An enlightening article from the Yale Law Journal about the value of Reputation in a Virtual Economy.
“Virtual reputational [sic] economies show that reputation can be gained, lost, traded, protected, and shared, all in property-like fashion, without regard to whether it has independent economic value. In other words, reputation is not merely valuable; it is the new New Property.”
“the reputational economy exemplified by MySpace, Facebook, and gossip blogs. Status fortunes can be made in this economy, but can also be easily and quite dramatically lost. The importance of success in this reputational market can for some people be just as important as financial wealth—many people’s “lives virtually revolve around social-networking sites and blogs.” Indeed, by now it is old news that millions of people spend more time thinking about their Facebook profiles than their investment profiles.”
Viewing your Online Reputation Management the way your would view managing your property may help you to see the present dangers in neglecting to monitor yourself in the virtual world. Google is forever, pictures can be passed thousands of times and text can be taken out of context. Keep an eye on your property and be discriminating about what you post and who you become friends with. All of these elements equate to the value of your property. Monitor your assets and your property value will soar.
Tags: yale, reputation, management, property value, virtual economy, facebook, myspace,
Great blog post. Adding you to my list. Thanks!
Great post. How often do you update? I am looking for new stuff to toss in my feed reader and this might be good. Later
Not often enough it seems. We are vowing to get on this ASAP. Thanks for the compliment. It was a great case study.