Isn’t the thesis about impacting guest behavior not maximizing profits?
But I should be focused on getting my guests behave in a manner that nets me the most profit, right? That detergent company put those blue beads in there to sell more product!
Maybe. There are definitely hosts that would trade some profits for better guests. We’ve got more than one thread going now with folks at wits end due to a run of crap guests.
Ah, now to retail theory I learned while working part time (in order to outfit myself with some household goods at an employee discount). We were trained that 95% of customers are easy to transact with, 4% are high maintenance but can be sold, and sometimes at high $ volume, with additional time and effort, and 1% are impossible, effort exceeds gain, the goal is to get them out of the store as quickly as possible. Not so easy to do when they are in your house for a fixed rental period!
@dpfromva The thread using (I hope) Randomised Control Samples is definitely the way to test these sorts of an idea. Was this thread recent?
My personal experiments test two properties. I found that my co-hosting house was left virtually perfectly tidy more often than my boutique styled affair. (My results are telegraph my current distrust of making homes look like boutique hotels).
A tidy house takes much less time to turn over and this is good for my moral and ultimately the guest as frankly, I don’t simply leave. I spend the additional time doing deep cleaning … windows; behind the sofa; under the bed etc.
In my very last lesson, our lecturer drew a slide where she describes “affordances”. This was her concept of why social media is important, but it has resonance here.
Business actions such as the ones in my dissertation indirectly affect the bottom line. I touched on complexity in my original post. Our businesses are examples of “complex adaptive systems” and as such cannot be controlled simply. The real-life example here is if you try to put out the fire in a burning building using a prescribed list of instructions, you will not be prepared for the extraordinary events that emerge. This is called Cynefin
If we take the approach that every idea has to have a simple connection and we ONLY focus on the bottom line then we are attempting to control the business in a way that is mechanical and formulaic.
Wow… thats deep thinking… I havent even had a coffee yet.
Hope I’ve not gone off on one!
I hate to be nit-picky, but the famous article you refer to as ‘Akerlof (2003)’ was his semnial work, which was first published in 1970. That’s mostly what he got the Nobel Price for (in 2001), as he was way ahead of his time with his market for lemons, and the concepts of asymmetric information and moral hazard. So it should be ‘Akerlof (1970)’ instead.
You don’t want to come across as an armchair academic, do you? Maybe you do and I am completely missing that point…
But as someone who has spent way more time than you on the academic side of business, reading ‘Akerlof (2003)’ gives me the same feeling as hearing the sound nails make on a chalkboard!
Which makes me wonder whether schools still have chalkboards or whether we now have an entire generation of grown-ups that has never heard that sound?!?
Fair point, I use a plug in for Google docs that generates my references and sometimes it gets it wrong. I should have altered it. I think the link to the PDF was correct tho.
All corrected and FWIW the edits from the last proof read now actually published. So many buttons.
The article he is linking to and referring to was published in Nov of 2003 and written by Akerlof. Akerlof is writing about the work he did in the 1970’s.
I hadn’t checked the link, but yes, it links to the correct article. Plug-ins for references are a pain in the butt!
No worries, it just another iteration towards but never quite reaching perfection #permanentbeta
Which still doesn’t make it sound any better. Also, the link I just checked went to the 1970 article.
I hoped you were going to chime in and enlighten me about the recent use of chalkboards in schools
The link I clicked is the hyperlinked one in the OP and it goest here:
I agree that he should double check his references before publishing however.
As for chalk and boards, yes, it’s still being used in classrooms.
I was in school while Aker’s was writing his thing (I’m 52 and the oldest in my class). The hipster thing of reviving all things “vintage” doesnt consider why the boards went int he first place, not only scratchy noises but the dust too. Being the 70’s it also gave the teachers ammunition should he decide you werent listening! LOL’s the Good ole days eh
Glad to read that! The thought of a new generation of adults going through life without this particular childhood trauma just blew my mind!
There was a teacher at my school who wore the same polyester sans-a-belt slacks from 1978 until 2016 when he retired. He was notorious for having spittle at the corner of his mouth, and chalk dust all around his crotch from adjusting himself with chalk dust covered hands.
This is when I wish this forum had multiple icons so I could choose the laughing one.