Difference between revisions of "Data Monololy"

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Data monopoly is when a single company or entity controls a significant portion of a specific type of data or data market. This can happen in a number of ways, such as through acquisitions of smaller companies, exclusive partnerships or agreements, or simply by having a large and dominant market share. In a data monopoly, the company or entity in control significantly influences market prices, terms of service, and data access. This can lead to reduced competition, innovation, and potential privacy concerns. Additionally, a data monopoly can make it difficult for other companies to enter the market, which can stifle economic growth.<ref>Richard Blumenthal (2021). Letter to FTC chair Lina Khan. Retrieved from https://www.blumenthal.senate.gov/imo/media/doc/2021.09.20%20-%20FTC%20-%20Privacy%20Rulemaking.pdf </ref> Big Tech companies have used their unchecked access to private personal information to create in-depth profiles about nearly all Americans and to protect their market position against competition from startups. Data monopoly can be a concern in many areas, including data-driven industries such as advertising, finance, healthcare, and transportation. The antitrust laws of many countries are in place to prevent such monopolies.
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Brief introduction.
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== The Rise of Data Mining ==
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==History==
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With the improvement of technology, online platforms have made it possible to collect use consumers' behavior data for marketing purposes. <ref name = "Data">Ma, J. (2022). Data Monopoly and the Impact on Consumer Welfare. In: Regulating Data Monopolies. Springer, Singapore. https://doi.org/10.1007/978-981-16-8766-2_8</ref> Well known companies such as Google engage in data mining, or the act of extracting data from a large data warehouse <ref> https://d1wqtxts1xzle7.cloudfront.net/72044463/Paper_30-Data_Mining_Web_Data_Mining_Techniques-libre.pdf?1633842316=&response-content-disposition=inline%3B+filename%3DData_Mining_Web_Data_Mining_Techniques_T.pdf&Expires=1674762264&Signature=MVpH5u1KmfsujTyyIyAmnF-yF8YJ6qCzRyfkA~gHyueHcr20RZVVcjVtYZycY4Tuzntnoig4UC14632J25TE4xYr5YY7iN3e0yd3xE7erFZFwf8LZ5TwpmeM0HSQYDTp3Rkn75eAWKVflOkMoVz6v847j7p1tBuLMf6bhTOjBofJ91N9lVkDcRnLDlensE-v6Gx4gg01PND0MWlM3hVkrT~Iya68-ajExX87vObE1jagWCI5nAddtltxCXbo81nmNBym0r0~6l81-I4gCDC3cBMXVTXM2OvGyVEobTmNZmSf~yadngo3g41zN1MIr~xaj1SGDJVsYa~UlpCap3bz3A__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA </ref> The data is used compile profiles for consumers allowing big companies to target individuals based on preferences. <ref name = "Data" /> With the collecting of personal data, big companies who have control over it have the ability to manipulate or predict the market based on individual consumer profiles. <ref name = "Data" /> This data allows companies to make immense profit off of targeting certain individuals.
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- surveillance capitalism
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== Mediums ==
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===Television===
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===Search Engines===
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===Social Media===
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====Users====
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====Advertisers====
  
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== Attention Monopoly ==
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==Methodology==
  
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=== Business context ===
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==Advantages and Disadvantages==
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===Advantages===
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====Advertisers====
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====Consumers====
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====Intelligence Agencies====
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===Disadvantages===
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====Advertisers====
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====Consumers====
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====Intelligence Agencies====
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==Controversy==
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===Data Collection===
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===Privacy and Security Concerns===
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==Discrimination==
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Targeted advertisements have shown the capability to discriminate against the viewing user. In one example instance, ads related to housing, employment,and financial services have been found to target people of certain races. Advertisements as such violate anti-discrimination laws in the US.
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==References==

Revision as of 02:42, 27 January 2023

Data monopoly is when a single company or entity controls a significant portion of a specific type of data or data market. This can happen in a number of ways, such as through acquisitions of smaller companies, exclusive partnerships or agreements, or simply by having a large and dominant market share. In a data monopoly, the company or entity in control significantly influences market prices, terms of service, and data access. This can lead to reduced competition, innovation, and potential privacy concerns. Additionally, a data monopoly can make it difficult for other companies to enter the market, which can stifle economic growth.[1] Big Tech companies have used their unchecked access to private personal information to create in-depth profiles about nearly all Americans and to protect their market position against competition from startups. Data monopoly can be a concern in many areas, including data-driven industries such as advertising, finance, healthcare, and transportation. The antitrust laws of many countries are in place to prevent such monopolies.

History

- surveillance capitalism -

Mediums

Television

Search Engines

Social Media

Users

Advertisers

Methodology

Advantages and Disadvantages

Advantages

Advertisers

Consumers

Intelligence Agencies

Disadvantages

Advertisers

Consumers

Intelligence Agencies

Controversy

Data Collection

Privacy and Security Concerns

Discrimination

Targeted advertisements have shown the capability to discriminate against the viewing user. In one example instance, ads related to housing, employment,and financial services have been found to target people of certain races. Advertisements as such violate anti-discrimination laws in the US.


References

  1. ↑ Richard Blumenthal (2021). Letter to FTC chair Lina Khan. Retrieved from https://www.blumenthal.senate.gov/imo/media/doc/2021.09.20%20-%20FTC%20-%20Privacy%20Rulemaking.pdf
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