INSEAD Knowledge: What Yelp Reviews Can Tell Us About the State of the Economy

INSEAD Knowledge: What Yelp Reviews Can Tell Us About the State of the Economy. “In a paper forthcoming in Big Data for Twenty-First Century Economic Statistics published by the US National Bureau of Economic Research, we show that Yelp’s crowdsourced data can help measure economic activity at the local level in close to real time, in contrast with official data that is often published years after. Changes in the number of businesses and restaurants reviewed on Yelp can help ‘nowcast’ changes in the corresponding official statistics before they are released. In short, sources like Yelp could complement official data in business and policymaking.”

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