Next Article in Journal
Asymmetric Exchange Rate Pass-Through in Turkish Imports of Cocoa Beans
Next Article in Special Issue
Mitigation Strategies for COVID-19: Lessons from the K-SEIR Model Calibrated to the Observable Data
Previous Article in Journal
Redevelopment of Brownfields for Cultural Use from ERDF Fund—The Case of Hungary between 2014 and 2020
Previous Article in Special Issue
Enacting Economic Resilience: A Synthesis of Economic and Communication Frameworks
 
 
Article

Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept

1
Operations Research & Financial Engineering (ORFE), Princeton University, Princeton, NJ 08540, USA
2
Bank of Canada, Ottawa, ON K1A 0G9, Canada
3
Bank of England, London EC2R 8AH, UK
4
Department of Mathematics and Statistics, McMaster University, Hamilton, ON L8S 4K1, Canada
*
Author to whom correspondence should be addressed.
Academic Editor: Khaled Hussainey
J. Risk Financial Manag. 2022, 15(4), 183; https://doi.org/10.3390/jrfm15040183
Received: 18 February 2022 / Revised: 2 April 2022 / Accepted: 13 April 2022 / Published: 15 April 2022
We present a new estimation of business opening and closure rates using data from Google Places—the data set behind the Google Maps service. Our algorithm, through a bisection routine, counts the appearance and disappearance of “pins” that represent unique businesses. As a proof of concept, we compute business opening and closure rates for the city of Ottawa during the reopening phase of the COVID-19 pandemic in mid-2021. The lifting of restrictions coincides with a wave of re-entry of temporarily closed businesses, suggesting that government support may have facilitated the survival of hibernating businesses. Our entry estimates are validated by a survey of new businesses. This methodology allows policymakers to monitor business dynamics in quasi-real-time during rapidly unfolding crises. View Full-Text
Keywords: business entry rate; business exit rate; Google Places; real-time; small and medium enterprises business entry rate; business exit rate; Google Places; real-time; small and medium enterprises
Show Figures

Figure 1

MDPI and ACS Style

Rigobon, D.E.; Duprey, T.; Kotlicki, A.; Schnattinger , P.; Baharian, S.; Hurd, T.R. Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept. J. Risk Financial Manag. 2022, 15, 183. https://doi.org/10.3390/jrfm15040183

AMA Style

Rigobon DE, Duprey T, Kotlicki A, Schnattinger  P, Baharian S, Hurd TR. Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept. Journal of Risk and Financial Management. 2022; 15(4):183. https://doi.org/10.3390/jrfm15040183

Chicago/Turabian Style

Rigobon, Daniel E., Thibaut Duprey, Artur Kotlicki, Philip Schnattinger , Soheil Baharian, and Thomas R. Hurd. 2022. "Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept" Journal of Risk and Financial Management 15, no. 4: 183. https://doi.org/10.3390/jrfm15040183

Find Other Styles
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop