Re: [projectvrm] Reputation economy?

[Identity Coach < >]

Nathan,

Re: assignment of value, there's something to be explored. There are two different parts of the brain: the part that does charitable things and what's "good" for the world. That part deals in goodness, personal morals and a sense of what's right. There's a very different part of the brain that deals in what's fair and the value of things. It has some priority over the "good" side, and will even overrule a "good" decision if this side decides that it's not "fair."

There was an experiment in one of the Nordic countries about recycling trash. A city asked people to do it because it was good for the environment, and the people did it. Another city or time, the city offered some financial token if people would recycle, and many chose not to because it wasn't worth it.

In our case, there's no token other than "privacy" (or other abstract concept) so people would rather ignore the value exchanged and realized by others.

  judi



On 3/9/15 11:51 AM, Nathan Schor wrote:

Judy,

Along with the others, I appreciate the link, as I wouldn’t have known about it on my own.

Not just the article, but also your subject line also reminded me of the title of a recent book by Michael Fertik, the CEO of www.reputation.com – ‘The Reputation Economy: How to Optimize Your Digital Footprint in a World Where Your Reputation Is Your Most Valuable Asset’

The books audience isn’t the likes of us, but the professional public and it does a decent job acquainting them with the value of their ‘reputation currency’, and in a VRM friendly way.

A word’s connotation matters a lot, of course. So the more ‘personal data’ is associated with ‘currency’ then the more people realize their personal data, in whatever of the multiple ways they expose it, has ‘real’ value; perhaps not so much in its raw form, but surely when its vacuumed, filtered, and put out to bid.

We often discuss what the tipping point will look like for an economy  based on VRM principals. Issues over privacy and trust have been debated as candidates, among others.

But IMO the spark that could very well ignite the VRM engine is customer’s recognizing just how much their digital exhaust is actually worth.

The argument for ‘value appreciation’  - customers awakening, as they increasingly are, to the value packed into their data has the advantage of backing from cognitive science.

Once people accept they’re aren’t getting a fair deal when it comes to their personal data, a potent behavioral motivator kicks in - fondness for fairness. As an indicator of its strength, a sense of fairness crosses species, as our primate cousins exhibit it as well.

Nathan Schor 305.632.1368 ">

 

From: Identity Coach [ ">mailto: ]
Sent: Sunday, March 8, 2015 8:33 PM
To: Project VRM
Subject: [projectvrm] Reputation economy?

 

Thought provoking:

The Economics of Social Status
http://www.ribbonfarm.com/2013/05/01/the-economics-of-social-status/

  j.