Patrick Bolton is the Barbara and David Zalaznick Professor in Columbia University and was President American Finance Association in 2015. Prof. Bolton's research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. In the third Luohan Academy Frontier Dialogue, Prof. Bolton brought a lot of insights on private information and privacy rights. He thought liability rules could be another approach for privacy protection, in addition to property rules. Platforms could be data or privacy fiduciaries under liability rules like physicians, accountants, consultants, other traditional agents.
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.
For more information, please visit Luohan Academy's youtube channel: Luohan Academy