Electronic Markets Spann at LMU München

Flashcards and summaries for Electronic Markets Spann at the LMU München

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Study with flashcards and summaries for the course Electronic Markets Spann at the LMU München

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Economies of Scale

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Economies of Scope

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Reasons for economies of scale

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Structural Properties of Networks

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Key Results I: The Strength of Weak Ties

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Why a field experiment?

Provide causal inference
 Easier to draw the right conclusions using data generated
through experiments than by studying historical
transactions
 Feedback from even a handful of experiments can yield
immediate and dramatic improvements in profits

Exemplary flashcards for Electronic Markets Spann at the LMU München on StudySmarter:

Guidelines for Field Experiments

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Spillover

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Crossover

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Complete randomization

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Stratified randomization

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A/B Testing:

Typical features tested in an online setting:

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Exemplary flashcards for Electronic Markets Spann at the LMU München on StudySmarter:

Electronic Markets Spann

Economies of Scale

By increasing the production output the cost per unit decrease
 Induced by supply
 Economies of scale: costs decreasing with output / period
 Learning-curve effect: costs decreasing with cumulated output of several periods

Electronic Markets Spann

Economies of Scope

Conceptually similar to economies of scale
 Joint production of several products is cheaper than the
individual production of each product
 Input factors are used for the production of different products

Electronic Markets Spann

Reasons for economies of scale

 More efficient production due to larger plants
 Application of better production methods
 Better buying conditions and learning effects
 Fixed cost degression

Electronic Markets Spann

Structural Properties of Networks

 Density: The proportion of actual to possible ties

Electronic Markets Spann

Key Results I: The Strength of Weak Ties

„Strong ties“ share the same information -- Often redundant
„Weak ties“ transmit important information



Every person is connected to (almost) every other person through a small number of contacts

Electronic Markets Spann

Why a field experiment?

Provide causal inference
 Easier to draw the right conclusions using data generated
through experiments than by studying historical
transactions
 Feedback from even a handful of experiments can yield
immediate and dramatic improvements in profits

 Provide causal inference
 Easier to draw the right conclusions using data generated
through experiments than by studying historical
transactions
 Feedback from even a handful of experiments can yield
immediate and dramatic improvements in profits

Electronic Markets Spann

Guidelines for Field Experiments

1. Decide on unit of randomization
2. Ensure no spillover and crossover effects
3. Decide on complete or stratified randomization

Electronic Markets Spann

Spillover

a treated individual (or other unit) affects the outcomes for other untreated individuals (e.g.
product adoption of family or friends). If spillovers are of large concern: randomize on “higher” level
than individual level (e.g., cluster level), e.g., Uber tipping experiment

Electronic Markets Spann

Crossover

an individual who was supposed to be assigned to one treatment is accidentally exposed
to another treatment (e.g. exposure to different types of ads).

Electronic Markets Spann

Complete randomization

all individuals are randomly assigned to a treatment

Electronic Markets Spann

Stratified randomization

individuals are first divided into homogenous subsamples, then each individual in each
subset is randomized to a treatment. Stratified approach useful if covariate is strongly correlated with
outcome (e.g. correlation of household income with purchase behavior).

Electronic Markets Spann

A/B Testing:

Typical features tested in an online setting:



 a change to the user interface (e.g. new layout)
 a back-end change (e.g. change to an algorithm)
 a different business model (e.g. offer of free shipping)

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Digitale Unternehmung

Vorlesung - Technology & Strategy

Vorlesung - Managing the Front End of Innovation

Markt- und Konsumentenpsychologie

Wirtschaftsinformatik WS19/20

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