The Boundary of Open Data: Implications for the Financial Market and Real Efficiency
中文摘要
本文分析在一个金融部门与实体部门参与者均可获取开放数据与私人数据的经济体中，开放数据的最优边界。开放获取与非竞争性使用开放数据的显著特征，使其兼具公共信息来源与创新投入的双重角色，但也引发了隐私担忧。我们的模型揭示了一种新的权衡：尽管私人数据精度的提升与数据技能增强会替代开放数据的信息来源角色，但开放数据放大创新收益（通过改善投资效率）的能力，确立了二者之间关键的互补关系。这在低不确定性下对开放数据的最优边界产生挤入效应，而在高不确定性下产生挤出效应。开放数据的创新角色进一步产生非单调效应，从而对市场效率与实体效率形成复杂的非线性影响。这些发现凸显了数字时代在平衡创新、市场效率与隐私方面的关键政策权衡。本文由金融领域编辑 Bo Becker 接收。资助信息：Z. Wang 感谢国家自然科学基金 [资助号 72442025 和 72272028] 以及东北财经大学研究生教育改革项目 [资助号 yjzd202309] 的资助。Z. Qiu 感谢国家自然科学基金重大项目 [资助号 72192804] 以及国家重点研发计划 [资助号 2023YFC3304701] 的资助。补充材料：在线附录见 https://doi.org/10.1287/mnsc.2023.03679 。
Abstract
We analyze the optimal boundary for open data in an economy where financial and real-sector participants access both open and private data. The distinctive features of open access and nonrivalrous usage of open data enable its dual roles as a public information source and innovation input but raise privacy concerns. Our model reveals a novel tradeoff: Although enhanced private data precision and data skills substitute for open data’s information source role, its ability to amplify innovation benefits (via improved investment efficiency) establishes a crucial complementary relationship. This induces a crowding-in effect on the optimal open data boundary under low uncertainty but a crowding-out effect under high uncertainty. The innovation role of open data further generates nonmonotonic effects, yielding complex nonlinear impacts on market and real efficiency. These findings highlight critical policy tradeoffs in balancing innovation, market efficiency, and privacy in the digital age. This paper was accepted by Bo Becker, finance. Funding: Z. Wang acknowledges financing from the National Natural Science Foundation of China [Grants 72442025 and 72272028] and the Graduate Education Reform of Dongbei University of Finance and Economics [Grant yjzd202309]. Z. Qiu acknowledges financing from the Major Program of the National Natural Science Foundation of China [Grant 72192804] and the National Key Research and Development Program of China [Grant 2023YFC3304701]. Supplemental Material: The online appendices are available at https://doi.org/10.1287/mnsc.2023.03679 .