You Are Being Exploited By The Opaque, Algorithm-Driven Economy

Is internet shopping like The Truman Show–a movie about a man who thinks himself free, but whose life is actually controlled by a TV producer? Are we online consumers like Truman Burbank, hopelessly and blissfully naive while titanic companies control our fate? Are the prices we pay online a function of a competitive market, or are our choices framed in ways we don’t quite fathom? These provocative questions are posed in a fascinating book about how platform internet companies (Amazon, Facebook, and so on) are changing the norms of economic competition. Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy argues that these companies, with their immense data advantage, are effectively making their own rules in the marketplace, beating back new market entrants, and disadvantaging customers. As the internet took off in the 1990s, it was said, by some dreamy-eyed commentators, to be a giant-killing, democratic medium–a sort of anti-Walmart. You could start a business from your bedroom. You could win a $100 million in venture capital while still in your bathrobe. The internet was to emancipate commerce and to embody Adam Smith’s “invisible hand”–the beneficial, and mutual, economic effect that comes from people acting aggressively in their own self-interest. “We have no idea about how, and the extent to which, we are being exploited.” [Photo: © 1998 Paramount Pictures/IMDB]In Virtual Competition, economists Ariel Ezrachi and Maurice Stucke document the... Continue reading at 'Fast Company'

[ Fast Company | 2017-08-04 00:00:00 UTC ]
News tagged with: #dual role #concept store

Other Publishing stories related to: 'You Are Being Exploited By The Opaque, Algorithm-Driven Economy'

You Are Being Exploited By The Opaque, Algorithm-Driven Economy

Is internet shopping like The Truman Show–a movie about a man who thinks himself free, but whose life is actually controlled by a TV producer? Are we online consumers like Truman Burbank, hopelessly and blissfully naive while titanic companies control our fate? Are the prices we pay online a... Continue reading at Fast Company

[ Fast Company | 2017-08-04 00:00:00 UTC ]
More news stories like this | News stories tagged with: #dual role #concept store

Live by the algorithm, die by the algorithm: How LittleThings went from social publishing darling to shutting down

Once a Facebook darling, LittleThings now looks like a case study for platform overreliance. The post Live by the algorithm, die by the algorithm: How LittleThings went from social publishing darling to shutting down appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-03-01 00:00:00 UTC ]
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ABC warns staff of agenda-driven criticism after News Corp pounces on Aboriginal land comment | The Weekly Beast

Newsroom director decries The Australian’s ‘constant’ swipes at individual ABC employees. Plus: a mushroom misstepFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastWhen the ABC Indigenous affairs editor, Bridget... Continue reading at The Guardian

[ The Guardian | 2024-02-16 02:50:06 UTC ]
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How Womb House Became the Internet’s Favorite ‘Women-Driven’ Bookstore

Womb House Books owner Jessica Ferri's carefully curated listings have turned her online storefront into the favorite bookseller of Emma Roberts, Natalie Portman, and thousands of Etsy customers. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-01-26 05:00:00 UTC ]
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Print Book Sales Up 4.7% Last Week, Driven by New Adult Titles

A host of new titles and a solid performance by adult segments led to a 4.7% increase in unit sales of print books last week over the week ended October 8, 2022 at outlets that report to Circana BookScan. Continue reading at Publishers Weekly

[ Publishers Weekly | 2023-10-12 04:00:00 UTC ]
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What Sets Latinx Influencers Apart From the Rest of The Creator Economy

The Latinx population is one of the fastest-growing U.S. demographics, making up nearly 19% of the U.S. population. It is the youngest major racial and ethnic group in the U.S. By 2025, the Latinx community will account for 12% of all U.S. buying power. They are also digitally connected. A... Continue reading at AdWeek

[ AdWeek | 2023-10-11 20:30:38 UTC ]
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A New Startup Proposes Influencer-Driven Publishing

Bindery, cofounded by Matt Kaye and Meg Harvey, wants to harness the bookselling power of TikTok and other social media platforms by putting influencers at the helms of their own "micro-imprints." Continue reading at Publishers Weekly

[ Publishers Weekly | 2023-07-28 04:00:00 UTC ]
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Searching for Intimacy in the Gig Economy

Kathleen Cheng is having a hell of a Saturn Return. The late-20s protagonist of Jenny Xie’s debut novel Holding Pattern has just been dumped by the man she thought she’d spend her life with. Unmoored and questioning, she drops out of her cognitive psychology graduate program on the East Coast... Continue reading at Electric Literature

[ Electric Literature | 2023-07-05 11:00:00 UTC ]
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Print Book Sales Rose 2.7% Last Week, Driven by Early Easter, New Dog Man Title

An early Easter and sales of more than 225,000 copies of the newest edition in Dav Pilkey’s Dog Man series combined to increase unit sales of print books by 2.7% last week over the comparable week in 2022. Continue reading at Publishers Weekly

[ Publishers Weekly | 2023-04-06 04:00:00 UTC ]
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Building a Well-Being Economy: Spotlight on Frederick Tsao

Author and entrepreneur Frederick Tsao advocates for a new world order, helping readers reassess community, the self, and the role of businesses within the social ecosystem. (Sponsored) Continue reading at Publishers Weekly

[ Publishers Weekly | 2023-03-10 05:00:00 UTC ]
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Fox hires Nielsen exec to lead new data-driven sales strategy

Mainak Mazumdar joins Fox as its first executive VP, chief advertising research and analytics officer. Continue reading at Advertising Age

[ Advertising Age | 2023-03-07 17:55:42 UTC ]
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The Issue-Driven Aspen Words Literary Prize: 2023 Shortlist

The Aspen Words Literary Prize shortlist of five fiction titles highlights 'essential books' that each address 'a vital contemporary issue.' The post The Issue-Driven Aspen Words Literary Prize: 2023 Shortlist appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2023-03-07 03:47:14 UTC ]
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Why SSP consolidation driven by agencies is benefiting the larger SSPs

What was once billed as software that helped publishers make money selling ads, is also now software that can help marketers make money buying ads. Continue reading at Digiday

[ Digiday | 2023-02-16 05:01:00 UTC ]
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News Corp cuts driven by Murdoch’s mission to prop up news assets

Weeks after Fox merger scrapped investors say market value languishing because of underperforming businesses in portfolioThe shrinking of Rupert Murdoch’s News Corporation by 1,250 roles after a plunge in profits of almost a third serves as a stark reminder that the billionaire mogul’s abortive... Continue reading at The Guardian

[ The Guardian | 2023-02-10 16:37:18 UTC ]
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Panel Mania: Algorithmic Reality by Damian Bradfield and David Sánchez

Damian Bradfield's new graphic novel 'Algorithmic Reality' (created with artist David Sánchez) surveys and predicts a wide range of the increasingly dubious consequences of life online. A 14-page excerpt. Published by NBM. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-11-16 05:00:00 UTC ]
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Media Briefing: A snapshot of the digital media economy at the start of earnings season

In this week’s Media Briefing, media editor Kayleigh Barber examines the state of the digital media economy as major tech platforms report quarterly earnings and advertising and commerce businesses remain in flux. The post Media Briefing: A snapshot of the digital media economy at the start of... Continue reading at Digiday

[ Digiday | 2022-07-28 04:01:00 UTC ]
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Nielsen buyout may be driven by doubts about its next-generation measurement

Elliott Management may think the market is undervaluing Nielsen One, whose chief just left for Meta.  Continue reading at Advertising Age

[ Advertising Age | 2022-03-15 13:42:32 UTC ]
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Algorithm says no

Since launching Mensch Publishing three years ago I have tried to use social media to promote titles. Continue reading at The Bookseller

[ The Bookseller | 2022-01-18 03:47:40 UTC ]
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How cooperative gig economy companies managed to flourish during the pandemic

‘What is the hope for gig workers who are underpaid and exploited? Cities, in a way. Cities can have a chance to intervene and actually get things done.’ In the Italian city of Bologna, bicycle couriers delivery bread, freshly baked at local bakeries, to nearby businesses every morning. The same... Continue reading at Fast Company

[ Fast Company | 2021-12-12 05:00:34 UTC ]
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