The Value of US Government Data to US Business Decisions
- (pp. 131-46)
(Complimentary)
Abstract
The US government is a major producer of economic and financial data, statistics, analysis, and forecasts that are gathered, compiled, and published as public goods for use by citizens, government agencies, researchers, nonprofits, and the business community. There is no market transaction in the publication and dissemination of these government data and therefore no market-determined value. The purpose of this paper is to outline and augment our understanding of the value of government data for business decision-making. We provide an overview of the topic, including results from government reports and a private sector survey. We then provide concrete examples of how these government data are used to make business decisions focusing on three sectors: automotive, energy, and financial services. Examples of new initiatives by the federal government to open access to more data, exploiting technology advances associated with the internet, cloud storage, and software applications, are discussed. With the significant growth in the digital economy, we also include discussion and insights around how digital platform companies utilize government data in conjunction with their privately generated data (or "big data") to foster more informed business decisions.Citation
Hughes-Cromwick, Ellen, and Julia Coronado. 2019. "The Value of US Government Data to US Business Decisions." Journal of Economic Perspectives, 33 (1): 131-46. DOI: 10.1257/jep.33.1.131Additional Materials
JEL Classification
- C55 Large Data Sets: Modeling and Analysis
- C80 Data Collection and Data Estimation Methodology; Computer Programs: General
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- M15 IT Management
- L62 Automobiles; Other Transportation Equipment; Related Parts and Equipment
- L94 Electric Utilities
- L95 Gas Utilities; Pipelines; Water Utilities
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