Social Market Vs Monetary Market

1052 Words 5 Pages
Problem statements
There are two sets of concepts that shall not be confused: social market verse monetary market; extrinsic incentives (motivations) and intrinsic incentives (motivations). Although they are also firstly studied by psychologists, they have significant differences.

The major difference between the “social market” and the “monetary market” is simple: It depends on whether or not “money” is involved. (Heyman & Ariely, 2004)
In terms of our experiment, I argue that knowledge can be traded on a pure social market, where they trade social status like reputational points, and on a pure monetary market, where they trade in real currencies, and on a hybrid market combining the two.
The “power” of the market is dependent on the relationship
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Kankanhalli, Tan, and Wei (2005) explained the variance in the effect of extrinsic/intrinsic incentives under certain contextual factors (such as norms and self-identification)
Wasko and Faraj (2005)’s study shown that factors such as network centrality, reputation gains, and commitment, are essential factors to encourage sharing more knowledge in better quality, while self-rated expertise, reciprocity is surprisingly not significantly related to knowledge sharing on virtual knowledge sharing platforms. This finding is also coincident with {Van Baalen, 2005 #1381}’s case study on the knowledge portal, a one-stop knowledge access point, named Agro-logistics, operated by the government of Netherland, stating that reciprocity is not significantly useful
{Osterloh, 2000 #1370} argue that
In terms of measurement, extrinsic factors are best suited for experiments whilst the intrinsic ones, as cited in Wasko and Faraj (2005)’s paper, shall use questionnaires (Mowday, Steers, & Porter, 1979) (Kraut et al., 1998) or interviews. (Constant, Sproull, & Kiesler,
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C., & Wei, K.-K. (2005). Contributing knowledge to electronic knowledge repositories: an empirical investigation. MIS quarterly, 113-143.
Kraut, R., Patterson, M., Lundmark, V., Kiesler, S., Mukophadhyay, T., & Scherlis, W. (1998). Internet paradox: A social technology that reduces social involvement and psychological well-being? American psychologist, 53(9), 1017.
Lai, C.-Y., & Yang, H.-L. (2014). The reasons why people continue editing Wikipedia content–task value confirmation perspective. Behaviour & Information Technology, 33(12), 1371-1382.
Mowday, R. T., Steers, R. M., & Porter, L. W. (1979). The measurement of organizational commitment. Journal of vocational behavior, 14(2), 224-247.
Osterloh, M., & Frey, B. S. (2000). Motivation, knowledge transfer, and organizational forms. Organization Science, 11(5), 538-550.
Regner, T. (2004). Why Voluntary Contributions? Google Answers!
Shampanier, K., Mazar, N., & Ariely, D. (2007). Zero as a special price: The true value of free products. Marketing Science, 26(6), 742-757.
Wasko, M. M., & Faraj, S. (2005). Why should I share? Examining social capital and knowledge contribution in electronic networks of practice. MIS quarterly,

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