Attention Economy (1)

Attention Economy: http://en.wikipedia.org/wiki/Attention_economy

Attention economics is an approach to the management of information that treats human attention as a scarce commodity, and applies economic theory to solve various information management problems.

History

Herbert Simon was perhaps the first person to articulate the concept of attention economics when he wrote:

"...in an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. 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, p. 40-41).

He noted that many designers of information systems incorrectly represented their design problem as information scarcity rather than attention scarcity, and as a result they built systems that excelled at providing more and more information to people, when what was really needed were systems that excelled at filtering out unimportant or irrelevant information (Simon 1996, p. 143-144).

In recent years, Simon's characterization of the problem of information overload as an economic one has become more popular. Business strategists have adopted the term "attention economy" (Davenport & Beck 2001), and some writers have even speculated that "attention transactions" will replace financial transactions as the focus of our economic system (Goldhaber 1997, Franck 1999). Information systems researchers have also adopted the idea, and are beginning to investigate mechanism designs which build on the idea of creating property rights in attention (see Applications).

Reference for Wikipedia