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Little THREAD. Remember Zuck's speech at Georgetown? He argued that FB would not remove of political ads because they make so little money (1-2% revenues) from them, so let's keep 'em as it’s good for democracy to expose lies on FB. This is fallacious on 2 grounds possibly 3. 1/
1) No one really has an idea about how much money FB makes directly from political ads, since their accounts are opaque to say the least. But let me imagine 1-2% is the true figure (still, quite a bit of money since 2019 revenues will be around $90bn). 2/
2) Business model of FB is to keep users engaged as long as possible (ie spend time), so that they can micro target with ads. Politics, as well as sex and violence, keep people online. It’s the indirect effect that matters: political ads drive business. This is a LOT of money. 3/
3) As for ‘exposing’ lies... I have no idea about what political ads you get to see on you FB account, and viceversa. The same political party can even tell opposite messages to more liberal people living in a city and more conservative voters in the countryside. 4/
These echo bubbles are so well understood it’s disingenuous that Zuck is referring to a model of ‘open’ Internet that is long gone.
Also read this interview by Alex Stamos vox.com/recode/2019/12…

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Tommaso Valletti
@TomValletti
Excellent interim report from @CMAgovUK on digital platforms.
Evidence: G has significant market power in general search, FB has significant market power in social media.
Things not much better on the ‘other side’ of the market: advertisers are strangled.
AZ & MSFT not yet there.
Consumer mostly passive and do not engage with privacy settings and controls.
Plenty of scope for harm to consumers. 2/
A plethora of remedies to be discussed. Pity the UK is just a drop in the ocean. Will G (and FB) react like G just did in Turkey?

Read it all, including the very informative annexes!
gov.uk/cma-cases/onli…

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Tommaso Valletti
@TomValletti
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It responds to “but people don’t care about privacy”, “I have nothing to hide”, “it’s all about revealed preferences”, “we get a barter, it’s all good”. Too fast.
There is in fact a massive negative externality. Here’s how it goes 1/
With fully rational consumers (a big if), individuals who don’t care about privacy release their data. This compromises those who do care and whose information is correlated. (Cambridge Analytica scandal:data shared by 1/4m FB users but allowed to infer info about 50m users!). 2/
A data market? Once information leaks, less incentive to protect privacy. And less to gain from giving data away, as the platform already knows about you: market price of data is low. This gives the “impression” that users do not value privacy, but it’s due to externality. 3/
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Tommaso Valletti
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Very interesting and ambitious new paper by young scholar @bpellegr_econ on industry concentration. 1/
Employs a new dataset to measure product similarity (based on computational linguistics of 10-k forms) for every pair of publicly-traded firms in US. 2/
Applies it to a model that yields a metric of concentration based on network centrality, and computes deadweight loss from oligopoly: it increases over time. 3/
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