Though there is a huge amount of buzz on Social media it is still
somewhat of an unknown entity. Yahoo has hired an economist and a
sociologist to get to grips with the phenomena.
Preston McAfee, will be heading up the Yahoo microeconomics research
group and Duncan Watts will direct Yahoo’s research in human social
dynamics. They’ll start by looking at existing Yahoo communities like
the answers, music and personals sections and will be analysing the
dynamics of networks.
‘So little is understood about the dynamics of online
communities and while many are trying to tap into it for reputation
management and developing brand loyalty not many are doing this
effectively. It will be fascinating to see how Yahoo implement their
findings on their networks, or indeed develop new ones.’