A Novel Data Governance Scheme Based on the Behavioral Economics Theory

The digital economy has become one of the most important sectors in global GDP. Personal data is new asset class that creates value through applications cybertechnologies and Artificial Intelligence. However, there are increasing concerns over privacy invasions human rights violations associated with exploitation personal data. Various laws were made nations to balance fluidity protections. have inherent limitations underenforcement issues fail achieve their aims protection principles. Utilizing a behavioral economics theoretical framework, this study categorizes causes Information Asymmetry, Bounded Rationality, Power Imbalance, Technical Incapacity. The makes novel contribution by proposing governance scheme address laws. adopts Libertarian Paternalism approach develops seven principles framework design. Elements components include individuals, controllers, rating frameworks, meta-data configuration, reports, Automated Consent Management (ACM), Bureaus, signatures, etc. will operate on an interoperable management platform. Visual diagrams developed describe various forms interactions between procedures. A found experimental scenarios such as Ordinary Data Request, Sensitive Inconsistency Checks, Rights Exercise, Monitored Transfer, Broadcast Notice. The analyzed not exhaustive but serve meaningful starting point inspire more designs discussions from scholars.