The widespread use of the Internet and computer systems has led to a situation where data are available on almost everything. The volume and the level of detail of these data is something we considered to be impossible until a few years ago. Researchers in economics and business now have access to a new variety of data. Such data are often not directly comparable to the data that have historically been considered in econometrics. This brings opportunities and challenges for academic researchers, companies, and even econometrics as a field and as an educational program. All parties involved can, or even have to use these data to stay ahead of the competition.

Additional Metadata
Keywords Bayesian inference, Big data, Business data, Data mining, Econometrics, Forecasting, Quantitative marketing
JEL Statistical Decision Theory; Operations Research (jel C44), Marketing (jel M31), Data Collection and Data Estimation Methodology; Computer Programs: General (jel C80)
Sponsor Erasmus School of Economics (ESE), Erasmus University Rotterdam (EUR)
ISBN 978-90-5892-346-2
Persistent URL hdl.handle.net/1765/41515
Series ERIM Inaugural Address Series Research in Management
Citation
Fok, D. (2013, October 4). Stay Ahead of Competition. ERIM Inaugural Address Series Research in Management. Retrieved from http://hdl.handle.net/1765/41515