The effect of privacy regulation on the data industry: empirical evidence from GDPR
利用在线旅游中介的数据，研究发现GDPR的opt-in要求导致可观测消费者减少12.5%，但剩余消费者可追踪时间更长且对广告商价值更高，部分抵消了流失损失。
Abstract Utilizing a novel dataset from an online travel intermediary, we study the effects of the EU's General Data Protection Regulation (GDPR). The opt‐in requirement of GDPR resulted in a 12.5% drop in the intermediary‐observed consumers, but the remaining consumers are trackable for a longer period of time. Our findings imply that privacy‐conscious consumers exert privacy externalities on opt‐in consumers, making them more predictable. Consistent with this finding, the average value of the remaining consumers to advertisers has increased, offsetting some of the losses from consumer opt‐outs.