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When quoting this document, please refer to the following
DOI: 10.4230/LIPIcs.ICDT.2017.12
URN: urn:nbn:de:0030-drops-70574
URL: http://drops.dagstuhl.de/opus/volltexte/2017/7057/
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Deep, Shaleen ; Koutris, Paraschos

The Design of Arbitrage-Free Data Pricing Schemes

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LIPIcs-ICDT-2017-12.pdf (0.6 MB)


Abstract

Motivated by a growing market that involves buying and selling data over the web, we study pricing schemes that assign value to queries issued over a database. Previous work studied pricing mechanisms that compute the price of a query by extending a data sellerís explicit prices on certain queries, or investigated the properties that a pricing function should exhibit without detailing a generic construction. In this work, we present a formal framework for pricing queries over data that allows the construction of general families of pricing functions, with the main goal of avoiding arbitrage. We consider two types of pricing schemes: instance-independent schemes, where the price depends only on the structure of the query, and answer-dependent schemes, where the price also depends on the query output. Our main result is a complete characterization of the structure of pricing functions in both settings, by relating it to properties of a function over a lattice. We use our characterization, together with information-theoretic methods, to construct a variety of arbitrage-free pricing functions. Finally, we discuss various tradeoffs in the design space and present techniques for efficient computation of the proposed pricing functions.

BibTeX - Entry

@InProceedings{deep_et_al:LIPIcs:2017:7057,
  author =	{Shaleen Deep and Paraschos Koutris},
  title =	{{The Design of Arbitrage-Free Data Pricing Schemes}},
  booktitle =	{20th International Conference on Database Theory (ICDT 2017)},
  pages =	{12:1--12:18},
  series =	{Leibniz International Proceedings in Informatics (LIPIcs)},
  ISBN =	{978-3-95977-024-8},
  ISSN =	{1868-8969},
  year =	{2017},
  volume =	{68},
  editor =	{Michael Benedikt and Giorgio Orsi},
  publisher =	{Schloss Dagstuhl--Leibniz-Zentrum fuer Informatik},
  address =	{Dagstuhl, Germany},
  URL =		{http://drops.dagstuhl.de/opus/volltexte/2017/7057},
  URN =		{urn:nbn:de:0030-drops-70574},
  doi =		{10.4230/LIPIcs.ICDT.2017.12},
  annote =	{Keywords: data pricing, determinacy, arbitrage}
}

Keywords: data pricing, determinacy, arbitrage
Seminar: 20th International Conference on Database Theory (ICDT 2017)
Issue Date: 2017
Date of publication: 14.03.2017


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