SPSS + NFTs + Errors Flashcards
Definition regression
regression analysis is a set of statistical processes for estimating the relationships between a dependent variable and one or more independent variables
Definition correlation
correlation or dependence is any statistical relationship, whether causal or not, between two random variables or bivariate data
How is the p-value called in the SPSS-output?
Sig.
Which alpha levels can be chosen for SPSS analysis?
0,05 or 0,01
When has the independent variable a significant effect on the dependent variable?
when the p-value is less than the alpha value
How does the table for correlation look?
- rows and coloums with variables
- the correlation between all variables is measured
Name an example sentence for expressing the correlation between two variables
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
Where to find the dependent variable of regression
underneath the table
What is alpha?
the significance value
Name possible consumer benefits types of NFTs
- utilitarian
- hedonic
Define type 1 Error
-hypothesis is true but gets rejected
Define type 2 error
the wrong hypothesis is accepted
Define hedonic
intrinsic
define utilitarian
extrinsic
What are hedonic NFT benefits?
- experiential, and affective aspects of a product
- Such benefits are non-instrumental and thus appreciated for their own sake rather than their practical purposes
What are utilitarian NFT benefits?
- provide customer value by bringing means to an end
- benefits can be instrumental, functional, and cognitive
Name the types of roles NFTs can play from companies perspective
1) NFTs as a product offering in their own right
2) NFTs as a means to achieve other goals (not related to product offerings
Name examples for utilitarian benefits of NFTs as a product offering in their own right
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)
BAYC
Bored Ape Yacht Club
Name an example for hedonic benefits of NFTs as a product offering in their own right
- 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).
Name examples for utilitarian benefits of NFTs as a means to achieve other goals (not related to product offerings)
• 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)
Name an example for hedonic benefits of NFTs as a means to achieve other goals (not related to product offerings)
• 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).
Name an example for hedonic benefits of NFTs as a means to achieve other goals (not related to product offerings)
• 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).
Give more details on 3LAU’s use of NFTs
- 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
Give more details on the NBA’s approach to use NFTs
- 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
Give more information on Icecaps use of NFT
- 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
Why can errors always be made?
Because we cannot make any statement about a sample with complete certainty, there is always the chance that an error will be made
When is a observation certain?
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
Long definition type 1 error
A Type I error occurs when a condition that is true in the population is rejected based on statistical observations
Long definition Type 2 error
A Type II error is the probability of failing to reject a false hypothesis.
This incorrect decision is called beta (β).
How can errors in correlation be eliminated
-increase sample size (until full population is measured)
Why can Type 1 and 2 errors not simoultaneously eliminated?
-they are inversely related
-lower significance level -> Type 2
higher significance level -> Type 1
