The Data Sharing Economy and Open Governance of Big Data as Public Good

Lee, Jung Wan (2021). The Data Sharing Economy and Open Governance of Big Data as Public Good. Journal of Asian Finance Economics and Business, Vol.8 No.11, pp. 87-96. DOI: https://doi.org/10.13106/jafeb.2021.vol8.no11.0087

10 Pages Posted: 24 Mar 2022

See all articles by Jung Wan Lee

Jung Wan Lee

Anhui University of Finance and Economics; Boston University - Department of Administrative Sciences

Date Written: November 30, 2021

Abstract

Data-driven markets depend on access to data as a resource for products and services. Since the quality of information that can be drawn from data increases with the available amount and quality of the data, businesses involved in the data economy have a great interest in accessing data from other market players and sharing data with other stakeholders. Despite the growing need for access to data and evidence of the economic and social benefits, data access and sharing remains below its potential. Individuals, businesses, and governments often face barriers to data access, which may be compounded by the reluctance to share, including within and across sectors. To address these challenges, this paper focuses on finding possible solutions for a better data-sharing economy. This paper 1) Discusses opportunities and challenges of open data and the data-sharing economy, limitations of private sector data, and issues with open government data. 2) Introduces open government data initiatives and open governance networks initiatives. 3) Suggests possible solutions, including the governance and management, the legal and policy frameworks, and the technical standards for open data with proposing an open data governance model for the data-sharing economy.

Keywords: Big Data, Open Data, Public Good, Open Government, Open Data Governance, Data Sharing Economy

JEL Classification: A13, H41, H44, H49

Suggested Citation

Lee, Jung Wan, The Data Sharing Economy and Open Governance of Big Data as Public Good (November 30, 2021). Lee, Jung Wan (2021). The Data Sharing Economy and Open Governance of Big Data as Public Good. Journal of Asian Finance Economics and Business, Vol.8 No.11, pp. 87-96. DOI: https://doi.org/10.13106/jafeb.2021.vol8.no11.0087, Available at SSRN: https://ssrn.com/abstract=4035114

Jung Wan Lee (Contact Author)

Anhui University of Finance and Economics ( email )

962 CaoShan Road
Bengbu, Anhui 233030
China
86 166 5525 6962 (Phone)

HOME PAGE: http://www.aufe.edu.cn

Boston University - Department of Administrative Sciences

808 Commonwealth Avenue
Boston, MA 02215
United States
617 358 5627 (Phone)
617 353 6840 (Fax)

HOME PAGE: http://www.bu.edu/met

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