Data Markets to support AI for All: Pricing, Valuation and Governance
This addresses the challenge of data valuation and governance for enabling AI for all, but it appears incremental as it builds on existing market concepts.
The paper tackles the problem of valuing data for AI by proposing a data market technique that considers intrinsic factors like relevance and uniqueness, as well as extrinsic factors like supply and demand, to support broader AI accessibility.
We discuss a data market technique based on intrinsic (relevance and uniqueness) as well as extrinsic value (influenced by supply and demand) of data. For intrinsic value, we explain how to perform valuation of data in absolute terms (i.e just by itself), or relatively (i.e in comparison to multiple datasets) or in conditional terms (i.e valuating new data given currently existing data).