I had a brief email conversation with Jamie Taylor, Minister of Information at
Metaweb, and he framed the issue of open data from within a
behavioral economics perspective:
expected utility theory. I never thought of this but had been on the look for a food (or at least better than the pundit blogs that are pro or con on S(s)emantic application methodology or another). I think I have found it, via Jamie, whom I thank for opening my eyes. I will write more on this tonight and attempt to establish the value function and its
parameters, because I think being rigorous at this will set us straight on being able to "sell" the 3.0 story in the marketplace. Here I go:
There is a fundamental problem/conflict between user needs (e.g., I want all my data to be mine, portable and across all data providers/sources/sites, etc.) and data owners (big
Internet companies, sites, networks, Walmarts,
Amazon's, your
grocery store, your
medical insurance, anyone holding, processing, doing something to the data you leave behind in your behavioral trail of interacting with them). The data owners must be convinced (in a granular fashion, by answering every parameter in the "expected
utility function" equation, e.g. size of payout (to data onwers, of opening up their data to developers/users), probability of occurence (of this payout, which is essentially our business models of
Web 3.0 app providers),
risk aversion (check the panel
Business Risks of Web3.0: What Risks? at
Web 3.0 Conference & Expo next week), and account for differential utility of the same payout to different companies/verticals with different assets and/or needs.
That is the question that needs answered. If we continue to talk tech mambo-jambo that the market doesn't understand, but don't have pretty damn good answers for the above, we're screwed! The Web 3.0 Conference is an attempt to get us all straight.