Unlike other monopolies, social media networks almost uniformly give access to their services for free to everybody. Economists refer to these markets as “zero-price markets.” The main, and often sole, source of revenue for the network owners comes from fees that are paid by advertisers....

The internet technology allows the harvesting, storage, and processing of large datasets about individuals and things. When new datasets are derived from the raw data, new information is generated, which can be both privately profitable and socially productive, serving to realize economies of...

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