Linked Open Economy: Take Full Advantage of Economic Data

10 Pages Posted: 15 Feb 2016

See all articles by Michalis N. Vafopoulos

Michalis N. Vafopoulos

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos”

Giorgos Vafeiadis

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos”

Gerasimos Razis

Department of Computer Science and Biomedical Informatics, School of Sciences, University of Thessaly

Ioannis Anagnostopoulos

National Technical University of Athens (NTUA)

Dimitris Negkas

University of Piraeus - University of Piraeus Research Centre

Lefteris Galanos

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos”

Date Written: February 14, 2016

Abstract

For decades, information related to public finances was out of reach for most of the people. Gradually, public budgets and tenders are becoming openly available and global initiatives promote fiscal transparency and open product and price data. But, the poor quality of economic open data undermines their potential to answer interesting questions (e.g. efficiency of public funds and market processes). Linked Open Economy (LOE) has been developed as a top-level conceptualization that interlinks the publicly available economic open data by modelling the flows incorporated in public procurement together with the market process to address complex policy issues. LOE approach is extensively used to enrich open economic data ranging from budgets and spending to prices. Developers, professionals, public administrations and any other interested party use and customize LOE model to develop new systems, to enable information exchange between systems, to integrate data from heterogeneous sources and to publish open data related to economic activities.

Keywords: Open Government Data (OGD), economic data, Linked Open Data (LOD),procurement, public spending,open budgets, open prices, publicspending.net (PSNET), YourDataStories project, BigDataEurope project

JEL Classification: C89,E69,L15,L86,C81

Suggested Citation

Vafopoulos, Michalis N. and Vafeiadis, Giorgos and Razis, Gerasimos and Anagnostopoulos, Ioannis and Negkas, Dimitris and Galanos, Lefteris, Linked Open Economy: Take Full Advantage of Economic Data (February 14, 2016). Available at SSRN: https://ssrn.com/abstract=2732218 or http://dx.doi.org/10.2139/ssrn.2732218

Michalis N. Vafopoulos (Contact Author)

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos” ( email )

Neapoleos st.
Aghia Paraskevi
Athens, 15310
Greece

Giorgos Vafeiadis

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos” ( email )

Patr. Gregoriou E' & 27, Neapoleos str.
Athens, 15341
Greece

Gerasimos Razis

Department of Computer Science and Biomedical Informatics, School of Sciences, University of Thessaly ( email )

Lamia
Greece

Ioannis Anagnostopoulos

National Technical University of Athens (NTUA) ( email )

Athens
Greece

Dimitris Negkas

University of Piraeus - University of Piraeus Research Centre ( email )

80 Karaoli and Dimitriou st.,
Piraeus
Greece

Lefteris Galanos

Software and Knowledge Engineering Laboratory, IIT, NCSR-“Demokritos” ( email )

Neapoleos st.
Aghia Paraskevi
Athens, 15310
Greece

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