[ Ø ] Harsh Prakash

Quiet Musings on Cloud, Machine Learning, Big Data, Health, Disaster, et al.

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The Power of Ten

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Medium Maximization: “A medium, for example, points or money, is a token people receive as the immediate reward of their effort. It has no value in and of itself, but it can be traded for a desired outcome. Experiments demonstrate that, when people are faced with options entailing different outcomes, the presence of a medium can alter what option they choose. This effect occurs because the medium presents an illusion of advantage to an otherwise not so advantageous option, an illusion of certainty to an otherwise uncertain option, or an illusion of linearity to an otherwise concave effort-outcome return relationship. This work has implications for how points influence consumer choice and how money influences human behavior.”

• “With the lure of points added to the mix, more than half of students chose the longer task and the less desirable pistachio prize that went with it. Independent of their actual value, ‘points’ apparently give people some satisfaction. That’s just one reason that frequent-flier programs have been so successful for so long.” [NYT]

* “It is claimed that a satisfied customer tells an average of three people about a product or service he/she likes, and eleven people about a product or service which he/she did not like [Silverman, George. Secrets of Word Of Mouth Marketing. 2001]. Viral marketing is based on this natural human behavior.
* Bizsum Book Summary [Amazon]

Written by Harsh

December 28th, 2007 at 7:20 pm

Posted in Technology,Web

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