Lecture 04: Social Media

Question 1

What are the five characteristics of social media?

Answer 1

1. Participation - encourages contribution
2. Openness - feedback, participation, comments, information sharing
3. Conversation - focuses on two-way conversation
4. Community - formed quickly and communicate effectively.
5. Connectedness - links to other resources, people and sites.

Question 2

What is a social network?

Answer 2

A social network is a theoretical construct which is used by social sciences to study social relationships.

Question 3

What is the Homophily?

Answer 3

The idea that we are all similar to our friends.

Question 4

What is the concept of interdependence in relation to game theory?

Answer 4

In every decision and scenario there are:

• Players: the set of participants
• Strategies: each player’s set of options of how to behave.
• Payoff: the value received or reward from the strategies selected by the players.

Question 5

What is a strictly dominant strategy?

Answer 5

A strategy in which is strictly better than all other options available regardless of strategy decisions by other players involved.

Question 6

What is the idea of social optimality?

Answer 6

The idea that the ambition of a player is not for selfish and personal gain reasons, but instead is a social welfare maximiser / optimiser whose objective it to maximise the sum of the player’s playoffs.

Question 7

What is social resilience?

Answer 7

The idea a community withstands external stresses and disturbances from environmental changes. A user remains within a community based on the benefit payout being greater than the associated cost.