Marketing with Wharton's Hip Hop Prof


Algorithms in Marketing and Public Policy Decisions

In this episode, Barbara and Americus welcome two guests: Raghuram Iyengar, Professor of Marketing at Wharton University, and Berkeley Dietvorst, Associate Professor of Marketing at The University of Chicago Booth School of Business. Algorithms are any step-by-step process that is consistent and that we don't deviate from. This can be something as simple as a recipe, or something far more complex such as computer algorithms that perform complex operations.

There is a fair amount of ethical controversy surrounding the use of algorithms and in what context. For example, in a vaccination context, what would success look like and that really comes down to the eye of the beholder and their moral rules.

Typically when an algorithm fails or is imperfect, we as humans lose trust and no longer want to use/interact with it. However, algorithms are great when set up correctly and maximize the variable as it is instructed to do. It's when an algorithm isn't given the right objective that we begin to run into issues.

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