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The Power of Experiments
Decision Making in a Data-Driven World
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Format: Paperback / softback
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?
This book suits professionals interested in the intersection of technology, economics, and behavioural science, particularly those working in data-driven roles such as product managers, marketers, policy makers, and organisational leaders.
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Description
How organisations—including Google, StubHub, Airbnb, and Facebook—learn from experiments in a data-driven world.
How tech companies like Google, Airbnb, StubHub, and Facebook learn from experiments in our data-driven world—an excellent primer on experimental and behavioural economics.
Have you logged into Facebook recently? Searched for something on Google? Chosen a movie on Netflix? If so, you've probably been an unwitting participant in a variety of experiments—also known as randomised controlled trials—designed to test the impact of different online experiences. Once an esoteric tool for academic research, the randomised controlled trial has gone mainstream. No tech company worth its salt (or its share price) would dare make major changes to its platform without first running experiments to understand how they would influence user behaviour. In The Power of Experiments, Michael Luca and Max Bazerman explain the importance of experiments for decision making in a data-driven world.
Luca and Bazerman describe the central role experiments play in the tech sector, drawing lessons and best practices from the experiences of such companies as StubHub, Alibaba, and Uber. Successful experiments can save companies money—eBay, for example, discovered how to cut $50 million from its yearly advertising budget—or bring to light something previously ignored, as when Airbnb was forced to confront rampant discrimination by its hosts. Moving beyond tech, Luca and Bazerman consider experimenting for the social good—different ways that governments are using experiments to influence or "nudge" behaviour ranging from voter apathy to school absenteeism.
Experiments, they argue, are part of any leader's toolkit. With this book, readers can become part of "the experimental revolution."
Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?
"Driven by experimentation, a further transformation is in the air," writes The New Yorker. The Wall Street Journal notes that Luca and Bazerman balance enthusiasm for experiments with awareness of their limits. Business Economics praises the book for offering business economists crucial insights on the value of experiments for testing ideas, understanding trade-offs, and enabling discovery that informs leadership decisions. It is recommended for managers and executives overseeing online marketing.
Book Details
INFORMATION
ISBN: 9780262542272
Publisher: MIT Press Ltd
Format: Paperback / softback
Date Published: 02 March 2021
Country: United States
Imprint: MIT Press
Illustration: 4 figures
Audience: General / adult
DIMENSIONS
Width: 152.0mm
Height: 229.0mm
Weight: 250g
Pages: 232
About the Author
Michael Luca is Lee J. Styslinger III Associate Professor of Business Administration at Harvard Business School. His writing has appeared in publications including the Atlantic, Wall Street Journal, Harvard Business Review, and Slate. Max H. Bazerman is Jesse Isidor Straus Professor of Business Administration at Harvard Business School. He is the author of The Power of Noticing and the coauthor of Blind Spots, Negotiation Genius, and other books.
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