Focus is cash in the economics of attention
Submitted by Merlin on March 2, 2006 - 8:14am.
Metroactive Features | Techsploits [“Attention!”]
Annalee on overstimulation, bad soccer calls, and the new currencies that comprise “the attention economy:”
But the researchers found something far more interesting. Subjects who made incorrect decisions under “noisy” conditions tended to have extremely high confidence that their decisions were right. They were far more confident than the subjects dealing with a noncluttered image.
“These results have practical implications for perceptual decisions in everyday life,” wrote the authors in their paper. “They predict an increase in high-confidence errors when decisions are made in cluttered environments….”
And, later:
Consumers and producers of the attention economy are the inverse of those in the cash economy. Attention producers are users, and attention consumers are companies.
Attention producers need software that works like the Federal Reserve. It should keep attention inflation low by making it easier to get the right information quickly.
Nicely put. Someday I hope to serve honorably on the Federal Attention Reserve Board.
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I hope that the conclusion...
I hope that the conclusion that people make bad decisions with high confidence of their correctness under noisy environment doesn’t get widespread. What it means for advertisers is that if you advertise a bad product you should make more noise to assist buyers in making the purchase decision confidently.
That’s the last thing we want as customers.