Comments on: Unleash the Power of Sharing Notes http://thefinancebuff.com/the-power-of-sharing-notes.html like a friend telling you about money ... Wed, 23 May 2012 19:06:27 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: TFB http://thefinancebuff.com/the-power-of-sharing-notes.html#comment-2464 TFB Tue, 21 Jul 2009 03:14:38 +0000 http://thefinancebuff.com/2009/07/the-power-of-sharing-notes.html#comment-2464 OK, so maybe creating an incentive for filling out a score card isn't a good idea. Any suggestions for how to make people share more often? eBay feedback rating system seems to work well. Nobody is required to do it but it looks to me the majority of the transactions generate a feedback. When I sell on eBay I get a feedback more than 90% of the time. It's just in the culture. Amazon also has a feedback system. When I sell on Amazon, I get a feedback less than 50% of the time. OK, so maybe creating an incentive for filling out a score card isn’t a good idea. Any suggestions for how to make people share more often? eBay feedback rating system seems to work well. Nobody is required to do it but it looks to me the majority of the transactions generate a feedback. When I sell on eBay I get a feedback more than 90% of the time. It’s just in the culture. Amazon also has a feedback system. When I sell on Amazon, I get a feedback less than 50% of the time.

]]> By: AM http://thefinancebuff.com/the-power-of-sharing-notes.html#comment-2463 AM Tue, 21 Jul 2009 01:24:06 +0000 http://thefinancebuff.com/2009/07/the-power-of-sharing-notes.html#comment-2463 if you introduce incentives for people (such as a lottery entry) to fill out the score cards, it is possible that many people will not be very thorough/diligent with it, lowering the value of such reviews. You could, of course, audit them, but that may be quite expensive (in addition to the lottery expense, which isn't free either, obviously). Completely voluntary review sites such as Yelp or TripAdvisor are of limited value to me because many people don't pay attention to things that are actually important to me (to take the simplest example, I've seen too many Amazon reviews where people complain about delivery or store packaging, etc, instead of the actual product), so I fear that the value of reviews where people have a monetary incentive to complete them would be even lower. if you introduce incentives for people (such as a lottery entry) to fill out the score cards, it is possible that many people will not be very thorough/diligent with it, lowering the value of such reviews. You could, of course, audit them, but that may be quite expensive (in addition to the lottery expense, which isn’t free either, obviously).

Completely voluntary review sites such as Yelp or TripAdvisor are of limited value to me because many people don’t pay attention to things that are actually important to me (to take the simplest example, I’ve seen too many Amazon reviews where people complain about delivery or store packaging, etc, instead of the actual product), so I fear that the value of reviews where people have a monetary incentive to complete them would be even lower.

]]> By: Wai Yip Tung http://thefinancebuff.com/the-power-of-sharing-notes.html#comment-2462 Wai Yip Tung Mon, 20 Jul 2009 19:05:55 +0000 http://thefinancebuff.com/2009/07/the-power-of-sharing-notes.html#comment-2462 Priceline works really well in "expensive" cities. I've gotten deals well below the published price in DC, New York, Vancouver, LA, etc. It works so well that I don't know how other low to mid-range small hotel or B&B can compete. For example I was searching for a 4* hotel. It goes for something like $180. Too much for me for leisure travel. Then there is those dingy little family run hotel that goes for $100. It is clearly a lower cost alternative. I actually prefer this kind of places because it has more personality that a business hotel. But when I use priceline, I got the same 4* place for $90, beating even the low end hotel. The thing is small hotels often have a simple website that posted their rate that seems fairly rigid. I'm not thick skin enough to bargain with them. Their price become uncompetitive compares with corporate hotel with a system to unload their inventory. Priceline works really well in “expensive” cities. I’ve gotten deals well below the published price in DC, New York, Vancouver, LA, etc. It works so well that I don’t know how other low to mid-range small hotel or B&B can compete. For example I was searching for a 4* hotel. It goes for something like $180. Too much for me for leisure travel. Then there is those dingy little family run hotel that goes for $100. It is clearly a lower cost alternative. I actually prefer this kind of places because it has more personality that a business hotel. But when I use priceline, I got the same 4* place for $90, beating even the low end hotel.

The thing is small hotels often have a simple website that posted their rate that seems fairly rigid. I’m not thick skin enough to bargain with them. Their price become uncompetitive compares with corporate hotel with a system to unload their inventory.

]]> By: the weakonomist http://thefinancebuff.com/the-power-of-sharing-notes.html#comment-2460 the weakonomist Mon, 20 Jul 2009 11:03:16 +0000 http://thefinancebuff.com/2009/07/the-power-of-sharing-notes.html#comment-2460 Notes sharing will always be imperfect without a reward system. If there is no incentive to share knowledge then most of the knowledge will not get shared. On the other side if you create an incentive system you may entice people to not do a proper review or share notes in a helpful manner. It's the social consumerism pickle. Notes sharing will always be imperfect without a reward system. If there is no incentive to share knowledge then most of the knowledge will not get shared. On the other side if you create an incentive system you may entice people to not do a proper review or share notes in a helpful manner. It’s the social consumerism pickle.

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