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- 2024
- Working Paper
How Real Is Hypothetical?: A High-Stakes Test of the Allais Paradox
By: Uri Gneezy, Yoram Halevy, Brian Hall, Theo Offerman and Jeroen van de Ven
Researchers in behavioral and experimental economics often argue that only
incentive-compatible mechanisms can elicit effort and truthful responses from participants.
Others argue that participants make less-biased decisions when the stakes
are sufficiently high.... View Details
- August 2024
- Background Note
Your True Moral Compass
This note explores the concept of a "moral compass" for making difficult decisions in leadership roles. It argues that the standard view of a moral compass as a simple, internal guide is inadequate for complex situations. Instead, it proposes that our true moral... View Details
- August 2024
- Article
Partisans neither Expect nor Receive Reputational Rewards for Sharing Falsehoods over Truth Online.
By: Isaias Ghezae, Jillian J. Jordan, Izzy Gainsburg, Mohsen Mosleh, Gordon Pennycook, Robb Willer and David Rand
A frequently invoked explanation for the sharing of false over true political information is that partisans are motivated by their reputations. In particular, it is often argued that by indiscriminately sharing news that is favorable to one’s political party,... View Details
- 2024
- Working Paper
People, Practices, and Productivity: A Review of New Advances in Personnel Economics
By: Mitchell Hoffman and Christopher T. Stanton
This chapter surveys recent advances in personnel economics. We begin by presenting evidence showing substantial and persistent productivity variation among workers in the same roles. We discuss new research on incentives and compensation; hiring practices; the... View Details
- July 2024
- Article
AI, ROI, and Sales Productivity
Artificial intelligence (AI) is now a loose term for many different things and at the peak of its hype curve. So managers hitch-their-pitch to the term in arguing for resources. But like any technology, its business value depends upon actionable use cases embraced by... View Details
- 2024
- Working Paper
The Value of Silence: The Effect of UMG’s Licensing Dispute with TikTok on Music Demand
By: Mengjie (Magie) Cheng, Elie Ofek and Hema Yoganarasimhan
Social media platforms like TikTok have transformed how music is discovered, consumed, and
monetized. This study examines the implications of the dispute between TikTok and Universal Music
Group (UMG), which resulted in UMG excluding its music from TikTok from... View Details
- 2024
- Working Paper
What Makes Players Pay? An Empirical Investigation of In-Game Lotteries
By: Tomomichi Amano and Andrey Simonov
In 2020, gamers spent more than $15 billion on loot boxes, lotteries of virtual items in video
games. Paid loot boxes are contentious. Game producers argue that loot boxes complement
the gameplay and expenditures on loot boxes reflect players’ enjoyment of the game.... View Details
- June 2024 (Revised January 2025)
- Background Note
Politics Comes to ESG Investing
By: Shawn Cole and Jonah Zahnd
While the past decade has seen a dramatic increase in the incorporation of Environmental, Social and Governance (ESG) standards into investor practices, this momentum has shifted recently in the United States, as some politicians argued that ESG investing practices... View Details
- June 2024
- Case
Building Innovation at VINCI
By: Dennis Campbell, Aluna Wang and Carlota Moniz
This case study explores how the VINCI Group, a French multinational operating in concessions, energy, and construction, bolstered awareness and adoption rates of new technologies within the organization. Through its separate innovation hub, Leonard, VINCI aimed to... View Details
Keywords: Business Model; Business Organization; Decisions; Business Earnings; Business Strategy; Competition; Energy; Corporate Entrepreneurship; Values and Beliefs; Global Range; Global Strategy; Cross-Cultural and Cross-Border Issues; Multinational Firms and Management; Globalized Markets and Industries; Corporate Accountability; Collaborative Innovation and Invention; Disruptive Innovation; Innovation and Management; Innovation Strategy; Technological Innovation; Knowledge Sharing; Organizational Culture; Technology Adoption; Innovation Leadership; Organizational Structure; Construction Industry; Energy Industry; Technology Industry; France; Europe
- June 2024
- Article
Valuing the Societal Impact of Medicines and Other Health Technologies: A User Guide to Current Best Practices
By: Jason Shafrin, Jaehong Kim, Joshua T. Cohen, Louis P. Garrison, Dana A. Goldman, Jalpa A. Doshi, Joshua Krieger, Darius N. Lakdawalla, Peter J. Neumann, Charles E. Phelps, Melanie D. Whittington and Richard Willke
This study argues that value assessment conducted from a societal perspective should rely on the Generalized Cost-Effectiveness Analysis (GCEA) framework proposed herein. Recently developed value assessment inventories—such as the Second Panel on Cost-Effectiveness’s... View Details
- 2024
- Case
EPCorp: Sell on Amazon or Invest in Our Data?
By: Jacob M. Cook
Amidst a history of exponential growth, Electronic Products Company (EPCorp) finds itself at a crossroads as its once thriving retail presence faces a downturn, despite hefty investments into a promising new direct-to-consumer e-commerce platform. Shivani, EPCorp s... View Details
- May 13, 2024
- Article
What Companies Get Wrong About Skills-Based Hiring
By: Joseph B. Fuller and Matthew Sigelman
In recent years companies have removed college-degree requirements from many of their job postings. They’ve done this for good reason: Talent is scarce, and requiring degrees eliminates almost two-thirds of workers from consideration, a disproportionate number of them... View Details
- 2024
- Working Paper
Old Moats for New Models: Openness, Control, and Competition in Generative AI
By: Pierre Azoulay, Joshua L. Krieger and Abhishek Nagaraj
Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability—whether firms in the industry are able to control the knowledge generated... View Details
- 2024
- Working Paper
What Is Newsworthy? Theory and Evidence
By: Luis Armona, Matthew Gentzkow, Emir Kamenica and Jesse M. Shapiro
We study newsworthiness in theory and practice. We focus on situations in which a news outlet observes the realization of a state of the world and must decide whether to report the realization to a consumer who pays an opportunity cost to consume the report. The... View Details
- Spring 2024
- Article
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
- 2024
- Working Paper
The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal…and What to Do about It
What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? While the answer is not entirely clear, I argue in this essay that any effort aimed at restoring... View Details
- 2024
- Working Paper
Corporate Culture Homogeneity and Top Executive Incentive Design: Evidence from CEO Compensation Contracts
By: Dennis Campbell, Ruidi Shang and Zhifang Zhang
We examine how corporate cultures characterized by high degrees of homogeneity in the underlying values and beliefs of organizational members are related to the design of CEO incentive compensation contracts. We argue that culture homogeneity within firms lowers... View Details
- February 2024
- Article
Diversification as an Adaptive Learning Process: An Empirical Study of General-Purpose and Market-Specific Technological Know-How in New Market Entry
By: Dominika Kinga Randle and Gary P. Pisano
An enduring trait of modern corporations is their propensity to diversify into multiple lines of business. Penrosian theories conceptualize diversification as a strategy to exploit a firm’s fungible, yet “untradeable”, resources and point to redeployment of... View Details
- 2024
- Chapter
Managing for Organisational Integrity: My Take After Three Decades
By: Lynn S. Paine
This chapter revisits core ideas from my 1994 article “Managing for Organizational Integrity” and explores a critical issue not discussed in the article: the role of corporate boards. In the chapter, I first re-examine the article’s ideas about the origins of... View Details
- 2024
- Working Paper
The Wandering Scholars: Understanding the Heterogeneity of University Commercialization
By: Josh Lerner, Henry Manley, Carolyn Stein and Heidi Williams
University-based scientific research has long been argued to be a central source of
commercial innovation and economic growth. Yet at the same time, there have been
long-held concerns that many university-based discoveries never realize their potential
social... View Details