Why Big Data Needs Small Data: The Billion Prices Project - Roberto Rigobon


Economic measurement is a first order issue for nations that intend to evaluate their impact and control their economies. Most of the official measurements are based on surveys. Professor Rigobon discussed how we can use a hybrid approach - big data and small data - to contract national statistics that can improve upon the survey approach. He discussed some of the positives and  negatives of big data, using the case of the Billion Prices Project at MIT - a daily measurement of CPI inflation in several countries - as an example.



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