Saturday Nov 25, 2006

Unintended Transaction Costs on the Web

Other transaction costs on the web which have recently received much attention have to do with unintended operations such as click fraud and e-mail spams. To what extent do the costs of handling such unintended or undesired behavior affect any overal savings in marketing, search or communications costs afforded on the web? What potential new schemes can inoculate transactions against costs related to spam and click fraud on the Internet? Or will we have to look for another transformation of far broader impact on transactions than what Internet has brought so far?

Friday Nov 10, 2006

A Persian Blogger Comes of Age

 The Power of the Press

If you know Persian, occasional viewing of Hossein Derakhshan's Persian weblog might benefit you. He also has an English weblog and a photoblog worth a visit for a cultural study if nothing else. The Washington Post carries another regular blog of his.

Derakhshan's recent piece analyzing current politics of Iran might be a good lesson for those Persian speakers who have a tendency to provide knee-jerk analysis of the Iranian history of the last 30 years. The title is a bit odd but clear "چرا با براندازی حتی نرم هم مخالفم" ("Why I'm opposed to regime change of even the soft variety"). I've not included the link to this particular entry of his but you can search for it on his Persian blog if you're interested. If you don't know Persian, you can turn to his Washinton Post blog, mentioned above, for a taste of his writings.

Athough Derakhshan takes the job of the journalist somewhat seriously and does quite a bit to expose double-standards everywhere he can see it, his failing (if any) seems to be related to an exaggerated view of the role of the journalist in modern society up to a purist theoretical limit beyond any dreamed up by common Western journalists in Europe or North America. One may also detect an exaggeration with respect to the actual (as opposed to either the theoretical or the subservient) capability of a journalist to transform society, which in practice tends to remain limited because of subtle realities of human life that stand beyond and above opinions of one sort or another. To his advantage and credit, Derakhshan insists on remaining at least self-consistent unlike some of his peers who go as far as advocating false concepts such as judicious double-standards.

In his "History of American Journalism classes," professor Thomas C. Leonard of UC Berkeley used to ask whether journalists, under the Fourth Estate, had perhaps evolved into a new type of priesthood (The Power of the Press: The Birth of American Political Reporting), and Kierkegaard would have hated that very aspect of modern times, The Present Age, and Ayn Rand tried to capture it all in her Fountainhead. This perspective, focusing on the leveling effect of the journalistic approach to understanding our moral place in the world, while full of modern rings, goes back all the way to Socrates and his dislike of the rhetoricians of the courts who could make anything sound right or good. Hence, his repose into dialogs

Who is right? The confusion continues, and perhaps, the disintegration of authentic communities of moral practice tend to give rise to priestly elites who busy themselves with "useful" justifications (of torture under "rules," e.g., by Alan Dershowitz: here, here, here; here and here) instead of advocating well-established and crystal-clear moral concepts having to do with human beings and their due integrity and honor, and also, to journalists who play the missing priests--to use professor Leonard's reluctantly-drawn  but apt analogy.

Wednesday Nov 08, 2006

The Archeology Of The First Internet Bubble

In his Wall Street Journal "Portals" column ("The Dot-Com Bubble Is Reconsidered," Nov. 8, 2006), Lee Gomes points us to an archeological study of the Internet bubble, some of whose findings contrast with conventional wisdom regarding the boom which is "normally dated from the Netscape IPO in August 1995 to March 2000, when Nasdaq peaked at above 5100": 

A recent paper suggests that rather than having too many entrants, the period of the Web bubble may have had too few; at least, too few of the right kind. And while most people recall the colossal flops of the period (Webvan, pets.com, etoys and the rest) the survival rates of the era's companies turns out to be on a par, if not slightly higher, than those in several other major industries in their formative years.

The paper is being published in a coming issue of the Journal of Financial Economics. As noteworthy as the findings are, even more interesting is the process that led to them. The work is an outgrowth of the Business Plan Archive at the University of Maryland. Its goal is to become a kind of Smithsonian Institution of the Internet bubble, saving for posterity every business plan, PowerPoint presentation and venture-capital term sheet -- the more frothy and half-baked, the better -- that it can get its hands on.

 

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