The Changing Economics of Knowledge Production

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-08-01 DOI:10.1093/rfs/hhad059

Simona Abis, Laura Veldkamp

引用次数: 0

Abstract

Big data technologies change the way in which data and labor combine to create knowledge. Is this a modest innovation or a data revolution? Using hiring and wage data, we estimate firms’ data stocks and their knowledge production functions. Quantifying changes in production functions informs us about the likely long-run changes in output, in factor shares, and in the distribution of income, due to big data technologies. For the investment management industry, our structural estimates predict a 5% decline in the labor share of income; that change is comparable to similar estimates for the industrial revolution.

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变化中的知识生产经济学

大数据技术改变了数据和劳动力结合创造知识的方式。这是一个适度的创新还是一场数据革命?利用雇佣和工资数据，我们估计了企业的数据库存及其知识生产函数。量化生产函数的变化告诉我们，由于大数据技术，产出、要素份额和收入分配可能发生的长期变化。对于投资管理行业，我们的结构性估计预测劳动收入占比将下降5%;这一变化与工业革命的类似估计相当。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.