As an experimentalist in the physical sciences, I'm fascinated by the challenge of constructing experiments in open systems (such as economic markets). It's so much harder than designing benchtop experiments where all 'stuff' (atoms, electrons, what have you) is identical, and usually assumed to be non-correlated.
My questions:
0) Are there some common (generic) mistakes people make in designing economic experiments? How do you guard against them?
1) Have you (or could you) apply experimental methods to non-academic economics, i.e. business (I believe 'pilot' programs common in business are different from experiments).
Do you have a specific example of how this has worked in business strategy/decision-making?
2) You're an advisor to Levitt's consulting firm (the greatest good). How involved are you with day-to-day work there, and do you believe their approach is something fundamentally different from the McKinsey's of the world?
atomicmeccano22 karma
Hi John,
As an experimentalist in the physical sciences, I'm fascinated by the challenge of constructing experiments in open systems (such as economic markets). It's so much harder than designing benchtop experiments where all 'stuff' (atoms, electrons, what have you) is identical, and usually assumed to be non-correlated.
My questions:
0) Are there some common (generic) mistakes people make in designing economic experiments? How do you guard against them?
1) Have you (or could you) apply experimental methods to non-academic economics, i.e. business (I believe 'pilot' programs common in business are different from experiments).
Do you have a specific example of how this has worked in business strategy/decision-making?
2) You're an advisor to Levitt's consulting firm (the greatest good). How involved are you with day-to-day work there, and do you believe their approach is something fundamentally different from the McKinsey's of the world?
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