Try Before You Buy: a Practical Data Purchasing Algorithm for Real-World Data Marketplaces

Andres, Santiago; Laoutaris, Nikolaos

dc.contributor.author	Andres, Santiago
dc.contributor.author	Laoutaris, Nikolaos
dc.date.accessioned	2022-10-31T09:39:17Z
dc.date.available	2022-10-31T09:39:17Z
dc.date.issued	2022-11-30
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dc.identifier.uri	https://hdl.handle.net/20.500.12761/1640
dc.description.abstract	Data trading is becoming increasingly popular, as evident by the appearance of scores of data marketplaces (DMs) in the last few years satisfying the demand for third-party data. For buyers, however, deciding whether paying the requested price makes sense can only be done after having tested the data on their ML model. In this paper, we propose a method for optimizing data purchasing decisions. We show that if a marketplace provides to potential buyers a measure of the performance of their models on \emph{individual} datasets, then they can select which of them to buy with an efficacy that approximates that of knowing the performance of each possible combination of datasets offered by the DM. We call the resulting algorithm Try Before You Buy (TBYB) and demonstrate over synthetic and real-world datasets how TBYB can lead to near optimal data purchasing with only O(N) instead of O(2^N) information and execution time.	es
dc.description.sponsorship	EU Horizon 2020	es
dc.language.iso	eng	es
dc.title	Try Before You Buy: a Practical Data Purchasing Algorithm for Real-World Data Marketplaces	es
dc.type	conference object	es
dc.conference.date	9 December 2022	es
dc.conference.place	Rome, Italy	es
dc.conference.title	ACM Data Economy Workshop	*
dc.event.type	workshop	es
dc.pres.type	paper	es
dc.type.hasVersion	AM	es
dc.rights.accessRights	open access	es
dc.relation.projectID	https://cordis.europa.eu/project/id/101070069	es
dc.relation.projectName	DataBri-X (Data Process & Technological Bricks for expanding digital value creation in European Data Spaces)	es
dc.subject.keyword	data economy	es
dc.subject.keyword	value of data	es
dc.subject.keyword	data purchasing	es
dc.subject.keyword	data marketplace	es
dc.description.refereed	TRUE	es
dc.description.status	pub	es

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