Reading - Big Data

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ReadChapter1of Mayer‐Schönberger,Viktor,andKennethCukier(2013).BigData:ARevolutionThatWillTransformHowWeLive,Work,andThink.Prepareanswerstothequestionsbelow.Submityour  individualanswersviaCanvasby9/15.  We'll have adiscussion in class on this chapter.Chapter1NOW‘Usingasampleof12,000priceobservationsthatwasobtainedby“scrapping”informationfromatravelwebsiteovera41‐dayperiod,Etzionicreatedapredictivemodelthathandeditssimulatedpassengersatidysavings....Etzioniconcludedthathe...hadtopredictwhetherthepricebeingshownwaslikelytoincreaseordecreaseinthefuture.Thatispossible,ifnoteasy,todo.Allitrequiresisanalyzingalltheticketsalesforagivenrouteandexaminingthepricespaidrelativetothenumberofdaysbeforedeparture.’(page4)Questions:1.Whatproduct/servicewouldyouliketoempiricallyunderstandthepricingmodelforsothatyougetthebestpriceasaconsumer?2.Whatdatawouldyouneedtocollectinordertobuildapredictivemodel?3.Wherecouldyoufindthenecessarydata?

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