Research on Data Theory of Value

Li Haijian1, Zhao Li2*

1 Institute of Quantitative & Technological Economics, China Academy of Social Sciences (CASS), Beijing, China

2 Ningbo University, Ningbo, China

Abstract: This paper explores the data theory of value along the line of reasoningepochal characteristics of data – theoretical innovation – paradigmatic transformation and,through a comparison of hard and soft factors and observation of data peculiar features,it draws the conclusion that data have the epochal characteristics of non-competitivenessand non-exclusivity, decreasing marginal cost and increasing marginal return, non-physicaland intangible form, and non-finiteness and non-scarcity. It is the epochal characteristicsof data that undermine the traditional theory of value and innovate the “productionexchange”theory, including data value generation, data value realization, data value rightsdetermination and data value pricing. From the perspective of data value generation, thelevels of data quality, processing, use and connectivity, data application scenarios and dataopenness will influence data value. From the perspective of data value realization, data,as independent factors of production, show value creation effect, create a value multipliereffect by empowering other factors of production, and substitute other factors of productionto create a zero-price effect. From the perspective of data value rights determination,based on the theory of property, the tragedy of the private outweighs the comedy of theprivate with respect to data, and based on the theory of sharing economy, the comedy of thecommons outweighs the tragedy of the commons with respect to data. From the perspectiveof data pricing, standardized data products can be priced according to the physical productattributes, and non-standardized data products can be priced according to the virtualproduct attributes. Based on the epochal characteristics of data and theoretical innovation,the “production-exchange” paradigm has undergone a transformation from “usingtangible factors to produce tangible products and exchanging tangible products for tangibleproducts” to “using intangible factors to produce tangible products and exchangingintangible products for tangible products” and ultimately to “using intangible factors toproduce intangible products and exchanging intangible products for intangible products”.

Keywords: Data theory of value, data value generation, data value rights determination,

JEL Classification Code: M00

DOI: 10.19602/j.chinaeconomist.2024.05.02