Milestone 3 PixelPerfect DarkHorseIdea: Standardization of Task Pricing
Task Price Standardization
Our dark horse idea is to address the issue of standardizing prices for each class of tasks.
It involves three related issues
- Classification of tasks
- Price Allocation
- Price Normalization
We have discussed task classification as one of our power ideas here : Task Classification. The takeaway is this - suppose we developed a broad classification system for all crowdsourcing tasks, would there be anyway to standardize the price of each task class?
Price allocation can be done using a free-market system in Economics.
We suggest adding a question in feedback
- “How much would you have liked to be paid?” [For workers]
- “How much would you be willing to pay” [For requesters]
This could be easily implemented using a slider tool in feedback GUI.
Now comes the question of how we use this information.
The requester and worker data for a particular task is used to plot a demand and supply curve and their intersection price used to standardize payment for this task class.
However, this suffers from a wrong economic assumption of all workers performing equally, which is not the case.
Hence, we resort to a different strategy.
We know that each worker and requester is associated with a performance metric - experience and rating (Discussed here) Therefore, we now group worker and requester data by their performance metric and put them in classes where the performance is the same (within some tolerance range). We now construct several demand-supply curves for different performance tiers. This helps address the problem faced before.
The different intersections of the demand-supply curve can be grouped together to give an appropriate price range, with a price floor and ceiling. Floors and ceilings are required to allow flexibility in pricing for requesters (urgent tasks might invite desperate rates) and prevent exploitation/misuse.
Normalization of money
The minimum wage rates and poverty line of various countries is an important factor in the determination of task prices. We attempt to normalize this (attempting something like the world market for oil), eliminating the country barrier through the free-market system proposed above. Since people from different nationalities participate in the survey, it is expected that the price will be statistically fixed in a range acceptable to most countries.
However, this is a very utopian scenario - markets need not be rational, the economics of a crowd-source market may not be conducive to our suggestion, there is every possibility that our analysis is limited and turns out completely wrong. But, there is the slightest possibility that this idea could be developed upon and price standardization and normalization realized.
Therefore, our dark horse.