People are much more concerned about sharing their own private information with third-party app developers than they are about revealing their friends' data, the study said.

However, as social media makes data increasingly interconnected, preserving one's own privacy while ignoring the privacy rights of others may make everybody's data more vulnerable, said Jens Grossklags, assistant professor of information sciences and technology at Pennsylvania State University in the US.

"The problem is becoming known as interdependent privacy," Grossklags said. "The privacy of individual consumers does not only depend on their own decisions, but is also affected by the actions of others," Grossklags pointed out.

In the study, the researchers measured the economic value of personal information which individuals place on their own and other's information. The researchers estimated that the average Facebook user, for example, with an average of more than 300 friends, would value the bundle of friends' data at less than a cent per friend when data collection is necessary.

The findings were presented at the International Conference on Information Systems in Fort Worth, Texas, US.

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