Wisdom of the Crowd
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On May 29, Prof. Motty Perry from the University of Warwick provided an exciting seminar about the paper “Implementing the ‘Wisdom of the Crowd’”, which he co-authored with Ilan Kremer and Yishay Mansur.
The authors studied a new mechanism design problem that became highly relevant after the development of Internet advisor sites. The presenter began the seminar by providing examples of various Internet sites but mainly concentrated on TripAdvisor and Waze-mobile. The latter website develops GPS navigation based on information provided by its users. It is a social mobile application that offers free turn-by-turn navigation based on real traffic conditions as reported by its users. In order to be able to provide good recommendations, the app needs information on every possible route.
ISET Hosts Mamuka Khazaradze, Chairman of the Supervisory Board of TBC Bank
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On May 22, ISET hosted Mamuka Khazaradze, Chairman of the Supervisory Board of TBC Bank, who talked about the story of his success in business, particularly the establishment of TBC (Tbilisi Business Center) Bank in Georgia.
He started his presentation by talking about his early years when, despite being young without enough experience in business or skills in diplomatic negotiations, he had a huge desire to develop his own business and to help his family financially. Mr. Khazaradze made his first real money selling cans of beer. At the time, this was a new product for post-Soviet countries and the demand was enormous. He managed to find some suppliers and made his first big deal by reselling cans of beer in St. Petersburg.
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