Episode 3

full
Published on:

10th Nov 2021

“‘Oh no, I am so completely fair and rational.’—That’s not true.”

What do Devil's Advocates, information cascades, egos, and gender pay equity have in common? Find out here as Prof. Ananish Chaudhuri introduces experimental economics. Part 1/2

Prof. Chaudhuri introduces behavioural and experimental economics [04:38]; talks about how to start experiments by using existing published knowledge, first [12:25]; carrots & sticks versus intrinsic motivation [14:37]; wisdom of the crowd versus information cascades [29:30]; HR and gender pay equity [16:58]; individual versus group decision making [33:46]; electronic betting markets [35:43]; egos and buy-in [38:08], and more.

A bonus, paid-members-only follow-up discussion available on the personal Premium podcast feed (subscribe by clicking here) will dive much deeper into all the above + online experiment platforms & how to use them to set up experiments in your firm, separating incentives from beliefsCOVID vaccines & response, Pilots versus Doctors making mistakes, and much-much more.

Next week, we’ll look at corporate experimentation, crisis response, psychological safety, creativity, and more with Dawie Olivier—an established CIO and advisor to corporates & start-ups.

Last week, we introduced complexity theory and set up the experimentation contexts with JP Castlin.

Links to Some of Prof. Chaudhuri’s Work

Some Other Links Mentioned

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About your host

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Andrey Ivanov

Born in the USSR; grew up in West Auckland, NZ (Waitākere, Tāmaki Makaurau, Aotearoa); spent all my 20s in Deutschland (Mannheim, Frankfurt, Berlin) & Italia (Milano); back "out West" in Tāmaki Makaurau. A "Westie", a JAFA, vaguely Germanic, Soviet-born, a Kiwi—all in that order and proudly so. Accent vaguely Germanic and fully my own, ja?

PhD (Economics) from Universität Mannheim (Germany) where I co-authored papers on pricing & industrial organization with McKinsey consultants. NOT AN EXPERT.

12+ years strategy consultant (Germany, Italy, NZ); grew own team to 7 employees; large, listed corporations hired my firm; longest return client relationships 7, 5, & 3 years (must've been doing something right, eh?). Occasional Master thesis supervisor.

As I learnt more from being "in" business, wanted to get back to teaching and share this experience; at heart, an entrepreneurial researcher & a researching entrepreneur, an experimenter, learner, an educator & a sharer. Argh, it sounds like I'm full of myself, eh? …

I take my work very seriously & I don't take myself seriously at all—is something I learnt from one of my early clients & one of the best leaders I had the privilege to work with.