Ramesh Johari

Guest: Ramesh Johari - Stanford Professor. Ramesh Johari is a renowned academic specializing in data science methods, particularly in the design and operation of online marketplaces. He has advised major companies like Airbnb, Uber, and Bumble. Key Takeaways: Marketplace Dynamics: Marketplaces often involve shifting attention and inventory, creating winners and losers. It's crucial to assess whether the winners are more beneficial to your business than the losers. Data's Role: Data science is central to reducing transaction costs in marketplaces by improving match-making, search, and feedback systems. Experimentation Culture: Encourage a culture of learning rather than just focusing on winning experiments. Recognize that learning from "failed" experiments is valuable. Rating Systems: Avoid simple averaging in rating systems to prevent unfair disadvantages to new entrants. Consider renorming ratings to reflect expectations and past experiences. AI's Impact: AI expands the scope of hypotheses and potential solutions, making human judgment more critical in filtering and prioritizing these options. Topics Covered: Marketplace dynamics, data science in marketplaces, experimentation and decision-making, rating systems design, AI's impact on data science.