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Using massive online choice experiments to measure changes in well-being.

Erik Brynjolfsson1,2, Avinash Collis3, Felix Eggers4

  • 1Sloan School of Management, Massachusetts Institute of Technology, Cambridge, MA 02142.

Proceedings of the National Academy of Sciences of the United States of America
|March 28, 2019
PubMed
Summary
This summary is machine-generated.

Digital goods significantly boost well-being, but traditional economic measures like Gross Domestic Product (GDP) miss these gains. Massive online choice experiments offer a new way to quantify consumer surplus and economic value.

Keywords:
GDPchoice experimentsconsumer surplusdigital goodsfree goods

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Area of Science:

  • Economics
  • Behavioral Economics
  • Digital Economy

Background:

  • Gross Domestic Product (GDP) and productivity are standard metrics for economic progress and well-being.
  • These traditional measures may not fully capture the value derived from digital goods and services.
  • Consumer surplus offers a more direct measure of well-being, particularly for digital products, but has been challenging to quantify.

Purpose of the Study:

  • To explore the potential of massive online choice experiments for measuring consumer surplus.
  • To quantify the economic value and well-being gains from popular digital goods.
  • To assess the feasibility of integrating these new measures into national income and product accounts.

Main Methods:

  • Conducted incentive-compatible discrete-choice experiments with online and laboratory participants.
  • Participants received monetary compensation for forgoing specific digital goods for a set period.
  • Collected data on user valuations for digital goods, including those not priced in traditional markets.

Main Results:

  • Digital goods have generated substantial, unmeasured gains in consumer well-being.
  • The median user required approximately $48 in compensation to forgo Facebook for one month.
  • Online choice experiments provide a cost-effective method for valuing digital goods.

Conclusions:

  • Current economic metrics like GDP underestimate the impact of digital goods on societal well-being.
  • Massive online choice experiments can effectively measure consumer surplus and inform economic accounting.
  • These novel methods offer a promising supplement to existing national income and product accounts.