The Lemonade Stand business game simulation has been developed for management training and research by Sheizaf Rafaeli and Daphne Raban from the Center for the Study of the Information Society in the University of Haifa. This seemingly simple simulation can and is used for studying the subjective value of information, use of information in decision-making, information sharing, market for information and various other content and system-related aspects of information. The simulation has been used with many participants in Israel and in the U.S. who generally show enthusiasm as evidenced by lively debriefing discussions.
References and Links:
Rafaeli, S. and D. R. Raban (2003 forthcoming). The Subjective Value of Information : Trading expertise vs. content, copies vs. originals in E-Business. ICEB, Singapore.
Rafaeli, S. and D. R. Raban (2003). "Experimental investigation of the subjective value of information in trading." Journal of AIS 4(5): 119-139.
Rafaeli, S., D. R. Raban, G. Ravid and A. Noy (2003). Online Simulations in Management Education about Information and Its Uses. Educating Managers with Tomorrow's Technologies. C. Wankel and R. DeFillippi. Greenwich, CT, Information Age Publishing Inc.
Raban, D. R. and S. Rafaeli (2003). Subjective Value of Information: The Endowment Effect. IADIS International Conference: e-Society 2003, Lisbon, Portugal. Conference presentation.
Raban, D. R. (2003). A primer in information economics. Searcher 11(2):54.
Raban, D. R. (2002). The Lemonade Stand: Experimental Investigation of the Subjective Value of Information. Internet Research 3.0: NET / WORK / THEORY, Maastricht, The Netherlands. Conference presentation.