If Data is the New Oil, How to Determine Its Value?

My iPhone screen time is over four hours every day. Over the last month I've booked restaurant reservations and doctor's appointments, received motorcycle maintenance records, loaded new applications and ordered clothes. All of these actions involved the sort of data exchanges that today's information-based tech companies crave. Applying machine learning tools to personal data can uncover valuable knowledge and generate tremendous business value. With data increasingly seen as "the new oil," many economists, politicians, and others are suggesting people should be paid for the data they produce.