SimpleTrends
Learning Curve
In a marketplace of dynamic pricing, where agents make strategic decisions for buyers and sellers, how can a seller make sense of it all? This research uses a market simulator to study different seller strategies in an auction marketplace. Our goal is to discover the relevant factors in determining successful market strategies and to build an interface to this system empowering the seller in a dynamic auction setting.
Tagged: / MIT Media Laboratory
When Internet Companies Morph: Understanding Organizational Strategy Changes in the New Economy
The study provides an overview of industry strategic mutation patterns and provides executives with a process analysis for identifying and evaluating their own strategies in a way that is essential for success in the highly volatile Internet economy. We also offer our predictions on these strategies' efficacy in light of the current emphasis on business profitability and return on investment.
Tagged: / First Monday By Robert Kauffman, Tim Miller, Bin Wang
The 24/7 Global Marketplace
Within five years you will be able to trade the largest 500 multinationals in your local currency on a planetwide, round-the-clock network.
Tagged: / Wired Magazine
Butterfly Economics: A Theory of Social and Economic Behavior
“In the current state of scientific knowledge, it is simply not possible to carry out forecasts which are systematically accurate over a period of time.” It's not that chaos is guaranteed in economics; it's just that we never know when it'll occur, or what will cause it. “Small changes can have big consequences, and vice versa,” But it comes down to this: No matter how you analyze it, human behavior is surprisingly random. And no economic model can account for all of it at any given time.
Tagged: / Butterfly Economics By: Paul Omerod
Arbitrary Coherence in Behavioral Economics
Economic theories of valuation generally assume that prices of commodities and assets are derived from underlying "fundamental" values. The current work suggests that preferences are initially malleable but become "imprinted" after the individual makes an initial decision. Prior to imprinting, preferences are "arbitrary," meaning that they are highly responsive to both normative and non-normative influences. Following imprinting, preferences become "coherent," meaning that they are more precisely defined and largely fixed in subsequent decisions. The model predicts that consumers will respond to changes in conditions in a coherent fashion, as if supported by demand curves derived from fundamental preference, even when their initial valuations are arbitrary.
Tagged: / MIT Media Laboratory
Beyond Greed And Fear: Emotions and Risk
Wall Street Week panelist Frank Cappiello once explained that because of a “change in psychology,” but “no change in fundamentals,” he altered his stance on the market from positive to neutral. Cappiello has plenty of company. The popular financial press regularly quotes regularly quotes experts and gurus on market psychology. Our knowledge of market psychology now extends well beyond greed and fear. Over the last twenty five years, psychologists have discovered two important facts. First, the primary emotions that determine risk-taking behavior are not greed and fear, but hope and fear.
Tagged: / Beyond Greed And Fear By: Hersh Shefrin
Assisted Spending Patterns
This project's goal is to build a software agent which helps an individual achieve personal spending goals. The user defines these personal spending goals with the purpose of enriching his or her quality of life, and this software agent will work towards helping you achieve this goal.
Tagged: / MIT Media Laboratory
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