The Value of Personal Data: An Experimental Analysis of Data Types and Personal Antecedents

Abstract

Experimental investigations of privacy decision-making can provide complementary insights to surveys but they raise the methodological challenge of which data type(s) to use in controlled laboratory environments. To this end, we conduct a laboratory experiment with 317 participants and elicit subjects’ data valuation (i.e., willingness-to-accept, WTA) of three different synthetic data types, which we create and collect in the laboratory. We find that subjects place positive, although different, monetary valuations on these data sets and show that these valuations are similar to subjects’ valuations of field data created at an online retailer. Moreover, we find that subjects’ WTA is significantly influenced by their gender, age, general risk attitude as well as stated privacy concerns. Finally, we find that information sensitivity mediates the relationship between data type and subjects’ WTA. Altogether, our findings provide guidance for future experimental designs on revealed privacy decision-making and the pricing of personal data brokers.

Keywords: data valuation, privacy, personal data, data disclosure, willingness-to-accept, paying for privacy, laboratory experiments