The Value of US Government Data to US Business Decisions

Ellen Hughes-Cromwick and Julia Coronado

Journal of Economic Perspectives, 2019, vol. 33, issue 1, 131-46

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.

JEL-codes: C55 C80 D83 L62 L94 L95 M15 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/jep.33.1.131
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Citations: View citations in EconPapers (10)

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