SPSS + NFTs + Errors

Question 1

Definition regression

Answer 1

regression analysis is a set of statistical processes for estimating the relationships between a dependent variable and one or more independent variables

Question 2

Definition correlation

Answer 2

correlation or dependence is any statistical relationship, whether causal or not, between two random variables or bivariate data

Question 3

How is the p-value called in the SPSS-output?

Answer 3

Sig.

Question 4

Which alpha levels can be chosen for SPSS analysis?

Answer 4

0,05 or 0,01

Question 5

When has the independent variable a significant effect on the dependent variable?

Answer 5

when the p-value is less than the alpha value

Question 6

How does the table for correlation look?

Answer 6

• rows and coloums with variables

- the correlation between all variables is measured

Question 7

Name an example sentence for expressing the correlation between two variables

Answer 7

The correlation between the variables X and Y is in-/significant because because the p-value (..) is (not) less than the chosen alpha value of 0,05

Question 8

Where to find the dependent variable of regression

Answer 8

underneath the table

Question 9

What is alpha?

Answer 9

the significance value

Question 10

Name possible consumer benefits types of NFTs

Answer 10

• utilitarian

- hedonic

Question 11

Define type 1 Error

Answer 11

-hypothesis is true but gets rejected

Question 12

Define type 2 error

Answer 12

the wrong hypothesis is accepted

Question 13

Define hedonic

Answer 13

intrinsic

Question 14

define utilitarian

Answer 14

extrinsic

Question 15

What are hedonic NFT benefits?

Answer 15

• experiential, and affective aspects of a product

- Such benefits are non-instrumental and thus appreciated for their own sake rather than their practical purposes

Question 16

What are utilitarian NFT benefits?

Answer 16

• provide customer value by bringing means to an end

- benefits can be instrumental, functional, and cognitive

Question 17

Name the types of roles NFTs can play from companies perspective

Answer 17

1) NFTs as a product offering in their own right

2) NFTs as a means to achieve other goals (not related to product offerings

Question 18

Name examples for utilitarian benefits of NFTs as a product offering in their own right

Answer 18

1) NFTs are assets with future earning potential (e.g. 3LAUs album as an NFT)
2) • NFTs as a part of a bundling package to enhance the utilitarian aspects of NFTs (e.g., BAYC)

Question 19

BAYC

Answer 19

Bored Ape Yacht Club

Question 20

Name an example for hedonic benefits of NFTs as a product offering in their own right

Answer 20

• Utilities associated with one-of-a-kind and exclusive products (e.g., NBA Top Shot)
• An emotional selling proposition to sell NFTs (e.g., Budweiser, Gucci).

Question 21

Name examples for utilitarian benefits of NFTs as a means to achieve other goals (not related to product offerings)

Answer 21

• Higher instrumental benefits from products that are tracked and traced using NFTs (e.g., Icecap’s use of ERC721 token to track and trace diamonds)

Question 22

Name an example for hedonic benefits of NFTs as a means to achieve other goals (not related to product offerings)

Answer 22

• NFTs as a part of non-price promotions such as free giveaways, sweepstakes or other business initiatives such as CSR (e.g., Coca-Cola’s “rooftop” party on Decentraland, McDonald’s China gifting NFTs).

Question 23

Name an example for hedonic benefits of NFTs as a means to achieve other goals (not related to product offerings)

Answer 23

• NFTs as a part of non-price promotions such as free giveaways, sweepstakes or other business initiatives such as CSR (e.g., Coca-Cola’s “rooftop” party on Decentraland, McDonald’s China gifting NFTs).

Question 24

Give more details on 3LAU’s use of NFTs

Answer 24

• the DJ Justin David Blau has created the music platform Royal
• artists can give their fans direct ownerships of their songs
• fans can also receive royalties when the song gets popular
• NFTs are offered at auctions via OpenSea

Question 25

Give more details on the NBA’s approach to use NFTs

Answer 25

• NBA Top Shot guarantees exclusive ownership of a digital asset and thus increases the utility associated with and social status that comes with the ownership of the asset
• serial numbers are anothe huge indicator of value
• customers/can be sure that they posses a valid product
• sellling/exchange is made easily through the tamper-proof system

Question 26

Give more information on Icecaps use of NFT

Answer 26

• ERC721 tokens to track diamonds
• are an digital twin of the physical products
• blockchain can store information on origin, owner history etc.
• thus value of products might increase

Question 27

Why can errors always be made?

Answer 27

Because we cannot make any statement about a sample with complete certainty, there is always the chance that an error will be made

Question 28

When is a observation certain?

Answer 28

When a researcher makes the observation using a census, meaning that every unit (person or object) in a population is measured, then conclusions are certain

Question 29

Long definition type 1 error

Answer 29

A Type I error occurs when a condition that is true in the population is rejected based on statistical observations

Question 30

Long definition Type 2 error

Answer 30

A Type II error is the probability of failing to reject a false hypothesis.
This incorrect decision is called beta (β).

Question 31

How can errors in correlation be eliminated

Answer 31

-increase sample size (until full population is measured)

Question 32

Why can Type 1 and 2 errors not simoultaneously eliminated?

Answer 32

-they are inversely related
-lower significance level -> Type 2
higher significance level -> Type 1