What is Your Information Worth? A Systematic Analysis of the Endowment Effect of Different Data Types

Privacy-Aware Decision Making: The Effect of Privacy Nudges on Privacy Awareness and the Monetary Assessment of Personal Information

“…After the presentation of the nudge in the first experiment, a modest rise in privacy awareness is observed, with the mean score increasing to 4.86 from a pre-nudge mean privacy awareness of 4.74. Nonetheless, upon performing a Wilcoxon signed-rank test to compare the two related samples, the increase in privacy awareness was found to be statistically insignificant (W=2390.5, p-value = .76) 3 . In the comparison of the WTP and WTA between the control and experimental group, the experimental group showed a marginally higher WTP (mean .41) relative to the control 1 https://www.crowdee.com/ 2 The participants received 6 C for on average participating 15 minutes in the experiment.…”

“…General information about the study was given, but the experimental group and control group setup has not been mentioned beforehand. 3 All p-values were corrected using the Benjamini-Hochberg procedure to mitigate the risk of alpha accumulation errors.…”

“…For the following analysis, different privacy nudges have been designed to examine their influence on privacy awareness and the monetary assessment of personal data. Hereby, the procedure of analyzing permission requests, the permission manifest, and the privacy policy of applications is followed which has been introduced by [3], [43], [6], [25].…”

“…Firms such as Google and Facebook require users to continuously provide personal information as a precondition for accessing their services. This enables them to profit through detailed targeting and advertising [1], [2], [3]. Additionally, a growing number of firms and institutions are engaging in the exchange of users' personal data, often navigating ambiguous legal areas while handling the earnings from these transactions [4].…”

“…The General Data Protection Regulation (GDPR) of the European Union and the California Consumer Privacy Act (CCPA) exemplify this, setting standard data privacy regulations and enhancing individuals' authority over their personal information [8]. While the industry has attributed economic value to personal data, utilizing it across various businesses from social media and advertising to the enhancement of personalized products, the assessment of the monetary worth of the data from the viewpoint of the user remains a largely unexplored area of study [8], [9], [10], [3], [11]. To assess the monetary value of specific goods from the users' perspective, the metrics employed are the Willingness to Pay (WTP) for a particular item and the Willingness to Accept (WTA) compensation in exchange for that same item [11].…”