Information failure occurs when people make potentially wrong choices due to having inaccurate, incomplete, uncertain, or misunderstood information. The key issue is whether the information failure is trivial or has serious social effects. If information failures become serious, there may be a case for government intervention in the market. Examples of information failures include overestimating private benefits, underestimating private costs, myopia, difficulties handling complex information, misleading information, and insufficient information.
presentation on e-marketing research process , data driven strategy , SDS model , Knowledge Management, social media monitaring, electronic marketing information system , facts and figures about social media
Some interesting issues about jkg schoolNaveenranaa
An autonomous agent is a system situated within and a part of an environment that senses that environment and acts on it, over time, in pursuit of its own agenda and so as to effect what it senses in the future.
presentation on e-marketing research process , data driven strategy , SDS model , Knowledge Management, social media monitaring, electronic marketing information system , facts and figures about social media
Some interesting issues about jkg schoolNaveenranaa
An autonomous agent is a system situated within and a part of an environment that senses that environment and acts on it, over time, in pursuit of its own agenda and so as to effect what it senses in the future.
Mo Tanweer's superb notes on aspects of information failures in markets and some of the approaches that can deal with imperfect, incorrect and incomplete information.
Information Gaps content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Information Gaps
Information Gaps & Merit goods
Information Gaps & Demerit goods
Adverse Selection: Akerlof's Market for Lemons
Moral Hazard & the Principal-Agent Problem
Privacy Please: Why Retailers Need to Rethink PersonalizationCapgemini
Today, retailers face a significant conundrum. With the rapid proliferation of mobile, social media and in-store sensors, they are now sitting on a treasure trove of data. Walmart, for example, has about 30 petabytes of shopping information – the equivalent of nearly seven million DVDs. Retailers have all the data they need to create personalized promotions and offers. And consumers are very much in favor of personalization – survey after survey shows consumers increasingly expect personalized offers presented at the right moment.
But this customer data opportunity has a flip side: the personalization that consumers have a taste for can rapidly deteriorate into something that they find unpalatable. This could be because the personalization exercise is perceived to stray into the consumer’s private domain, or because the exercise is clumsily executed. This report examines this invisible border between personalization and privacy and how retailers can balance this tension in their customer experience.
We launched a comprehensive research exercise that analyzed over 220,000 conversations on social media to gauge customer sentiment on the themes of personalization and privacy for retailers. We collected data relating to 65 of the largest global retailers, collectively generating revenues of over a trillion dollars.
The results are worrying:
• Consumers worldwide are strongly dubious of retailers’ privacy initiatives: 93 percent of all consumer sentiment on this subject was negative
• Security and invasion of privacy are key data issues: The report finds that the main factors contributing to negative sentiment are data security (76 percent) and intrusive behaviour by the retailer (51 percent). Consumer skepticism grew when trigger incidents occurred, including updates of privacy policies during mergers and acquisitions, or regulatory inquiries into a retailer’s violation of data security policies
• Striking the balance between privacy and personalization eludes most: Only 14 percent of retailers are perceived positively by consumers on both personalization and privacy initiatives.
We believe that the 14% of leaders who solve the personalization-privacy conundrum demonstrate best practice in three areas: personalization initiatives that give customers control and a clear value; using technology to drive customer satisfaction rather than just as an enabler; and a clear governance framework and practices on personalization and privacy.
Briefing Note - Consumer response to a data breach Compliance3
Compliance3 likes to stay ahead of the game with our customer insight research. Our latest round of research conducted in May 2016 looks into how consumers respond to data breaches. For an accessible summary of our research here is our briefing note. Look out for round 6 which will be released shortly.
Consumer Awareness about Privacy and Security Risk for Online Shoppingijtsrd
This paper provides an analysis of shoppers perception on security and privacy problems in online shopping .The most objective of this analysis is to analyse the shoppers perceptions on security and privacy and formulate recommendations supported the findings that might contribute in eradicating these problems and boosting customer confidence. It additionally provides a quick discussion on the implications of online buying each customers and firms, the rising issues over privacy and security, and also the importance of shoppers perceptions on security and privacy problems in bolstering online searching adoption. Determining the perceptions of shoppers on security and privacy problems associated with e commerce can profit IT security suppliers and internet businesses in crafting a multifarious approach in addressing those perceptions, one that effectively combines technological solutions and psychological approaches so as to resolve one among the last remaining obstacles to the widespread use of on line shopping. Mr. Robinson. M | Surya. R ""Consumer Awareness about Privacy and Security Risk for Online Shopping"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21695.pdf
Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/21695/consumer-awareness-about-privacy-and-security-risk-for-online-shopping/mr-robinson-m
Mo Tanweer's superb notes on aspects of information failures in markets and some of the approaches that can deal with imperfect, incorrect and incomplete information.
Information Gaps content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Information Gaps
Information Gaps & Merit goods
Information Gaps & Demerit goods
Adverse Selection: Akerlof's Market for Lemons
Moral Hazard & the Principal-Agent Problem
Privacy Please: Why Retailers Need to Rethink PersonalizationCapgemini
Today, retailers face a significant conundrum. With the rapid proliferation of mobile, social media and in-store sensors, they are now sitting on a treasure trove of data. Walmart, for example, has about 30 petabytes of shopping information – the equivalent of nearly seven million DVDs. Retailers have all the data they need to create personalized promotions and offers. And consumers are very much in favor of personalization – survey after survey shows consumers increasingly expect personalized offers presented at the right moment.
But this customer data opportunity has a flip side: the personalization that consumers have a taste for can rapidly deteriorate into something that they find unpalatable. This could be because the personalization exercise is perceived to stray into the consumer’s private domain, or because the exercise is clumsily executed. This report examines this invisible border between personalization and privacy and how retailers can balance this tension in their customer experience.
We launched a comprehensive research exercise that analyzed over 220,000 conversations on social media to gauge customer sentiment on the themes of personalization and privacy for retailers. We collected data relating to 65 of the largest global retailers, collectively generating revenues of over a trillion dollars.
The results are worrying:
• Consumers worldwide are strongly dubious of retailers’ privacy initiatives: 93 percent of all consumer sentiment on this subject was negative
• Security and invasion of privacy are key data issues: The report finds that the main factors contributing to negative sentiment are data security (76 percent) and intrusive behaviour by the retailer (51 percent). Consumer skepticism grew when trigger incidents occurred, including updates of privacy policies during mergers and acquisitions, or regulatory inquiries into a retailer’s violation of data security policies
• Striking the balance between privacy and personalization eludes most: Only 14 percent of retailers are perceived positively by consumers on both personalization and privacy initiatives.
We believe that the 14% of leaders who solve the personalization-privacy conundrum demonstrate best practice in three areas: personalization initiatives that give customers control and a clear value; using technology to drive customer satisfaction rather than just as an enabler; and a clear governance framework and practices on personalization and privacy.
Briefing Note - Consumer response to a data breach Compliance3
Compliance3 likes to stay ahead of the game with our customer insight research. Our latest round of research conducted in May 2016 looks into how consumers respond to data breaches. For an accessible summary of our research here is our briefing note. Look out for round 6 which will be released shortly.
Consumer Awareness about Privacy and Security Risk for Online Shoppingijtsrd
This paper provides an analysis of shoppers perception on security and privacy problems in online shopping .The most objective of this analysis is to analyse the shoppers perceptions on security and privacy and formulate recommendations supported the findings that might contribute in eradicating these problems and boosting customer confidence. It additionally provides a quick discussion on the implications of online buying each customers and firms, the rising issues over privacy and security, and also the importance of shoppers perceptions on security and privacy problems in bolstering online searching adoption. Determining the perceptions of shoppers on security and privacy problems associated with e commerce can profit IT security suppliers and internet businesses in crafting a multifarious approach in addressing those perceptions, one that effectively combines technological solutions and psychological approaches so as to resolve one among the last remaining obstacles to the widespread use of on line shopping. Mr. Robinson. M | Surya. R ""Consumer Awareness about Privacy and Security Risk for Online Shopping"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21695.pdf
Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/21695/consumer-awareness-about-privacy-and-security-risk-for-online-shopping/mr-robinson-m
Top 5 Emerging Trends That Will Change The Legal Marketing And Industry In 20...Future Education Magazine
Here Are 5 Trends That Will Change The Legal Marketing And Industry In 2023: 1. No hurting religious sentiments2. No direct pointing at competitors' brands 3. Value-adding content 4. The use of Artificial Intelligence will enhance idea formation
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
In this revision presentation we cover key examples of pure and quasi public goods and consider the arguments for and against an increase in government spending on public goods.
Poverty Reduction Policies in Low Income Countriestutor2u
This revision presentation covers some of the main causes of continued high levels of extreme poverty in low and middle income countries and considers a range of pro-poor government interventions designed to increase productivity and regular employment and waged income in formal labour markets.
You don’t need to produce a lot of evidence in your macroeconomics exams but knowing some basic and key facts and figures can make your answers stand out from the crowd! Here is a quickfire journey through twenty important economic numbers that won’t change before the exam – use them to support your answer and impress the examiner!
Microeconomics - Great Applied Examples for Examstutor2u
In this presentation, I have chosen loads of current examples that you might want to use as context in your microeconomics exams. We look at examples from different market structures, recent mergers and takeovers, the world's most valuable companies, the largest employer, unicorn business, de-mergers, the biggest initial public offerings (IPOs) and much else. Hopefully a useful video to go through to add some super examples into your revision notes.
This revision presentation considers the variety of stakeholders impacted by business activity. How will a change in objectives, such as a move from profit maximisation to revenue maximisation have an effect on different stakeholders?
This revision presentation looks at profit satisficing as an alternative objective for businesses. Why might firms satisfice? What are some of the possible consequences for economic welfare and efficiency?
In this short revision video, we look at the substantial productivity gap between the UK and many of the UK’s major competitor countries.
Paul Krugman, the Nobel Prize-winning economist said twenty fives years ago that “Productivity isn’t everything, but in the long run it is almost everything,”
In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
For many economists, the labour market is the most important market of all to study, analyse and evaluate. Like product markets for goods and services, labour markets can also fail. The main types of labour market failure are labour immobility including skills gaps, inequality, disincentives to be economically active, labour market discrimination and the effects of monopsony power of employers.
Updated revision presentation on aspects of behavioural economics and topical issues where behavioural nudges are being used to change the choices of consumers and businesses.
1. AS Micro: Information Failure and Market Failure
1. Information failure occurs when people have inaccurate, incomplete, uncertain or misunderstood data and so make potentially ‘wrong’ choices.
2. The key issue is whether the information failure is trivial or has serious social effects
3. There may well be a case for the government to intervene in the market in some way if
information failures become serious.
Understand some examples of information failure in markets
Over-estimating private benefits of a product
Under-estimating private costs of a product
Myopia when making decisions
Difficulties in handling complex information
Misleading information
Insufficient information
Addiction
2. Key Concept: Asymmetric Information
Asymmetric information happens
when somebody knows more than
somebody else in the market. This can
make it difficult for the two people to
do business together. In extreme
cases, asymmetric information might
prevent market transactions taking
place at all.
Examples of asymmetric information
Who knows more in the market - the Buyer or the Seller?
Examples
1. Dentists and their patients
2. People selling their house
through an estate agent
3. People looking to buy life /
health insurance policies
4. Economics teachers applying
for a job at another school
5. A young couple applying for
a mortgage on their first
home
6. The used car market (market
for second hand vehicles)
7. A divorced man enters the
online dating market looking
for a new relationship
8. Doctors are paid by
pharmaceutical companies
to make speeches on the
effects of certain drugs
Who Knows More – the
buyer or the seller?
Comment / Problem Arising
from asymmetric information
3. Analysis of Information Failures as a cause of Market Failures
With questions on information failure it is important to have good analysis diagrams to hand to use
when discussing specific examples – here are two worth using:
Consumers who over-estimate the private benefits of a consuming a product:
Consumers who under-estimate the private costs of consuming a product:
4. Identifying and evaluating ways of overcoming information failures in markets
Approaches to information gaps
Real world example
Evaluation comment
Awareness campaigns
Compulsory labelling
Warranties / guarantees
Compulsory screenings
Service records
Accreditation schemes
Internet Price Comparison
Web Consumer Reviews
Behavioural nudges
Excess payments for claims
Blog articles on information failure (loads of good examples here):
http://www.tutor2u.net/blog/index.php/economics/C184
Adverse selection
Where the expected value of a transaction is known more accurately by the buyer or the
seller due to an asymmetry of information; e.g. health insurance
Asymmetric information
When somebody knows more than somebody else in the market. Such asymmetric
information can make it difficult for the two people to do business together
Information failure
Information failure occurs when people have inaccurate, incomplete, uncertain or
misunderstood data and so make potentially ‘wrong’ choices
Moral hazard
When people take actions that increase social costs because they are insured against private
loss: sometimes it is called hidden action due to the agent’s actions being hidden from the
principal
Persuasive advertising
Designed to manipulate consumer preferences and cause a change in demand
Signalling
Prices have a signalling function because the price in a market sends important information
to producers and consumers