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Stop Trying to Predict Which New Products Will Succeed

Harvard Business Review

When is it possible to predict a product’s success? How you answer this question may be the most important factor in how you design your product development process — and, ultimately, in whether your business succeeds or fails. Is market performance predictable for a specific product or class of products?

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Big Data's Human Component

Harvard Business Review

Any fool, or mortgage banker, can use a spreadsheet and calculate a Black-Scholes equation. Integrate Data Into Products, or Get Left Behind. But if you don't understand what is happening behind the numbers, both in the math and the real world, you risk collapsing the World Financial System, or more likely your own business.

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What an Economist Brings to a Business Strategy

Harvard Business Review

Firms in these industries and their customers who thereby benefit from lower prices (admittedly through processes they never see) benefit greatly. Economists and big data. Economists and market design. Most markets “clear” by having prices signal producers to make just enough that purchasers are willing to purchase. Economists and finance.