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Trust and theSharing Economy

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Topics of Interest• Defining sharing economies• Current trust indicators• Solving the trust issue

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Defining EconomiesCommercial economies: “prices are the primarysource of information about, and incentive for,resource allocation” Sharing economies: “non-price-based socialrelations play those roles.” - Yochai Benkler, “Sharing Nicely”

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Lessig’s Hybrid EconomyHybrid economies: “one that builds upon both thesharing and commercial economies, one that addsvalue to each … either a commercial entity thataims to leverage value from a sharing economy, orit is a sharing economy that builds a commercialentity to better support its sharing aims” - Lawrence Lessig, “Remix”

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Three Stages So Far• Purely digital – Flickr, YouTube, forums, communities, etc.• Focused on sharing – Freecycle, Couchsurfing• Driven by value – Airbnb, Skillshare, WhipCar, Spinlister, SnapGoods

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The Rise of a New Term…Collaborative consumption: “an economicmodel based onsharing, swapping, bartering, trading or rentingaccess to products as opposed to ownership” - Wikipedia

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What Can You Share?

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Altruism vs. Value

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When Trust Fails

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Airbnb Aims To Fix It• $50,000 Host Guarantee• Address verification• 24/7 hotline• Social verification dashboard• And a whole lot more…

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Transparent Profiles

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Integrating the Social Graph

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Airbnb’s Social Connections

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Bespoke Insurance• Insurance for unusual items• Love Home Swap is working with Lloyd’s to develop insurance for housing swaps

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TaskRabbit: An Intense Application• Essays• Video Interview (OVIA screening platform)• Criminal background check – SSN, name, address – National, state, local levels

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Sittercity: Many Profile Checks

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TaskRabbit: Leaderboards

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Done.com: Credit Card Verification

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TrustCloud: A Reputation System• Mission: help users understand and leverage online trust they’ve built in the sharing economy• Immediately accessible, portable, objective, transparent, secure

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TrustCloud’s Methodology• Data vapor: transparency, consistency, longevity – Twitter, Facebook, LinkedIn, Google+• Virtuous data: credible, reliable, helpful – Yelp, TripAdvisor, Quora

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What about Influence?• Klout: standard measurement of influence – measures network size, posting frequency, amplification – 1-100 scale

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The Influence Wars• Kred enters the area – Influence: 1-1000 score based on retweets, followers, replies – Outreach: 1-10 score on generosity; rewards actions, interactions with others

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Kred Scores are Transparent• Kred shows users an “Activity Statement”

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Online Meets Offline• Kred lets users pull in “Offline Kred”

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Influence vs. Reputation• Doesn’t account for negative feedback – 400 negative @mentions = 400 positive @mentions• Quantity over quality – Network size – Posting frequency – Responses

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Solving the Trust Issue• Incorporating transparent profiles• Integrating the social graph• Developing bespoke insurance• Implementing screening processes• Ranking users on a leaderboard• Verifying buyer credibility• Creating a reputation system• Pulling in offline credibility

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How can wesolve the trust problem?