People I (Mostly) Admire 94. The Price of Doing Business with John List
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Dec 10, 2022 
John List, an innovative Economics professor at the University of Chicago, takes listeners on a captivating journey through field experiments that reshape economic understanding. He discusses the surprising role of apologies in business dynamics and the importance of scaling initiatives. From his unconventional experiments at baseball card conventions to advising companies like Uber on customer satisfaction, List highlights the real-world complexities of applying economic theories. His insights bridge academia and industry, proving that data-driven decisions can drive meaningful change.
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Revolutionizing Economics
- John List is considered a key figure in popularizing randomized experiments in economics.
- His approach involved conducting experiments in real-world settings, challenging traditional methods.
Early Field Experiments
- John List initially conducted field experiments at baseball card conventions to improve his profits as a dealer.
- He tested various selling strategies, such as auctions and bargaining, to maximize his earnings.
The Voltage Drop
- Many field experiments prioritize large treatment effects in "petri dish" environments for publication, neglecting real-world scalability.
- List emphasizes the importance of considering scaling from the beginning by adding an option 'C' to test real-world constraints.
