“The internet and Amazon have reframed the world of retail. The problems that Teikametrics is solving for sellers competing in the Amazon ecosystem is exciting,” said Professor Hausman.
This morning we announced Professor Jerry Hausman will be joining Teikametrics as a member of the Teikametrics scientific advisory board. The complete press release can be found on Business Wire.
Professor Jerry Hausman is the MacDonald Professor of Economics at Massachusetts Institute of Technology (MIT). Professor Hausman received a D.Phil. (Ph.D.) degree from Oxford University where he was a Marshall Scholar. He has been a faculty member at MIT for 42 years. Professor Hausman received the John Bates Clark Award from the American Economics Association in 1985 for the most outstanding contributions to economics by an economist under 40 years of age. Professor Hausman has consulted for the world’s leading retail brands and retailers including Starbucks, Kellogg’s, Anheuser Busch, Tesco’s, and Home Depot.
Meet Jerry Hausman
Hi, my name is Jerry Hausman. I’m a professor at MIT where I’ve taught for about 42 years. My academic areas of interest are applied microeconomics which is how firms and consumers behave. And econometrics which is using statistics on economic data. It turns out these two areas of interest intersect in what Teikametrics is trying to do in large part.
We put the two together and by putting the two together and using economic analysis and business analysis we can figure out strategies for the firm’s and if they sell a good product the consumers will buy the product if the features of the product or right and the price is right the consumers will buy the product and the consumers are made better off because they get products they want to buy. The two types of strategic levers that ecommerce sellers have is how much should I advertise? It cost money to advertise but you want to know how your sales and how your profits respond to advertising. You can think about varying the amount of advertising and seeing how your sales and profits respond and you need data to do that but you need not only your own data but you need to know what’s going on in the market.