Market-only Rider Experience Metrics and Market Balance Index (MBI)
You are designing a metric suite for a rides marketplace where "rider experience" must reflect market balance (supply–demand dynamics) rather than app UI or vehicle quality. All metrics should be derivable from server-side marketplace logs and be robust to UI changes.
Tasks
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Define a market-only metric suite that captures rider experience via supply–demand mechanics. Include, at minimum:
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Request Fill Rate within 5 minutes (FR5)
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Time-to-Match (TTM)
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Quoted pickup ETA at request time
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Realized pickup wait
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Rider wait-hazard (survival/hazard-based)
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Price-adjusted wait index
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Provide precise metric definitions, including:
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Event and unit definitions (what constitutes an intent, request, match, pickup)
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Sampling windows and aggregation levels
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Censoring rules for unfulfilled requests and cancellations
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Holiday/outage exclusions and normalization
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Propose a single composite Market Balance Index (MBI) with an explicit, computable formula and weights across sub-metrics. Explain scaling/normalization so MBI is comparable over markets and time.
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Design a backtest that demonstrates sensitivity of the metric suite and MBI to supply/demand shocks (e.g., weather, events) but insensitivity to UI releases. Describe the study design and report illustrative results.