The economics of data: quality, value & exchange in web observatories

The aim of this paper is to present a requirement for assessing the quality of data and the development of efficient methods of valuing and exchanging data among Web Observatories. Using economic and business theory a range of concepts are explored which include a brief review of existing business structures related to the exchange of goods, data or otherwise. The paper calls for a wider discussion by the Web Observatory community to begin to define relevant criteria by which data can be assessed and improved over time. The economic incentives are addressed as part of a price by proxy framework we introduce, which is supported by the need to strive for clear pricing signals and the reduction of information asymmetries. What is presented here is a way of establishing and improving data quality with a view to valuing data exchanges that does not require the presence of money in the transaction, yet it remains tied to revenue generation models as they exist online.