Peter Fader, a professor at Wharton business school, believes Big Data could be a great big “I.T. wild goose chase” that may not be all that it’s cracked out to be.
Yet, marketers are raking in big moolah from selling our personal data. Depending on the app, each time we click on one, it accesses details about our age range, sexual preferences, shopping habits, religious views, where we ate, etc.
Start-ups like Personal and Singly are working on fresh business models that would give people some control over their privacy. One such proposal is for a stock exchange for personal data.
On [the] proposed market, a person, who highly values her privacy might chose an option to sell her shopping patterns for $10, but at a big risk of not finding a buyer.
Alternately, she might sell the same data for a guaranteed payment of 50 cents. Or, she might opt out and keep her privacy entirely.