Posts by Paul H. Rubin
The commercial use of information on the Internet has produced substantial benefits for consumers. But, as the use of information online has increased, so have concerns about privacy. This paper discusses how the use of individuals� information for commercial purposes affects consumers, and the implications of restricting information availability in the interest of privacy. It lays out a range of information benefits to consumers of the commercial use of online information, including targeted services, cost reductions through targeted advertising, efficient search engines, differential pricing and re-use of information. It argues that firms have incentives to satisfy customers� privacy preferences and that restrictions in the legitimate use of information may not lead to further privacy benefits. It discusses a number of policy proposals geared at maximizing privacy, arguing that benefits to consumers would be outweighed by the information costs.
The commercial use of information on the Internet has produced substantial benefits for consumers. But, as the use of information online has increased, so have concerns about privacy. This paper discusses how the use of individuals� information for commercial purposes affects consumers, and the implications of restricting information availability in the interest of privacy.
The commercial use of information on the Internet has produced substantial benefits for consumers. But, as the use of information online has increased, so have concerns about privacy. This paper discusses how the use of individuals� information for commercial purposes affects consumers, and the implications of restricting information availability in the interest of privacy.
TPI senior fellow and Emory University professor Paul Rubin writes in the Wall Street Journal that, while the Internet has greatly increased the efficiency of markets, it may also have facilitated the formation of bubbles. He suggests that “regulators have a difficult task: It will be very hard for them to eliminate the downside of the Internet and other improvements in financial markets without simultaneously eliminating the benefits.”
Bubbles have always been part of markets. The 17th century Dutch Tulip mania and the 18th century’s South Sea Bubble are part of capitalist folklore. Recently, there seems to be an increase in the number and severity of bubbles and crashes — Internet stock prices, housing prices and the stock market come to mind.