If someone offers you money to quit Facebook for one year, would you consider it and take the challenge? As per a recent study, it would take around $1000 for a US Facebook user to delete his/her account for a year. Currently, #DeleteFacebook is also trending over the social media but some experts believe it is not easy to give away the Facebook addiction. A recent study which was published in the science journal PLOS ONE, team of researchers with the help of series of auctions determined the amount which should be offered to give away Facebook addiction.
In few auctions, social media users were ready to give away handles for $1.84 for an hour, $15.73 for three days or $38.83 for a week. The average amount was ranging between $1000 and $2000.
ArsTechnica reports on a joint study which involves researchers from four different universities. The reports reads, ‘’A series of auctions revealed that Facebook users value the company's service so highly that it would take on average more than $1,000 to convince them to deactivate their accounts for a year, according to a recent paper published in PLOS One. This doesn't mean much for the company's stock market valuation, but it's a good indicator that people find value in Facebook regardless of the many concerns raised recently’’.
‘’The paper started out as two separate studies. Jay Corrigan, an economist at Kenyon College, and his collaborator, Matt Rousu of Susquehanna University, were interested in a session on this topic at an upcoming conference. They discovered that Sean Cash (Tufts University) and Saleem Alhabash (Michigan State University) were doing something very similar’’, it adds.
Sean Cash said, "The value you place on something isn't what you pay for it—it's what you would be willing to pay. Corrigan said, "[Facebook] doesn't generate the typical kinds of economic measure we would normally use to evaluate a company's value, and yet it's consistently valued very high. We're trying to look at its value to society, specifically to the users’’.
Th make sure that the participants in the study are telling the truth, they were in actual asked to quit Facebook and were really paid cash for the same.