Therefore, managers need to adopt the mindset of a plumber (a term coined for the new-age economist by Esther Duflo, co-recipient of 2019 Nobel Memorial Prize in Economic Sciences). As Duflo suggests, plumbers try to predict what may work in the real world, mindful that tinkering and adjusting will be necessary as our models give us little theoretical guidance on what (and how) details will matter.
Let us look at an example where the manager donned the plumber’s hat. Every digital marketing class teaches the effectiveness of search advertising (placing online ads in search engine results). Managers in the eBay advertising team were spending millions of dollars on search ads. Then, one day, eBay allowed the search advertising team to tinker and experiment with the process. They found that most search ads had little effect on sales. This saved eBay millions of dollars.
Diese Geschichte stammt aus der November 08, 2020-Ausgabe von THE WEEK.
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Diese Geschichte stammt aus der November 08, 2020-Ausgabe von THE WEEK.
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Ram temple not an issue in south
Much has been said this election season about the alleged north-south divide.
Haute and sweaty
In Mumbai, where I live and work, there is a severe heatwave going on. The highest temperature this month has been 40 degrees, sweltering and humid for the coastal city.
MOVE AWAY MARY!
In many parts of the world,unique names are becoming popular
CALL OF THE WILD
Tejas Thackeray, the younger son of former Maharashtra chief minister Uddhav Thackeray, shares his passion for wildlife conservation and photography
CEPA and beyond
Bilateral trade between the UAE and India has grown almost 16 per cent year-on-year, touching $84.5 billion
Brash and raw
When I chanced upon Raj Narain, who humbled Indira Gandhi
Lone voice of dissent
“I am keen to invite Parakala [Prabhakar] to Mumbai… What do you think? Do you know him?” A friend asked. No, I don’t know the man. And no, it is not a good idea to invite him, unless you want to invite trouble, I replied.
Modi and the Muslim syndrome
I have long been intrigued by the prime minister’s desire to hug every passing sheikh and sultan and his contrasting contempt for the ordinary Indian Muslim.
Assam Rifles not trained to guard borders; need separate force for Manipur border
Imphal is blanketed in darkness. The sun has set a little too soon in the valley, but N. Biren Singh is yet to call it a day.
SPOTLIGHT ON THE SENTINELS
Manipur government wants the Assam Rifles replaced, but the Union home ministry is focused on upgrading infrastructure and connectivity before deciding who guards the state