And, as I have noted in previous posts, even now the stock is not exactly a raging bargain by most statisticalmeasures: Facebook trades for about 8x forward revenues, compared to 5x for Google, or less than 4x for Apple.
The only way to show compensation still rising is to combine forward- and backward-looking measures of pay in any year, a misleading statistical technique.
We develop a statistical framework that uses lights growth to augment existing income growth measures, under the assumption that measurement error in using observed light as an indicator of income is uncorrelated with measurement error in national income accounts.