The Boundary of Open Data: Implications for the Financial Market and Real Efficiency

• 成果类型: Article
• 署名作者: Qiu, Zhigang; Wang, Ziyue
• 署名单位: Renmin University of China; Renmin University of China; Dongbei University of Finance & Economics
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.03679
• 发表日期: 2026
• 关键词: open data boundary; Price informativeness; Real efficiency

摘要

We analyze the optimal boundary for open data in an economy where financial and real-sector participants access both open and private data. The distinctive features of open access and nonrivalrous usage of open data enable its dual roles as a public information source and innovation input but raise privacy concerns. Our model reveals a novel tradeoff: Although enhanced private data precision and data skills substitute for open data's information source role, its ability to amplify innovation benefits (via improved investment efficiency) establishes a crucial complementary relationship. This induces a crowding-in effect on the optimal open data boundary under low uncertainty but a crowding-out effect under high uncertainty. The innovation role of open data further generates nonmonotonic effects, yielding complex nonlinear impacts on market and real efficiency. These findings highlight critical policy tradeoffs in balancing innovation, market efficiency, and privacy in the