Value of Data and AI

Many of the most valuable companies in the world and the most innovative startups have business models based on data and AI, but our understanding about the economic value of data, networks and algorithmic assets remains at an early stage. For example, what is the value of a new dataset or an improved algorithm? How should investors value a data-centric business such as Netflix, Uber, Google, or Facebook? And what business models can best leverage data and algorithmic assets in settings as diverse as e-commerce, manufacturing, biotech and humanitarian organizations? In this graduate seminar, we will investigate these questions by studying recent research on these topics and by hosting in-depth discussions with experts from industry and academia. Key topics will include value of data quantity and quality in statistics and AI, business models around data, networks, scaling effects, economic theory around data, and emerging data protection regulations. Students will also conduct a group research projects in this field.Prerequisites: Sufficient mathematical maturity to follow the technical content; some familiarity with data mining and machine learning and at least an undergraduate course in statistics are recommended.