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This article describes a participatory form of the attention economy, as opposed to another form, the market attention economy. The latter signifies an evolution of the market environment, characterized by an over-abundance of information at a cost that is quasi nil. In this context, attention becomes rare. This means that it embodies a set of collective rules and a specific principle of justice governing behaviours in the polity. I describe the normative characteristics of this emerging polity and compare it to the market form of the attention economy.
This enables me to shed light on three contemporary problems in economic sociology and public policy making.
It relates to a longstanding idea, put forward by Herbert Simon, that in a situation of informational abundance, scarcity lies with the processing of that information. In the s, Simon used the term to denote the rational processes that had gained currency in organizations 1. First, it describes a particular situation of the market environment in which economic initiatives are set in an information-rich context.
I call this the market attention economy. Second, the term denotes the behaviour of individuals in social media. I call this the participatory attention economy. The market attention economy relates to two-sided market configurations Rochet and Tirole, in which free access to services and content is financed by advertising. Competition between businesses revolves around the modalities of capture, measurement and valorisation of attention.
