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jerryking : novelty   5

Always seek out novelty — even at home
April 26, 2019 | Financial Times | by Tim Harford.
* A Mathematical Theory of Communication by Claude Shannon (1948)
* The search for new experiences should not just be for our holidays.
* Japan: 10 days in a far-off land produces a richer treasury of detailed memories than 10 weeks back home. But why?
* Actively searching for new experiences --whether on holiday abroad or within your daily routine at home!!
* Novelty isn't just about mental stimulation. It also exposes you to opportunity.....Variation also reshapes the mental categorisation of experiences, so that freshness can be found within routine activities.
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While on an adventurous holiday, many people experience that strange sense of time having slowed down in the most pleasurable way, and of conversations that begin, “Was it really only yesterday that we . . . ?”

Ten days in a far-off land produces a richer treasury of detailed memories than 10 weeks back home. But what is behind this phenomenon?

Claude Shannon,in 1948, published one of his two profound contributions, A Mathematical Theory of Communication.....a message can be compressed to the extent that it is predictable. ....(e.g. Ritualised conversations (“How are you?” “Very well, thank you. How are you?”) can be heavily compressed.....A movie can be compressed because, between cuts, each frame tends to resemble the previous one....Although the parallel is not exact, much the same thing seems to be going on with our memories of life. The brain is not a video recorder; we recall the gist. Sometimes the gist is very brief. If I get up in the morning at the usual time, eat my customary breakfast and catch my usual train to the office, why should my brain trouble itself to remember this day two weeks after the fact? The diffs are barely worth bothering with. In contrast, fresh experiences defy compression: the diffs are too big........Brian Christian, author of The Most Human Human, a book about conversations between humans and computers, speculates that if we’re seeking advice we should ask the person of whose answer we are least certain. If we want to understand a person, we should ask them the question to which we are least sure of their answer.
algorithms  books  compression  creativity  creative_renewal  economists  experience_economy  fresh_eyes  habits  holidays  insta-bae  Japan  mybestlife  novelty  non-routine  Slow_Movement  Tim_Harford  travel  unpredictability  vacations  variety 
april 2019 by jerryking
How business is capitalising on the millennial Instagram obsession
July 13, 2018 | Financial Times | Leo Lewis in Tokyo and Emma Jacobs in London 12 HOURS AGO.

Japan's 21st century’s burgeoning experience economy, which is being driven by millennial consumers and transforming the landscape for businesses everywhere. Japan is not only an innovator in this economy but is also seen as a bellwether for​​ the likely tastes of ​China and south-east Asia’s swelling middle-class consumers......it is not just the quality of the food that attracts crowds to these cafés, but also the quality of the encounter. “That is why the tables are made to wobble,” she explains. “It’s designed so that when you have your pancake in front of you, you can see how fuwa-fuwa it is by how much it jiggles on the plate when the table moves. It is extremely, extremely satisfying to watch,” she adds. “It is what makes it an experience.”.....In Mori’s opinion — a view evidently shared by the customers currently queueing in the stairwell — it is not just the quality of the food that attracts crowds to these cafés, but also the quality of the encounter. “That is why the tables are made to wobble,” she explains. “It’s designed so that when you have your pancake in front of you, you can see how fuwa-fuwa it is by how much it jiggles on the plate when the table moves. It is extremely, extremely satisfying to watch,” she adds. “It is what makes it an experience.”.......In their influential 1998 article “Welcome to the Experience Economy”, American consultants Joseph Pine and James Gilmore argued that a marketable experience occurs “when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event . . . ” These experiences were, they went on, “inherently personal, existing only in the mind of an individual who has been engaged on an emotional, physical, intellectual or even spiritual level”.

This was seen as the logical next step from the service economy, itself an evolution from the industrial economy and, prior to that, the agrarian economy....In Japan, notoriously long working hours have made time-poverty one of the defining features of the country’s leisure sector. The market has responded, over many decades, by refining and packaging experience in the most efficient, deliverable way......The millennial generation — and the growth of social media — has taken this economy in some unexpected directions. Instagram is to thank for the birth of “Oshapiku” — a compound of “oshare” (fancy) and “picnic”, where the emphasis is on meeting up, dressing up and engaging in the most photogenic picnic imaginable......“Experiences are king,” the consultancy McKinsey stated last year in a report arguing that, “in recent years, faced with the choice of buying a trendy designer jacket or a shiny new appliance or of attending a show, consumers increasingly opt for the show and, more broadly, for experiences with their friends and families.”.......Japan’s experience economy has evolved along two distinct avenues. On one side an already fully fledged leisure, dining and hospitality sector has sought ever more inventive ways of packaging experience — from hotels staffed by robots and limited-edition Shinkansen bullet trains fitted out with Hello Kitty decor to many of the country’s aquariums offering the opportunity to camp overnight surrounded by the relaxing pulsations of bioluminescent jellyfish.

The other side, says Mori, has to an extent developed as a branch of Japan’s “otaku” culture. This originally referred to the obsessive focus on particular areas of popular culture such as animation, video games or comics but is now more generally applied to a tendency to single-minded connoisseurship......“There are actually three sides to the experience economy in cosplay,” says Eri Nakashima, the manager of the Polka Polka second-hand cosplay costume store in central Tokyo. “There is the basic passion for becoming a different character from the one you are in everyday life; there is the participation in a community that shares that; and there is the creativity of making the costume perfect.”

This notion of community has become a pattern of growth for the experience economy. .......Shopping remains a huge draw for these tourists: the country’s retailers continue to thrive on the high average spending (£1,000) of middle-class visitors from China, Taiwan, Vietnam and elsewhere. But, by the end of 2017, when the government’s target was obliterated and 28 million tourists arrived during one year, it was clear that Japan’s long history of perfecting short, sharp experiential offerings — from onsen springs to pancakes — had won a new generation of admirers from overseas....Japan’s tendency towards connoisseurship — part of the reason that queueing for an experience is often regarded as a necessary ingredient to enjoyment — continues to be a powerful part of its appeal. The country’s manufacturers have long made a fetish of monozukuri — the quality of “thing-making” artisanship — to actively encourage people to own more stuff. But today the instinct to collect and accumulate things has, she says, been replaced by a desire to collect and accumulate experiences — and, in time-honoured Japanese fashion, to building ever larger libraries of images......Japanese companies Canon, Olympus, Konica, Minolta and Nikon were some of the most successful camera makers on the planet: the passion behind them was not just about the physical machinery but about a recognition that picture-taking dramatically enhances the consumption of experience....Insta-bae became not just a description of something you had seen but an explicit target to seek out. The experience economy, says Harada, is increasingly built around people going in search of experiences that are insta-bae.
bellwethers  cosplay  experiential_marketing  experience_economy  image-driven  Instagram  Japan  Japanese  millennials  obsessions  novelty  self-absorbed  visual_culture  connoisseurship  end_of_ownership  Joseph_Pine  James_Gilmore  artisan_hobbies_&_crafts 
july 2018 by jerryking
Why Trying New Things Is So Hard to Do - The New York Times
By SENDHIL MULLAINATHAN DEC. 1, 2017

Experimentation is an act of humility, an acknowledgment that there is simply no way of knowing without trying something different.

Understanding that truth is a first step, but it is important to act on it. Sticking with an old habit is comforting, but one of these days, maybe, I’ll actually buy a bottle of generic soda.
experimentation  habits  choices  personal_payoffs  decision_making  novelty 
december 2017 by jerryking
A 25-Question Twitter Quiz to Predict Retweets - NYTimes.com
JULY 1, 2014 | NYT | Sendhil Mullainathan.

how “smart” algorithms are created from big data: Large data sets with known correct answers serve as a training bed and then new data serves as a test bed — not too differently from how we might learn what our co-workers find funny....one of the miracles of big data: Algorithms find information in unexpected places, uncovering “signal” in places we thought contained only “noise.”... the Achilles’ heel of prediction algorithms--being good at prediction often does not mean being better at creation. (1) One barrier is the oldest of statistical problems: Correlation is not causation.(2) an inherent paradox lies in predicting what is interesting. Rarity and novelty often contribute to interestingness — or at the least to drawing attention. But once an algorithm finds those things that draw attention and starts exploiting them, their value erodes. (3) Finally, and perhaps most perversely, some of the most predictive variables are circular....The new big-data tools, amazing as they are, are not magic. Like every great invention before them — whether antibiotics, electricity or even the computer itself — they have boundaries in which they excel and beyond which they can do little.
predictive_analytics  massive_data_sets  limitations  algorithms  Twitter  analytics  data  data_driven  Albert_Gore  Achilles’_heel  boundary_conditions  noise  signals  paradoxes  correlations  causality  counterintuitive  training_beds  test_beds  rarity  novelty  interestingness  hard_to_find 
july 2014 by jerryking
Prudential Research Model May Have Been a Dinosaur
June 8, 2007 | WSJ | Scott Patterson.

The decision by Prudential Financial PRU +0.70% to close its stock-research arm doesn't mean research is doomed, but it does signal an important shift. Deep-pocketed investors such as pension funds and hedge funds are hungry for exclusive, specialized research that can give them an edge over competition.

Experts say Prudential's research had become too widely distributed to draw enough interest, or dollars.

"The notion of widespread dissemination of a recommendation, that model is 40 years old," said Mike Thompson, director of research at Thomson Financial. "If you talk to the hedge funds, what they want are ideas that are actionable that not everyone gets."

The trend has given rise to independent, specialized research outfits. There are 63 independent research firms today, up from 14 in 2000, according to Thomson Financial.
equity_research  Wall_Street  investment_research  hedge_funds  pension_funds  exclusivity  nonpublic  slight_edge  proprietary  hard_to_find  novelty  interestingness  actionable_information 
february 2013 by jerryking

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