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Exam 10: The Sharing Economy, Collaborative Consumption, and Creating More Efficient Markets Through Technology

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Question 1

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Entrepreneurs are scrappy in their quest to gather market intelligence and understand how customers respond to their offerings. How did Airbnb's CEO gather additional intelligence on how the firm was being used?

A) He bought several apartments to rent out under Airbnb
B) He became an Uber driver
C) He lived out of Airbnb rentals full-time
D) He became a bell hop at a San Francisco Hilton Hotel
E) All of the above

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Question 2

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Prof. Juliet Schor says that businesses considered to be part of the _________________ can involve the recirculation of goods, increased utilization of durable assets, exchange of services, or the sharing of productive assets

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Question 3

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While some fear Airbnb is taking jobs away from hotel chains, the firm is also creating jobs and driving demand for a whole array of platform-enhancing services, including photographers, key-exchange coordinators, in-home chefs, house cleaners, and ride-sharing services.

Airbnb reports that of the 6 million guests who stayed with the firm in 2013, only____host claims (complaints) were made

_________has invested $300 million in ride-sharing firm Gett

Why are sharing economy marketplaces so attractive to consumers?

Social media profiles can also be used to fight online fraud.

Why were fashion firms initially threatened by Rent the Runway and why has their position evolved over time?

While unions and hotel chains might not like Airbnb and feel threatened by its offerings, Airbnb is legal in nearly every market worldwide since private citizens are fully empowered to rent property that they own.

_______ mayor has voiced support for Uber, seeing it as a safe and popular service among citizens and city visitors.

What are some concerns regulators have over the sharing economy using independent contractors and not full time employees?

Given examples of firms in the sharing economy that focus on the following categories: goods, transportation, and capital provision. List markets challenged in each of these areas.

By mid 2016, ClassPass, the leader in providing fitness classes, was generating $_ million in revenue and was valued at $___ million.

Rent the Runway and Chegg have chosen to purchase their own inventory for rental to customers, rather than relying on inventory provided by participating citizens suppliers. This incurs an additional cost on these firms. Why would they opt to use this model if startup costs are going to be more expensive?

Crowdsourcing has a number of benefits, but problems include the potential for bias and discrimination. How can crowdsourced ratings also reflect the crowd's bias and reinforce discrimination.

How does Uber ensure high driver quality?

If eBay and Craigslist are included, some 44 percent of the US and Canadian population have participated in the sharing economy.

What is the difference between collaborative consumption firms Zilok and Chegg.

Payment continues to represent a barrier to widespread adoption of the sharing economy, since many consumers feel uncomfortable exchanging cash or financial information with strangers.

How does Airbnb improve customer and renter trust while reducing risks that its platform will be used for illegal purposes?