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The Economics Of Attention: Maximizing User Value In Information-Rich Environments

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  • BERNARDO A. HUBERMAN

    (HP Labs, Palo Alto, CA 94306, USA)

  • FANG WU

    (HP Labs, Palo Alto, CA 94306, USA)

Abstract

A distinguishing feature of the information era is the saliency of people's attention as a scarce resource. Unlike an earlier time when information was a valuable resource, its easy availability has shifted the focus to the limited bandwidth that people can devote to ubiquitous media and news. With this in mind, we introduce an automatic configuration mechanism that generates the most relevant information to be presented to limited attention users. It also guarantees to maximize their total expected utility from the information they receive. A computationally efficient algorithm is used to assign an index value to each information item, which then determines whether or not a given item appears in the top list presented to users at a given time.

Suggested Citation

  • Bernardo A. Huberman & Fang Wu, 2008. "The Economics Of Attention: Maximizing User Value In Information-Rich Environments," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 487-496.
    • Handle: RePEc:wsi:acsxxx:v:11:y:2008:i:04:n:s0219525908001830
    DOI: 10.1142/S0219525908001830
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    References listed on IDEAS

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    1. Lanham, Richard A., 2006. "The Economics of Attention," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226468822, September.
    2. Mobach, M.P. & Rogier, J.J.H. & Leeuw, A.C.J. de, 2006. "Fit and the system theory of control," Research Report 98A29, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    3. ., 2006. "Modernisation Theory," Chapters, in: David Alexander Clark (ed.), The Elgar Companion to Development Studies, chapter 80, Edward Elgar Publishing.
    4. Falkinger, Josef, 2005. "Limited Attention as the Scarce Resource in an Information-Rich Economy," IZA Discussion Papers 1538, Institute of Labor Economics (IZA).
    5. repec:dgr:rugsom:98a29 is not listed on IDEAS
    6. Oecd, 2006. "The SME Financing Gap: Theory and Evidence," Financial Market Trends, OECD Publishing, vol. 2006(2), pages 89-97.
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    Cited by:

    1. Campos, Ana Cláudia & Mendes, Julio & Valle, Patrícia Oom do & Scott, Noel, 2017. "Co-creating animal-based tourist experiences: Attention, involvement and memorability," Tourism Management, Elsevier, vol. 63(C), pages 100-114.
    2. José Niño-Mora, 2020. "A Fast-Pivoting Algorithm for Whittle’s Restless Bandit Index," Mathematics, MDPI, vol. 8(12), pages 1-21, December.
    3. Oliver Hinz & Wil M. P. Aalst & Christof Weinhardt, 2020. "Research in the Attention Economy," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 62(2), pages 83-85, April.
    4. Naomi Moy & Ho Fai Chan & Benno Torgler, 2018. "How much is too much? The effects of information quantity on crowdfunding performance," PLOS ONE, Public Library of Science, vol. 13(3), pages 1-15, March.

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