Overconfidence and Endowment effects

Another excellent lecture today, as people were sitting on the floor to try to grasp the sweet words that trickled from professor Wahlunds tender mouth. The lessons learned were many. Here's the summary.

Overconfidence:

• Small probabilities
• Base rate bias
• More credible statement or correlation sounds
• The more information we have, the more confident we are, even if the information is irrelevant or lessens the probabilityof the event.
  
• The more people or media who asserts
• Men more than women

Endowment effect

1. Feel affection
2. Care about sunk costs
3. Status quo bias
4. Debt aversion
5. Trend illusion
6. Confirmation bias
   

Professor Barry Schwartz adresses the paradox of choice below in a famous TED talk:

Summary lecture 4

Hi guys, this so far unnamed lecture touched upon the Subjectivity of Money, the importance of Roles and Mental Accounting.
Some key lessons:

Decision processes can be manipulated by:

• Using high or low reference points (anchoring)
• Framing decisions as losses or gains
• People are more loss-averse than gain-seeking
  

Below you will find an interesting lecture by Richard Thaler, the person who pioneered theory on mental accounting.

Social Media Insights

Here comes our collaborative document on Richard Gatarski's presentation on Social Media Insights. Some of the lessons learned:

• Technology now lets us share more than facts; experiences, feelings or thoughts are easily shared using text, audio and video.
• Media is not just about communication, it's about conversation 
• Machines are more than media - they are actors (and should be analyzed as such)
• Transparency is a must in future media. Privacy will be redefined, and tolerance will probably be higher. 

Introduction to Cialdini

Found a cool summary of Cialdini on this blog. Luckily for me, I bought the book this spring for different reasons, when I came to check in Akademibokhandeln, everything was sold out. A good tip is to check with the previous students, as none of the literature has changed for a couple of years. My friend Lena took the course last year and could help me with Communication theories.
Here's a pic from today's lecture:

Virtual Worlds – 28 August 2008

A modified version of the presentation:

Fador Future Of Virtual Worlds Teigland

View SlideShare presentation or Upload your own. (tags: worldofwarcraft innovation)

Lecturer - Robin Teigland [robin.teigland@hhs.se] slideshows at http://www.slideshare.net/eteigland

(Born in America, married to Norwegian, research in Sweden.)

What do virtual worlds have to offer?

Topic

How virtual can be real, or the real be virtual

Augmented reality – A mix of real reality and virtual elements. An industry in its infancy, but promising multiple uses in the future.

One can argue that with the introduction of mobile handsets (cell phones) the augmented reality was introduced to the masses. Suddenly, conversations could take place between people regardless of location.

Second Life - an introduction

Second life – world created by users.

Average user age: 32

Male/Female: 48/52

Local currency: Linden-dollars, exchange rate approx 270 L$ per USD

You can create items in second life to sell and share to others.

The ability to bring people together is an important tool for multiple purposes

• Examples of interaction between real world and Second Life: HSB started a competition in Second Life for the House of tomorrow. A form of recruiting amongst architectural students.
  

• US Davis Medical Center provide a schizophrenia simulation

• The potential for prototyping is large – how do winds affect buildings, what will a tsunami do to a beach?

SSE MBA island

Phd student designed the island, it was built for the purpose to investigate how people can work together virtually to conduct seminars and learn regardless of location.

Guided tour

Film of virtual worlds

Fad or future?

“Clearly if social activity migrates to synthetic worlds, economic activity will go there as well.”

Length of stay in Second Life increases as new member rate drops off.

Corporate involvement in Second Life is moving from traditional marketing to other forms of branding, recruiting and concept development.

• Internal communication within corporations is growing significantly right now.
• Cross-boundary collaboration in multinationals (e.g. Unilever) is regarded a valuable function. Multitasking through voice and text.

Virtual world projects generally fail due to technology focus rather than user focus, as well as no clear objectives.

Wikitecture vs. Architecture.

Questions

When will the state interfere? Do they do it already?

How do you police the virtual world?

Are the rules different, do the same norms apply as in the real world, how do they differ?

How come corporations hand over control of their proprietary rights to other companies (e.g. Linden Labs, the company that own Second Life)?

Lessons learned

Second Life is a multimillion dollar industry

Some people (but not very many) actually make a lot of money from it.

Saker jag vill ha på bloggen:

• Polling
• Mikrobloggning, antingen jaiku eller twitter eller vad som nu passar
• Onelinr för backchanneling?
• Ratingmöjlighet av lektioner
• Öppen kommentarsfunktion så det går snabbt.