Towards a Utility Theory of Privacy and Information Sharing and the Introduction of Hyper-Hyperbolic Discounting in the Digital Big Data Age

Chapter Content

In the age of instant communication and social media big data storage and computational power; the need for understanding people’s trade-off between communication and privacy has leveraged to unprecedented momentum. Today enormous data storage capacities and computational power in the e-big data era have created unforeseen opportunities for big data hoarding corporations to reap hidden benefits from individual’s information sharing, which occurs bit by bit in small tranches over time. The utility theory of contradicting information sharing and privacy predicaments is presented in this paper for the first time and a nomenclature of different personality types regarding information sharing and privacy preferences is theoretically introduced. Unravelling the utility of information sharing versus privacy conflict but also shedding light at the current commodification of big data holds economic theory advancement and governance improvement potentials in the digital age. The article is a first step towards advocating for reclaiming the common good of knowledge via taxation of big data harvesting and self-determination of information sharing based on education about information sharing to curb harmful information sharing discounting fallibility. From legal and governance perspectives, the outlined ideas may stimulate the e-privacy infringement regulations discourse in the pursuit of the greater goals of democratisation of information, equality of communication surplus and upheld humane dignity in the realm of e-ethics in the big data era.