The empritical economies of online attention
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The empritical economies of online attention
The Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention enditure but consumer attention. We characterize households' supply of attention in arguably the largest market for attention in the world: the Internet. The three dimensions of attention supply are How Much. How. and Where. Using clickstream data for thousands of U.S. households, we assess how the The empritical economies of online attention supply of attention changed between 2008 and 2013. a time of large increases in online offerings and devices on which to access those offerings. Our fThe empritical economies of online attention
indings are difficult to reconcile with standard models of optimal attention allocation and suggest alternatives that may be more suitable1. IntroductThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention mes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume It.” (Simon. 1971).Universit The empritical economies of online attention y of California. Davis. Department of Economics (aboik@ucdavis.edu): Harvard Business School. Department of Teclinology anil Operations Management (sgThe empritical economies of online attention
reenstein@hbs.edu): and Indiana University. Department of Business Economics and Public Policy. Kelley School of Business (iefrprin@indiana.edu). We tThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention ions. We thank seminar audiences at Georgetown. Harvard. Northwestern. Oklahoma and the Federal Communications Commission, and conference participants at the American Economic Association Annual Meetings, the International Industrial Organization Conference. Silicon Flatirons, the Research Conferenc The empritical economies of online attention e on Communications. Information, and Internet Policy', and the Searle Conference on Internet Commerce and Innovation. Philip Marx provided excellentThe empritical economies of online attention
research assistance, and Kate Adams provided excellent editorial assistance. We are responsible for all error's.1Herb Simon brought attention to the eThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention n remains relevant today, even more so for the information supplied by the commercial Internet. A scarce resource, users’ attention, must be allocated across the Internet's vast supply of web sites. Firms compete for user attention.At first glance, competition among Internet sites has much in common The empritical economies of online attention with other competitive settings. Users make choices about where to allocate their time, and in any household there is only a finite amount of such tiThe empritical economies of online attention
me to allocate, which translates into a finite budget of time for which linns compete. In some cases (e.g.. electronic commerce), the films try to conThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention otal US sales 111 2016.' In other cases (eg.. most media), firms try to convert that attention into advertising sales, which amounts to S67 billion of spending * Finns compete for users by investing in web page design, in internal search functions. and in other aspects such as the speed at which rel The empritical economies of online attention evant information loads Ox er time, new funis enter with new offerings. and users can respond by making new choices, potentially substituting one sotuThe empritical economies of online attention
ce of supply for another.However, first impressions mislead. Competition among web sites lacks one of the standard hallmar ks of competition. RelativeThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention n allocate online time among endless options without further expenditure. Unless a household faces a binding cap on usage, no price shapes any other marginal decision. Instead, choice depends on the non-monetary frictions and the gains of the next best choice. Present evidence suggests only a small The empritical economies of online attention fraction of users face the shadow of monetary constraints while using online resources (Nevo. Turner. Williams. 2015). Relatedly. subscription serviceThe empritical economies of online attention
s also play little role. As we will show below, only one of the top twenty sites (Netflix) is a subscription service, I.e.. where the price of a web sThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention p: wvvvv.einarketer.cpin Article.US-Digital-Dbplay-Ad-Spendiiig-Surpass-Search-Ad-Speiidiug-2016'1013442.2In this study, we use extensive microdata on user online choice to help US characterize demand fol the services offered online. Hie demand fox sen ices by a household is the suppl}’ of attention The empritical economies of online attention lor which firms compete. rhe study characterizes household heterogeneity 111 allocation of attention at any point in tune, and how households substitThe empritical economies of online attention
ute between sources of supply over time. We ground the analysis ill a specific lune period, the allocation of US household attention m the years 2008 The Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention Internet. During this five-year period, US households experienced a massive expansion in online video offerings, social media, and points of contact (e g., tablets, smartphones), among other changes.Our dataset contains information for more than forty thousand pl imary home computers, or "home devi The empritical economies of online attention ces,” ar US households in 2008 and more than thirty thousand in 2013. These data come from ComScore, a firm that tr acks households over ail entile yeThe empritical economies of online attention
ar, recording all of the web sites visited, as well as some key demographics. The unit of observation is a week's worth of choices made by households.The Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention , and the weeklyfraction of site visits that lasted at least 10 minutes (our measure of depth, or "dwelling”). In addition, we measure shares of attention for different site categories (e.g.. social media). Using these measures of online attention, we analyze how they vary both horizontally (across The empritical economies of online attention demographics) and vertically (over lime. 2008-2013).We find that demand is comprised of a surprising mix of disci Ct ioiiary and inflexible bclravior.The empritical economies of online attention
first, we flud strong evidence that income plays an important role in determining the allocation of time to the Internet. This finding reconfirms an The Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention iled dataset, and for later years when broadband access is more prevalent. We find that higher income households spend less total time online per week. Households making S25,OOO-$.35,OOO a year spend ninety-two mote minutes a week online than households making $100.000 or more a year in income, and The empritical economies of online attention differences vaiy monotonically over intermediate income levels. Rclaledly, we also fmd that the amount of lune on the home device only slightly changeThe empritical economies of online attention
s with increases ill the number of available w eb sites and other devices - It slightly declines between 2008 and 2013 - despite large increases 111 oThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention and exhibits a similar slope of sensitivity to income. We call this property persistent attention inferiority. Tlieie is a genet ally similar decline in total time across all income groups, which is consistent with a simple hypothesis that the allocation of time online at a personal computer decline The empritical economies of online attention s 111 response to the introduction ofnew devices.We also examine how breadth and depth changed with the massive changes in supply (i.e.. video prolifeThe empritical economies of online attention
ration and Internet points of contact) between 2008 and 2013.3 Our casual expectation was that depth would increase, and more tentatively, that breadtThe Empirical Economics of Online AttentionAndie Boik. Shane Greenstem. and Jeffrey Prince42887AbstractIll several markets, firms compete not for expe The empritical economies of online attention e years. While there IS a statistical difference 111 the joint distribution of breadth and depth. It IS just that - statistical and driven by our large sample. The size of the difference is remarkably small, with little implied economic consequence. We call this property persistent attention distrib The empritical economies of online attention ution. Despite the evidence that income and other economic variables affect total time online, demograpliics - perhaps surprisingly - predict little oThe empritical economies of online attention
f the variation in breadth and depth. For one. breadth and depth are not well-predicted by income and there is only a limited role played by major demGọi ngay
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