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Issue No. 01 - January/February (2007 vol. 27)
ISSN: 0272-1732
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.
economics, market experimentation, innovation
Shane Greenstein, "The High Cost of a Cheap Lesson", IEEE Micro, vol. 27, no. , pp. 7, 132-133, January/February 2007, doi:10.1109/MM.2007.25
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