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

Daniel E. Rigobon; Thibaut Duprey; Artur Kotlicki; Philip Schnattinger; Soheil Baharian; Thomas R. Hurd

doi:10.3390/jrfm15040183

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

Daniel E. Rigobon, Thibaut Duprey, Artur Kotlicki, Philip Schnattinger, Soheil Baharian, Thomas R. Hurd

Operations Research & Financial Engineering

Research output: Contribution to journal › Article › peer-review

5 Scopus citations

Abstract

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.

Original language	English (US)
Article number	183
Journal	Journal of Risk and Financial Management
Volume	15
Issue number	4
DOIs	https://doi.org/10.3390/jrfm15040183
State	Published - Apr 2022

All Science Journal Classification (ASJC) codes

Accounting
Business, Management and Accounting (miscellaneous)
Finance
Economics and Econometrics

Keywords

Google Places
business entry rate
business exit rate
real-time
small and medium enterprises

Access to Document

10.3390/jrfm15040183

Cite this

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

abstract = "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.",

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author = "Rigobon, \{Daniel E.\} and Thibaut Duprey and Artur Kotlicki and Philip Schnattinger and Soheil Baharian and Hurd, \{Thomas R.\}",

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AU - Duprey, Thibaut

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AU - Schnattinger, Philip

AU - Baharian, Soheil

AU - Hurd, Thomas R.

PY - 2022/4

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KW - real-time

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

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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