GDP-B: a new well-being metric in the era of the digital economy

Digital technologies are rapidly changing the nature of goods, the way of production, and as a result, citizens’ quality of life. Many traditional goods and services are now being replaced by zero-price digital goods. At the same time, new applications of digital technologies are changing the production process, allowing the quality of traditional goods to be improved more frequently. Technologies are also having a significant impact on the non-monetary dimensions of our quality of life. However, this change has not been appropriately captured in official statistics such as GDP. To address this issue, this study proposes a new well-being metric in the digital era through the collection of citizens’ valuations of free digital products, regular market goods, and several key dimensions that affect the quality of life (QoL). For this purpose, we are estimating our citizens’ well-being across 727 categories of goods, services, and QoL factors through massive online choice experiments.