DEFINITION of Jerry A. Hausman

Jerry A. Hausman is an economics professor and director of the MIT Telecommunications Economics Research Program. Dr. Hausman's research has focused on applied microeconomics, econometrics, differentiated products, telecommunications, taxation, energy, aging, the environment and energy. Born in West Virginia in 1946, he first joined MIT in 1973 as an assistant professor.

BREAKING DOWN Jerry A. Hausman

Dr. Hausman holds a Ph.D. from Oxford University, where he was a Marshall Scholar, and has earned numerous awards, honors and fellowships, including the John Bates Clark Award and the Frisch Medal. His well-known Hausman Specification Test shows the extent to which statistical models correspond to the data under study. This regression test for endogeneity, also called the Durwin-Wu-Hausman test, is helpful for statistician in determining whether a model will ultimately be effective in calculating p-values, basically the bottom line for statistical significance or non-significance.

Dr. Hausman is widely published and has been an associate or advisory editor for numerous economics journals. Proving that a cerebral economist of his magnitude can be deployed behind the scenes in business, Dr. Hausman has been a consultant for retailers including Starbucks, Kellogg's, Anheuser Busch, Tesco's and Home Depot. In 2018 he was hired as a scientific advisor by Teikametrics, a Retail Optimization Platform (ROP) for sellers on Amazon and other marketplaces. "There is an opportunity to help millions of sellers using data and econometrics to help them make better decisions on pricing, advertising, and inventory selection. The technology we are building at Teikametrics is helping retailers and brands compete in this dynamic new retail economy - this is the future of retail," Hausman said in a statement. An advisor like Dr. Hausman to apply advanced data science techniques within the Amazon ecosystem should only make the online juggernaut even more formidable.