An important part of our information-gathering behavior has always been to find out what other people think. With the growing availability and popularity of opinion-rich resources such as online review sites and personal blogs, new opportunities and challenges arise as people now can, and do, actively use information technologies to seek out and understand the opinions of others. The sudden eruption of activity in the area of opinion mining and sentiment analysis, which deals with the computational treatment of opinion, sentiment, and subjectivity in text, has thus occurred at least in part as a direct response to the surge of interest in new systems that deal directly with opinions as a first-class object.

This survey covers techniques and approaches that promise to directly enable opinion-oriented information-seeking systems. Our focus is on methods that seek to address the new challenges raised by sentiment-aware applications, as compared to those that are already present in more traditional fact-based analysis. We include material on summarization of evaluative text and on broader issues regarding privacy, manipulation, and economic impact that the development of opinion-oriented information-access services gives rise to. To facilitate future work, a discussion of available resources, benchmark datasets, and evaluation campaigns is also provided.

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Opinion Mining and Sentiment Analysis

Sentiment analysis and opinion mining is the field of study that analyzes people's opinions, sentiments, evaluations, attitudes, and emotions from written language. It is one of the most active research areas in natural language processing and is also widely studied in data mining, Web mining, and text mining. In fact, this research has spread outside of computer science to the management sciences and social sciences due to its importance to business and society as a whole. The growing importance of sentiment analysis coincides with the growth of social media such as reviews, forum discussions, blogs, micro-blogs, Twitter, and social networks. For the first time in human history, we now have a huge volume of opinionated data recorded in digital form for analysis. Sentiment analysis systems are being applied in almost every business and social domain because opinions are central to almost all human activities and are key influencers of our behaviors. Our beliefs and perceptions of reality, and the choices we make, are largely conditioned on how others see and evaluate the world. For this reason, when we need to make a decision we often seek out the opinions of others. This is true not only for individuals but also for organizations. This book is a comprehensive introductory and survey text. It covers all important topics and the latest developments in the field with over 400 references. It is suitable for students, researchers and practitioners who are interested in social media analysis in general and sentiment analysis in particular. Lecturers can readily use it in class for courses on natural language processing, social media analysis, text mining, and data mining. Lecture slides are also available online.

/pdf/sentiment-analysis-and-opinion-mining-8314pykwrf.pdf

Sentiment Analysis and Opinion Mining

Textual information in the world can be broadly categorized into two main types: facts and opinions. Facts are objective expressions about entities, events and their properties. Opinions are usually subjective expressions that describe people’s sentiments, appraisals or feelings toward entities, events and their properties. The concept of opinion is very broad. In this chapter, we only focus on opinion expressions that convey people’s positive or negative sentiments. Much of the existing research on textual information processing has been focused on mining and retrieval of factual information, e.g., information retrieval, Web search, text classification, text clustering and many other text mining and natural language processing tasks. Little work had been done on the processing of opinions until only recently. Yet, opinions are so important that whenever we need to make a decision we want to hear others’ opinions. This is not only true for individuals but also true for organizations. One of the main reasons for the lack of study on opinions is the fact that there was little opinionated text available before the World Wide Web. Before the Web, when an individual needed to make a decision, he/she typically asked for opinions from friends and families. When an organization wanted to find the opinions or sentiments of the general public about its products and services, it conducted opinion polls, surveys, and focus groups. However, with the Web, especially with the explosive growth of the usergenerated content on the Web in the past few years, the world has been transformed. The Web has dramatically changed the way that people express their views and opinions. They can now post reviews of products at merchant sites and express their views on almost anything in Internet forums, discussion groups, and blogs, which are collectively called the user-generated content. This online wordof-mouth behavior represents new and measurable sources of information with many practical applications. Now if one wants to buy a product, he/she is no longer limited to asking his/her friends and families because there are many product reviews on the Web which give opinions of existing users of the product. For a company, it may no longer be necessary to conduct surveys, organize focus groups or employ external consultants in order to find consumer opinions about its products and those of its competitors because the user-generated content on the Web can already give them such information.

/pdf/sentiment-analysis-and-subjectivity-3gvsz598s5.pdf

Sentiment Analysis and Subjectivity

With the rapid growth of the Internet, the ability of users to create and publish content has created active electronic communities that provide a wealth of product information. However, the high volume of reviews that are typically published for a single product makes harder for individuals as well as manufacturers to locate the best reviews and understand the true underlying quality of a product. In this paper, we re-examine the impact of reviews on economic outcomes like product sales and see how diff erent factors a ffect social outcomes such as their perceived usefulness. Our approach explores multiple aspects of review text, such as subjectivity levels, various measures of readability and extent of spelling errors to identify important text-based features. In addition, we also examine multiple reviewer-level features such as average usefulness of past reviews and the self-disclosed identity measures of reviewers that are displayed next to a review. Our econometric analysis reveals that the extent of subjectivity, informativeness, readability, and linguistic correctness in reviews matters in influencing sales and perceived usefulness. Reviews that have a mixture of objective, and highly subjective sentences are negatively associated with product sales, compared to reviews that tend to include only subjective or only objective information. However, such reviews are rated more informative (or helpful) by other users. Further, reviews that rate products negatively can be associated with increased product sales when the review text is informative and detailed.By using Random Forest based classi ers, we show that we can accurately predict the impact of reviews on sales and their perceived usefulness. We examine the relative importance of the three broad feature categories: 'reviewer-related' features, 'review subjectivity' features, and 'review readability' features, and find that using any of the three feature sets results in a statistically equivalent performance as in the case of using all available features. This paper is the first study that integrates econometric, text mining, and predictive modeling techniques toward a more complete analysis of the information captured by user-generated online reviews in order to estimate their helpfulness and economic impact.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1541722_code331629.pdf?abstractid=1261751&mirid=1&type=2

Estimating the Helpfulness and Economic Impact of Product Reviews: Mining Text and Reviewer Characteristics

With the rapid growth of the Internet, the ability of users to create and publish content has created active electronic communities that provide a wealth of product information. However, the high volume of reviews that are typically published for a single product makes harder for individuals as well as manufacturers to locate the best reviews and understand the true underlying quality of a product. In this paper, we reexamine the impact of reviews on economic outcomes like product sales and see how different factors affect social outcomes such as their perceived usefulness. Our approach explores multiple aspects of review text, such as subjectivity levels, various measures of readability and extent of spelling errors to identify important text-based features. In addition, we also examine multiple reviewer-level features such as average usefulness of past reviews and the self-disclosed identity measures of reviewers that are displayed next to a review. Our econometric analysis reveals that the extent of subjectivity, informativeness, readability, and linguistic correctness in reviews matters in influencing sales and perceived usefulness. Reviews that have a mixture of objective, and highly subjective sentences are negatively associated with product sales, compared to reviews that tend to include only subjective or only objective information. However, such reviews are rated more informative (or helpful) by other users. By using Random Forest-based classifiers, we show that we can accurately predict the impact of reviews on sales and their perceived usefulness. We examine the relative importance of the three broad feature categories: “reviewer-related” features, “review subjectivity” features, and “review readability” features, and find that using any of the three feature sets results in a statistically equivalent performance as in the case of using all available features. This paper is the first study that integrates econometric, text mining, and predictive modeling techniques toward a more complete analysis of the information captured by user-generated online reviews in order to estimate their helpfulness and economic impact.

/pdf/estimating-the-helpfulness-and-economic-impact-of-product-fupw9mgzy9.pdf

As a digital version of word-of-mouth, online review has become a major information source for consumers and has very important implications for a wide range of management activities. While some researchers focus their studies on the impact of online product review on sales, an important assumption remains unexamined, that is, can online product review reveal the true quality of the product? To test the validity of this key assumption, this paper first empirically tests the underlying distribution of online reviews with data from Amazon. The results show that 53% of the products have a bimodal and non-normal distribution. For these products, the average score does not necessarily reveal the product's true quality and may provide misleading recommendations. Then this paper derives an analytical model to explain when the mean can serve as a valid representation of a product's true quality, and discusses its implication on marketing practices.

Jennifer Zhang

Papers

Can online reviews reveal a product's true quality?: empirical findings and analytical modeling of Online word-of-mouth communication

Overcoming Self-Selection Biases in Online Product Reviews