Michael Spence is a Nobel laureate and a Professor of Management from Stanford University. His research focuses on economic policy in emerging markets, the economics of information, and the impact of leadership on economic growth. In the third Luohan Academy Frontier Dialogue, Professor Spence shared his opinions on how big data and AI could positively impact the informational structures of markets through reducing pooling equilibriums and creating more precise and effective product differentiation.
The pervasive use of digitized information has reached a new height in what we call the era of “big data.” While this revolution has led to unprecedented societal cooperation, it has also deepened three major concerns: How can we properly protect personal privacy in the age of big data? How shall we understand the ownership and distribution of benefits and risks that arise from the use of data? Will the use of big data lead to a situation of “winner-take-all” markets that undermine competition to the detriment of consumers and society?
Luohan Academy will introduce a report titled “Understanding Big Data: Data Calculus in the Digital Era” at this frontier dialogue. In this report we intend to address some aspects of the above questions. We focus on analyzing concrete evidence using “big data,” to draw conclusions on its impact. The author team consists of multiple prominent economists from Luohan’s community, including, among others, Patrick Bolton, Bengt Holmström, Eric Maskin, Christopher Pissarides, Michael Spence, Tao Sun, Tianshu Sun, Wei Xiong, and Liyan Yang, and Luohan’s internal economists.
The goal for our dialogue series is to bring together prominent minds to share frontier research, address critical issues, and provoke discussions that matter. We cordially invite you to join the event and participate in the discussion of this important issue.
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