A Model of the Data Economy 

时间：2月28日周二21:00-22:30

Time: Tuesday, February 28, 21:00 - 22: 30, p.m. Beijing Time

           Tuesday, February 28, 08:00 - 09: 30, a.m. U.S. EST

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https://us02web.zoom.us/j/85782934605?pwd=QTgraWlpSlpFaTBFNkhRVGhEOTc2QT09

会议号/Meeting ID number ：857 8293 4605

密码/Password：391411

主讲人/Speaker：Laura Veldkamp 

主持人/Host：胡佳胤 Jiayin Hu             

摘要/Abstract:

In a data economy, transactions of goods and services generate information, which is stored, traded and depreciates. How are the economics of this economy different from traditional production or innovation economies? How do these differences matter for measurement of GDP, firm values, depreciation rates, welfare and externalities? Despite incorporating active experimentation and data as an intangible asset, we devise a tractable recursive representation. Because the resulting model maps to many observable macro and finance measures, it can be calibrated and estimated like its old-economy DSGE counterpart. The model also delivers insights: It rationalizes why apps are often “free,” why firm size is diverging and why even non-digital economic activity might be greater than GDP suggests.

主讲人介绍/Biography:

Bio: Laura Veldkamp is a Professor of Finance at Columbia University's Graduate School of Business and is a former editor of the Journal of Economic Theory. Professor Veldkamp earned a B.A in applied mathematics and economics from Northwestern University, and a Ph.D. in economic analysis and policy from Stanford Graduate School of Business. Prior to joining Columbia, she taught at NYU for 15 years. She is a faculty research fellow for the National Bureau of Economic Research and the Centre for Economic and Policy Research, and a frequent consultant for the New York and Minneapolis Federal Reserve Banks. She is also the author of the textbook, Information Choice in Macroeconomics and Finance (Princeton University Press).

Professor Veldkamp’s research focuses on how individuals, investors, and firms get their information, how that information affects the decisions they make, and how those decisions affect the macroeconomy and asset prices. Her recent work examines the data economy and the value of data as an asset.