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IIMBx is the digital learning wing of IIM Bangalore. Founded in 2014 with a clear vision to make high quality higher education accessible to all–irrespective of any social or economic constraints. https://iimbx.iimb.ac.in/

IIMBx courses are available on three different platforms. Explore & Learn from the world-class faculty!

Think of a house without a blueprint. How does it look?

The blueprint lays out a map of your house and the design on which you can build your dream home. A storyboard does that to your course. It lays a foundation, maps out the  flow of your content, presents ideas for visual design and reduces the amount of rework you have to do. So, as a MOOC creator, why should you have a storyboard?

A storyboard gives your course a stable structure. It clearly documents every aspect of your course with specific visuals, audio, graphics, branching scenarios, and text. When you are working with multiple stakeholders on a course, the storyboard gives you a clear picture of how it’s planned. It serves as a central document that keeps everyone on the same page. This helps seamless team collaboration. In your storyboard, every screen is well-planned. You can move screens or make multiple changes as it goes through different rounds of reviews. This saves a lot of time and speeds up the content production process. Integrating an interesting story or scenario increases learner engagement and experience. It helps your learner to relate to the course. So, are you ready to draw up the blueprint for your new digital learning endeavour?

Do you watch movies? Have you ever come across a distressed protagonist, up against the hammer of an auctioneer? No, Thor was not the auctioneer here. But let your imaginations fly.

As part of a course on quantitative marketing research, we conducted an auction. The auction was mainly held to measure willingness to pay, or WTP.

Now, let me bombard you with some theory. It will take just two minutes of reading and absorption, I promise.

Simply put, WTP is the maximum amount you are willing to pay for a product or service. As you may have guessed, however, this isn’t very easy to measure. One of the ways we go about calculating the WTP is the second price auction.

Now, what is second price auction? I can go on, right? With the football season around, I can get some extra time.

A Vickrey auction (yep, second price auction has a fancy nickname) is a type of sealed-bid auction. Auctioneers submit written bids without knowing what the others put down. This is where it gets interesting. The highest bidder may win but they pay what the second highest bidder submitted.

Fun fact. Alright, it’s just a fact: William Spencer Vickrey won the Nobel prize in economics in 1996.

Now, coming back to the auction we conducted as part of our MOOC. How did we do it? How many participants were there? What was auctioned off? Was money involved? If yes, how much?  Who won the bid? Did the exercise truly reflect the WTP of the participants? And, most importantly, was Thor a part of the whole exercise?

For insights on what we did (and much more), join Professor Prithwiraj Mukherjee and me on IIMBx’s latest course on quantitative marketing research.

Watch this space for the release date and other developments. In the meantime, let’s hope for the best for Uruguay, since its flag is eerily similar to that of Argentina.

[This post was written by Mayurakshi Chakraborty, Pedagogical Research Associate at IIMBx]

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https://iimbx.iimb.ac.in/about-iimbx/ 

The digital learning initiative of IIM Bangalore. In a series of bit- sized conversation with individuals working in the IIMBx team as well as professionals and teachers engaging with the online learning ecosystem, we would like to explore the dynamics of eLearning space. One Idea at a Time! If you are curious and excited about the online learning space, then this podcast that encompasses the experiments, findings, success, failures, learnings and questions that the IIMBx team would like to share with the world, is for you.

IIMBx is an emerging leader in India’s fast-growing digital learning space with over 1502000 learners, spread across 190 countries.