Modern businesses, from banks and online retailers to social media platforms and search engines, are amassing a wealth of consumer data that is unprecedented in terms of both size and level of detail. Commonly referred to as “big data,” this newfound and rapidly growing wealth of information is dramatically changing markets. However, the fact that so much data is collected and privately-owned raises important new questions about the use of such data by businesses and government, its potential benefits and costs, and the role for regulations regarding its use.
This initiative explores the ability of big data to improve business decision-making, from pricing and market design to supply and demand forecasting. Equally important, the Big Data Initiative supports rigorous, cutting-edge research to answer a wide range of fundamental policy and regulatory questions to help inform this rapidly evolving field.