From 3e6e031a79edcca10479bbbc26569d211bef6c21 Mon Sep 17 00:00:00 2001
From: Chen Yang <yc4646@gmail.com>
Date: Fri, 23 May 2025 09:19:44 +0800
Subject: [PATCH] Added arxiv link to data asset paper.

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@@ -107,7 +107,7 @@ Postgraduate Courses
     </li><br>
 
     <li>Pricing Model for Data Assets in Investment-Consumption Framework with Ambiguity (with <a href="https://scholar.google.com/citations?user=os0TtfkAAAAJ&hl=en" target="_blank">Xiaoshan Chen</a> and Zhou Yang).<br>
-        <b>submitted</b>. [<a href="" onclick="toggleAbstract('abs_dataAsset');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5263455" target="_blank">SSRN</a>]<br>
+        <b>submitted</b>. [<a href="" onclick="toggleAbstract('abs_dataAsset');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5263455" target="_blank">SSRN</a>|<a href="https://arxiv.org/abs/2505.16106" target="_blank">arXiv</a>]<br>
         <div style="display:none" id="abs_dataAsset">
         <hr>
         <i>Data assets are data commodities that have been processed, produced, priced, and traded based on actual demand. Reasonable pricing mechanism for data assets is essential for developing the data market and realizing their value. Most existing literature approaches data asset pricing from the seller's perspective, focusing on data properties and collection costs, however, research from the buyer's perspective remains scarce. This gap stems from the nature of data assets: their value lies not in direct revenue generation but in providing informational advantages that enable enhanced decision-making and excess returns. This paper addresses this gap by developing a pricing model based on the informational value of data assets from the buyer's perspective. We determine data asset prices through an implicit function derived from the value functions in two robust investment-consumption problems under ambiguity markets via indifference pricing principle. By the existing research results, we simplify the value function, using mathematical analysis and differential equation theory, we derive general expressions for data assets price and explore their properties under various conditions. Furthermore, we derive the explicit pricing formulas for specific scenarios and provide numerical illustration to describe how to use our pricing model.</i>