan Athey The Economics of Technology Professor, Graduate School of Business, Stanford University Hal Varian Chief Economist, Google Moderated by Paul Heidhues (Professor of Economics, ESMT)