Big Data, Consumers’ Privacy, and Competition in Online Markets

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At the dawn of the Internet of Things, consumers are increasingly required to disclose their private information to online firms. With the use of data analytics, these firms are able to increase their knowledge about the preferences and characteristics of their users. This knowledge is highly valuable for them as it generates revenues through disclosure to third parties (e.g. advertisers) as part of their business models and enables the delivering of more personalized and valuable products to users.