Week Eleven- Revised notes COSC

Social Network Analysis:

  • Social network analysis: is a research area that applies mathematical analysis to under relationships in social networks
  • Gain insight about how people behave
  • Opportunity now to map social networks in detail and scale never seen before

Some basic SNA concepts:

  • Degree: number of edges
  • Ego network: network with “you” in the center
  • Centrality: How well the node interconnects people in different parts of the networks
  • Bridge: person who could link between two separate network
  • The Friendship paradox: the friends of randomly chosen people have higher degree, and are more central than the random people themselves

Why fake news:

  • Middle class guys experimenting a nonsense story into conservative social networks
  • Gradually built business model out of advertising revenue
  • Expanded operations to 25-30 writers
  • Estimated revenue of $10-$30k per month

5 principles of Media Consumption:

  1. Be skeptical
  2. Exercise judgment
  3. Open your mind

   

  1. Echo chamber effect: only look for evidence that supports own beliefs
  2. Seek our legit sources that disagree with your own beliefs
  3. Avoid feeling overconfident in your knowledge/confidence.
    1. Keep asking questions
    2. Learn media techniques- engage in the production culture

Network Effects:

  • Networks effect: the condition where a product or service becomes more valuable to exciting users as more new people use it
  • Early users somehow get enough value to stay on the platform
  • New users get value from the presence of the early users
  • Early users get additional value from presence of the new users

Importance of Network Effects:

  • Created barriers to exit from existing users
  • Creates barriers to entry for new competing companies
  • Prevents competing companies from eating away at the edge of their user base
  • Can help create or tip winner-take-all market