On the importance of experimentation
Maroš Servátka | Macquarie University | 20 November 2019
Practitioners are often reluctant to adopt new solutions because of high risk. “If it has never been done, how do you know it works?” is the common refrain. On the other hand, maintaining the status quo can be costly, as failure to try new approaches might result in missed opportunities. Well thought-out experimentation can produce sizeable rewards as the costs of testing a new approach are often limited and fixed while the potential gains can be significantly larger. Also importantly, learning what does not works is equally valuable as learning what works.