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Max H. Bazerman

The Power of Experiments: Decision Making in a Data-Driven World Hardcover – Illustrated, March 3 2020

by Michael Luca (Author), Max H. Bazerman (Author)

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How tech companies like Google, Airbnb, StubHub, and Facebook learn from experiments in our data-driven world—an excellent primer on experimental and behavioral 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 randomized controlled trials—designed to test the impact of different online experiences. Once an esoteric tool for academic research, the randomized 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 behavior. In this book, 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” behavior 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.”

Print length

232 pages
Language

English
Publisher

The MIT Press
Publication date

March 3 2020
Dimensions

16.03 x 2.29 x 23.65 cm
ISBN-10

0262043874
ISBN-13

978-0262043878
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Review

“Driven by experimentation, a further transformation is in the air.”
—The New Yorker

“Luca and Bazerman balance their passion for experiments with a recognition of its limits.”
—Wall Street Journal

"For business economists, this book offers important insight into the use of experiments for organizations and their leadership. The benefits of experiments to an organization are the ability to test ideas, understand tradeoffs, and evaluate existing products and procedures. Experiments can also be a tool for discovery, with or without a theory to test. Leadership can use experiments to learn what they do not know, then adapt and grow their organizations with informed decisions."
—Business Economics

“'The Power of Experiments' is a terrific overview of how organizations, especially online companies but also government and other groups, can use A/B testing to optimize their results. Luca and Bazerman also discuss issues of ethics and consent that affect these efforts, perhaps limiting what some parties can or should do...an excellent book for managers and executives who oversee online marketing or other behavioral elements of an operation. While most professional marketers will be familiar with the concepts and examples presented in the book, Luca and Bazerman's easy style and approachable writing provide an excellent introduction or refresher for non-specialists at all levels. Highly recommended.”
—Technology and Society

“Filled with charming stories of experiments offering novel solutions to pressing social questions, 'The Power of Experiments: Decision Making in a Data-Driven World' is an enjoyable read that celebrates the power of experimentation to create social change.”
—Stanford Social Innovation Review

“'The Power of Experiments' is a fast, accessible read that offers a good overview of the applications, promise, and perils of experimentation. It's a good place for executives to start as they consider whether and how to use experiments inside their companies.”
—Strategy and Business

“One of the great things about e-commerce is that it is far easier to run experiments online than offline. As more and more companies move online, they need to learn how to use this powerful tool. This book shows how to take advantage of experiments and how this will revolutionize business, both online and off.”
—Hal Varian, Chief Economist, Google

“This accessible and engaging book provides an excellent introduction to a subject that every young person entering the business world today should understand—experimentation. The case studies draw the reader into the challenges that arise in practice, highlighting issues ranging from bias to ethics to unintended consequences.”
—Susan Athey, The Economics of Technology Professor, Stanford Graduate School of Business

“Leaders who create an environment for taking calculated risks get better results. This book reminds us that systemic experimentation and calculated risk taking has built great companies and great societies alike.”
—Deval Patrick, former Governor of Massachusetts

“Luca and Bazerman's The Power of Experiments will open your eyes about how to distill information from data.”
—Alvin E. Roth, Craig and Susan McCaw Professor of Economics, Stanford University; recipient of the 2012 Nobel Memorial Prize in Economics

“So often we don't know what we don't know until we try—and the best form of trying is often an experiment. This book is a brilliant tour through the past, present, and future of experimentation, packed full of insight and examples. Read it and learn—I did.”
—Tim Harford, author of The Undercover Economist and presenter of Cautionary Tales

“When testing and experimentation is at the heart of a culture, a team or company can be more responsive and nimble, driving a better product and more growth alongside a better employee experience.”
—Gillian Tans, Chairwoman, Booking.com

“A tremendous achievement, and inspiring to boot. Leaders in government and industry take note: Luca and Bazerman's book will guide you to better decisions in this age of experiments.”
—Cass R. Sunstein, Robert Walmsley University Professor, Harvard Law School; coauthor of Nudge

“Luca and Bazerman tell the fascinating story of the rise of experiments in the tech sector and beyond, and deliver a powerful message: experiments are transforming how businesses and governments make decisions. Going only by gut isn't enough—successful leaders need to move between data and decisions.”
—Charles Duhigg, author of The Power of Habit and Smarter Faster Better

“The authors have created a masterpiece, a manifesto showcasing the deepest revolution in the social sciences in the past twenty-five years—field experimentation. This book is a must-read for anyone interested in understanding policy, behavioral economics, technology, and life itself.”
—John A. List, Kenneth C. Griffin Distinguished Service Professor, University of Chicago

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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Product details

Publisher ‏ : ‎ The MIT Press; Illustrated edition (March 3 2020)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 232 pages
ISBN-10 ‏ : ‎ 0262043874
ISBN-13 ‏ : ‎ 978-0262043878
Item weight ‏ : ‎ 476 g
Dimensions ‏ : ‎ 16.03 x 2.29 x 23.65 cm

Best Sellers Rank: #482,159 in Books (See Top 100 in Books)
- #147 in Behavioural Psychology in Professional Science
- #337 in Management Science in Leadership
- #346 in Management Science (Books)

Customer Reviews:
80 ratings

About the author

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Max H. Bazerman

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Max Bazerman is the Jesse Isidor Straus Professor of Business Administration at the Harvard Business School, where his research and teaching focus on negotiation, behavioral economics, and ethics. His new book, Better, Not Perfect: A Realist's Guide to Maximum Sustainable Goodness, offers concrete advice on how we can all make the world better by maximizing our pleasure and minimizing our pain.

Max is the author, coauthor, or co-editor of 19 books and over 200 research articles and chapters. Other recent books include The Power of Experiments (with Michael Luca), The Power of Noticing, Negotiation Genius (with Deepak Malhotra), Judgment in Managerial Decision Making (with Don Moore), and Blind Spots (with Ann Tenbrunsel).

An award-winning scholar and mentor, Max has consulted, taught, and lectured with hundreds of organizations all over the world, from corporations to governments to nonprofits. His former doctoral students have accepted positions at leading business schools throughout the United States. Max has received an honorary doctorate from the University of London (London Business School). He was named one of Ethisphere's 100 Most Influential in Business Ethics and a Daily Kos Hero for going public about how the Bush Administration corrupted the RICO Tobacco trial.

You can learn more about Max by visiting www.people.hbs.edu/mbazerman

Customer reviews

5 star		60%
4 star		10%
3 star		24%
2 star		4%
1 star		2%

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Top reviews from other countries

Artestudio

Worth reading

Reviewed in Italy on June 8, 2021

Verified Purchase

Can be seen as a big summary of all the progress in the experimental field from different point of views. There’re plenty of articles. Given the wide range it tries to cover, it may be, in some instances, a bit short of details, failing to give a round view of the implications. Anyway everything is properly referenced so the more interested reader can find all further information.

Quality Manager Guy

Disappointing, but at least it has an index and references

Reviewed in the United States on August 26, 2020

Verified Purchase

I bought this book based on a review in the New Yorker. My passion is science, statistics, and skepticism--a real non-fiction diet! The book didn't give me any better understanding of the author's points than I got from the New Yorker article. The book is "padded". I would cite Nate Silver's "The Signal and the Noise" as a better use of the reader's time and energy.
As a side note: What's the aversion to putting some diagrams, tables, charts to clarify an experiment.
LOL: The New Yorker cartoon is about 20 years too late!!

19 people found this helpful

WU.

Have you heard about Nudge???

Reviewed in the United States on November 23, 2021

Verified Purchase

This book is a love letter to "Nudge" by Richard Thaler. Seriously.
It is laden with references to the book as well as related studies in the field of behavioral economics. Matter of fact, if you do a shot every time you read "nudge" on the page, you'd most likely die of cirrhosis before you get to page 150...
I was expecting more of a "deep-dive" per se, but most of the time is spent recounting material from other texts and adding some context. It's not bad, but it's not special.

The good:
They wisely chose to spend some time on the way industry giants like Uber, Facebook, AirBnB, and others employ experiments to drive decision-making.

The bad:
It's all a bit shallow, like when your friends tell you to come over to have a splash in the pool but it is a kitty pool... They gloss over practical terms for the sake of keeping things friendly for a presumably non-technical crowd.

I can't recommend it if you have read "Thinking Fast and Slow", "The Undoing Project", or any of the other behavioral economics classics. It's mostly rehashed.

However, if you are completely new to experiments (or the idea of using experiments to drive managerial decisions) then this book will prove a fast and enjoyable read.

7 people found this helpful

Andreas Aristidou

Fascinating, concise and to-the-point stories from the field of behavioral experimentation.

Reviewed in the United States on May 8, 2020

Verified Purchase

This is a thoughtful, short and concise book about an in-demand topic, written by leading academics in the field of behavioral economics and experimentation. Luca and Bazerman provide examples to illustrate their points from various angles without making the book simply a collection of bullet points. They dive into the historical roots of behavioral science and experiments, focusing on the fields of Psychology and Economics. The authors cleverly describe the technicalities of experiments and behavioral insights with easy distinctions between similar and often confusing concepts, precluding the need for more technical detail. I particularly enjoyed the structured and organized dive into tech industry experiments. Each chapter of Part II describes one such experiment / tech company, accompanied by a lesson that illustrates the “take-away” point. Occasionally, I found their background stories to be somewhat myopically focused on researchers and organizations affiliated with their institution – Harvard University. As someone who is very familiar with the literatures they touch upon, I would expect to see a slightly broader perspective of how the contributions of other institutions helped shape the state of behavioral experimentation. Overall however, I would highly recommend this book to anyone – not necessarily to people interested in experiments. It’s such an important, widespread and on the rise topic, presented in a very accessible and illustrative manner, that it’s probably worth anyone’s time. On my website, I summarize the key points and takeaways from each chapter.

7 people found this helpful

nawaf

My experience

Reviewed in the United States on May 2, 2021

Verified Purchase

I liked the wide spectrum of examples covered by the writer.
He gradually get you into the subject.
My first ever English book.
Very good start for my readings.

One person found this helpful

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