Researchers at the University of Trento held an expiremental auction on personal data: a reverse second-price auction. “In this kind of auction, the winner is the person who sets the lowest price but he or she receives as payment the value of the second lowest price.”
The results:
– “Halfway through the study, the team increased the frequency of the auctions from once a week to every day and found that this reduced the value of the bids as people found they could win more often.”
– “In total, the team ran 596 auctions over 60 days and paid out a total of €262 in the form of Amazon vouchers to 29 participants. The median bid across all the data categories was €2. ”
– “The results clearly show that some information is more highly valued than others. “We have found that location is the most valued category of personally identifiable information,” say [researchers] Staiano and co. And participants tended to value processed information more highly as well because of their perception that it gave a greater insight into their lifestyle.”
– “participants value their information more highly on days that are unusual compared to typical days.”
– “not all participants valued their personal data equally. In fact, people who travel more each day tend to value their personal information more highly.”
– “Staiano and co also surveyed the participants on a regular basis asking them why they made their choices and also asking who they trusted most of their personal information. Unsurprisingly, they trusted themselves with this information more than they trusted organizations such as banks, telecommunications companies or insurance companies.”
Link found by @arjenpdevries