Tim Hwang wrote an excellent short book that deals with this, Subprime Attention Crisis: https://www.goodreads.com/book/show/50403486-subprime-attent.... He addresses that most interactive advertising is never seen and prices are massively inflated. The attention is subprime, like subprime…
There is this nice book on the subject called Subprime Attention Crisis by Tim Hwang, on why the whole ad industry might be a bubble. And this Freakonomics podcast episode on digital advertising https://freakonomics.com/podcast/advertising-part-2/
…an expert in any specific area will tell you that things seem weird and don't make sense. A great example of this is ad tech. I've worked in ad tech for many years and strongly agree with Tim Hwang's Subprime Attention Crisis. Everything is a house of cards, fraud (intentional or not) is wide spread. However one thing that Hwang (or anyone pointing out that our systems are houses of cards, scams, or otherwise unsound) fails…
Agreed. Online advertising measurement remains opaque and there is no incentive to fix it. The book Subprime Attention Crisis by Tim Hwang does a good job covering this! (It is a solid bear case for fb,g,etc as well :p)
…adtech but saw a problem where model results were almost entirely random noise I got in huge trouble for pointing this out. Same is true across the board in the adtech world. Someone else recommended "Subprime Attention Crisis by Tim Hwang" and I very strongly recommend that you read this. It's very well researched and was so inline with my experience that I found it so obvious as to almost be dull.
…underlying asset's value. Advertising exemplifies this to a greater extent than agriculture: we don't really know what attention is, and so it's much easier (and more profitable) to misrepresent to buyers. Subprime Attention Crisis[1] is a really fantastic analysis of the attention market, this specific sort of commoditization, and its latent risks. [1]: https://www.fsgoriginals.com/books/subprime-attention-crisis
蒂姆·黄写过一本很棒的小册子讨论这个问题，《次贷注意力危机》（Subprime Attention Crisis）：https://www.goodreads.com/book/show/50403486-subprime-attent.... 他指出大部分交互广告根本没人看，价格被严重虚高。这种注意力就像次贷一样，是劣质的……
Tim Hwang wrote an excellent short book that deals with this, Subprime Attention Crisis: https://www.goodreads.com/book/show/50403486-subprime-attent.... He addresses that most interactive advertising is never seen and prices are massively inflated. The attention is subprime, like subprime…
关于这个话题有本很不错的书，叫蒂姆·黄写的《次贷注意力危机》，讲的是为什么整个广告行业可能都是个泡沫。还有这期关于数字广告的魔鬼经济学（Freakonomics）播客：https://freakonomics.com/podcast/advertising-part-2/
There is this nice book on the subject called Subprime Attention Crisis by Tim Hwang, on why the whole ad industry might be a bubble. And this Freakonomics podcast episode on digital advertising https://freakonomics.com/podcast/advertising-part-2/
……任何细分领域的专家都会告诉你，很多事情看起来不对劲、讲不通。广告科技就是一个极好的例子。我在广告科技领域干了很多年，非常赞同蒂姆·黄在《次贷注意力危机》里的观点。一切都像空中楼阁，欺诈（不管是有意还是无意）随处可见。然而黄（或者任何指出我们的系统是空中楼阁、骗局、或根本不靠谱的人）忽略了一点……
…an expert in any specific area will tell you that things seem weird and don't make sense. A great example of this is ad tech. I've worked in ad tech for many years and strongly agree with Tim Hwang's Subprime Attention Crisis. Everything is a house of cards, fraud (intentional or not) is wide spread. However one thing that Hwang (or anyone pointing out that our systems are houses of cards, scams, or otherwise unsound) fails…
同意。线上广告的衡量指标依然很不透明，而且大家根本没有动力去解决它。蒂姆·黄的《次贷注意力危机》这本书很好地涵盖了这一点！（它也是看空 fb、g 等公司的强力论据呢 :p）
Agreed. Online advertising measurement remains opaque and there is no incentive to fix it. The book Subprime Attention Crisis by Tim Hwang does a good job covering this! (It is a solid bear case for fb,g,etc as well :p)
……广告科技，但我发现模型跑出来的结果几乎完全是随机噪声，我指出了这一点，结果惹上了大麻烦。整个广告科技圈全都是这个德行。楼上有人推荐了“蒂姆·黄的《次贷注意力危机》”，我非常强烈地推荐你读读这本书。调研做得非常扎实，而且和我自身的经历完全一致，以至于我读起来都觉得太理所当然甚至有点枯燥了。
…adtech but saw a problem where model results were almost entirely random noise I got in huge trouble for pointing this out. Same is true across the board in the adtech world. Someone else recommended "Subprime Attention Crisis by Tim Hwang" and I very strongly recommend that you read this. It's very well researched and was so inline with my experience that I found it so obvious as to almost be dull.
……标的资产的价值。广告比农业更能说明这一点：我们根本不知道“注意力”到底是个什么玩意儿，因此向买家虚报就容易得多（利润也丰厚得多）。《次贷注意力危机》[1] 对注意力市场、这种特定的商品化运作及其潜在风险进行了一场极其精彩的剖析。[1]: https://www.fsgoriginals.com/books/subprime-attention-crisis
…underlying asset's value. Advertising exemplifies this to a greater extent than agriculture: we don't really know what attention is, and so it's much easier (and more profitable) to misrepresent to buyers. Subprime Attention Crisis[1] is a really fantastic analysis of the attention market, this specific sort of commoditization, and its latent risks. [1]: https://www.fsgoriginals.com/books/subprime-attention-crisis