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The High Cost of a Cheap Lesson
January/February 2007 (vol. 27 no. 1)
pp. 7, 132-133
Shane Greenstein, Kellogg Graduate School of Management
Some general business questions require information about idiosyncratic circumstances. In these cases, a firm must actually offer a service of product and observe what different customers will pay for. Call this a market experiment aimed at learning lessons. What happens as lessons spread to firms outside the one conducting the experiment? Commodifying and accumulating lessons must go hand in hand.
Index Terms:
economics, market experimentation, innovation
Citation:
Shane Greenstein, "The High Cost of a Cheap Lesson," IEEE Micro, vol. 27, no. 1, pp. 7, 132-133, Jan.-Feb. 2007, doi:10.1109/MM.2007.25
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