Startups, Risks, And Uncertainties In The Experimental Economy Video
The economy is moving towards a general acceptance of experimentation on consumers. For example, most software companies now do A/B testing on a regular basis, many people find it ‘ok’ to experiment with new forms of supplements and drugs. We are encouraged to try things to see what happens.
Experimentation is focused on forming hypotheses, testing the hypotheses in a controlled fashion, and trying to replicate the hypotheses that appear to confirm your theory, or that were ‘not disconfirmed’ (falsified) in the previous iteration.
However, experimentation is about trial and errors. We often focus on the benefits of trials, but ignore the errors. There are a lot to consider when experimenting that we often ignore when we focus on only the trials. This is why the pharmaceutical industry spends billions of dollars every year on experimentation. Doing experimentation correctly is very difficult and time consuming to do.
One should identify that experimentation has/is:
1. Ethical risks. University researchers spend hours vetting and thinking about the risks and implications of each experiment that they do. They have outside decision committees (IRB) to vet the ethics of their studies. There are risks to experimentation to both the group that was exposed to the treatment and those that were not, and we should be sensitive to these risks.
2. Costly. There are many mistakes that you make with experimentation. Indeed, the majority of experiments fail in the lab, so expect to pay far more than you gain early on.
3. Based on theory. Blind experimentation often results in superstitious learning where you do not understand the cause and effect.
4. Can generate generalizable results. You should focus on creating lessons that are not specific and can be generalizable.
In sum, I think we have to be careful in how we treat experimentation in the economy. Reading about the problems we have experienced in the lab from the previous century is quite shocking, and should be treated seriously. I would even recommend that organizations have their IRBs to vet the ethics of projects they are considering.
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out https://www.r3ciprocity.com
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