Masterclass: Beyond Individual Choice in the Sharing Economy
The sharing or 'gig' economy is growing. Rational consumers continue to shop online. We call then 'onsumers'. In this presentation we ask: is their behaviour rational and can businesses learn from the online shopping patterns? The presentation will focus on the importance of data and data patterns and how they are used by sufficiently intelligent algorithms to influence behaviour. As the rational consumer arrives at the landing page of the online site s/he clicks and scrolls up and down the screen, and continues to check and watch videos up to a tipping point of 6 minutes or less. Engaged with social media for hours a day, in that moment in time the clicking and scrolling behaviour of the rational individual has created a pattern of behaviour that is captured by an algorithm.
Building on a series of anecdotes from behavioural economics Patrick will present a a critical review of data patterns using game theory in an attempt to define a smart strategy for business.