Teaching
Courses in the Olin Business School at Washington University in St. Louis
My teaching begins with a careful consideration of the topics and specific content. Each piece of content must have some specific use or application. Each is presented in a way that concentrates on the essential ingredients making up the concept, and how they work together to produce the concept. Finally I discuss a variety of applications that illustrate the power of the idea to inform one’s thinking and expand it.
The Business of Luxury Hospitality
MEC 310-E (The Business of Luxury Hospitality) is a multi-disciplinary course that builds on and applies a wide variety of skills students learn in the Olin core. It will explore the economics of the luxury hospitality business and the nature of competition in the restaurant, nightlife, hotel/resort and casino segments. Students will learn the business fundamentals of each industry, interact with industry leaders, and apply what they have learned to specific companies worldwide. Due to the broad range of complex topics covered and skills utilized, the course’s intended audience is upperclassmen.
Microeconomics
MEC 290 (Microeconomics) is the foundational economics course for BSBA students at Olin. It explores and applies the theory of the consumer and firm, as well as their interaction in different market structures. There is focus on bringing precision to both analysis and communication, and emphasis on the idea that economics is the social science that studies all aspects of human behavior.
RESEARCH IN INDUSTRY ANALYSIS
MEC 400-K (Research in Industry Analysis) integrates the game theory and econometrics learned in its prerequisites with the industry analysis methods employed by consulting companies. Each team of students focuses on a single firm and applies the five methods learned to that firm. Each team also participates in two case competitions applying the class content to the client firm. There is a great deal of emphasis on analytical thought and client-friendly communications.
ECONOMICS OF ENTERTAINMENT
MEC 460 (Economics of Entertainment) explores the unusual economics of the Entertainment industry, with primary emphasis on music and movies. Class sessions include a variety of interactive speakers from industry, breakout sessions in which teams of students explore a topic and make presentations on their reasoning, and case competitions often involving personal branding of an entertainment figure, as well as a consulting-like interaction with an entertainment company.
The Business Of Art
MGT 460-O (The Business of Art) provides students in art-related fields with a skill set enabling them to pursue their artistic vision and ambitions while simultaneously having enough commercial success to make their career viable. The course is a blend of learning a set of appropriate business skills (organized by activities rather than functions), interacting with people from art businesses, and making student/team presentations.
Research
Center for Research in Economics and Strategy (CRES)
The way CRES is structured is the embodiment of Subversion, Minimalism, and Action. It promotes change and growth by only supporting research and research-related activities that are novel and changing the way we explore the edge of knowledge about economic activity. It also focuses on the sort of elegant and insightful projects that are most likely to find their way to top tier journals, and so have maximum impact on the economics profession. CRES is run like a venture capital company. There are no long term plans, bureaucracy, or application procedures, and minimal staff. We are constantly on the lookout for interesting new research that CRES can support and advance.
Projects and Publications
- "Leadership and Monetary Incentives"
- "Some Economics of Novelty"
- "Industry Evolution with Producer and Consumer Network Externalities" with Emin Dinlersoz
- "Innovation Incentives" with Nina Baranchuk and Jun Yang
- "Do new entrants sustain, destroy or create guaranteed profitability?" Strategic Management Journal, with M. Ryall, 2018
- "The Economics of super managers" Review of Financial Studies, with N. Baranchuk, J. Yang, 2011
- "Legal Institutions, Sectoral Heterogeneity, and Economic Development" Review of Economic Studies, 529-561, with R. Castro, G. Clementi, 2009
- "How do value creation and competition determine whether a firm appropriates value?" Management Science, 1319-1333, with M. Ryall, 2004
- "Investor Protection, optimal incentives and economic growth" Quarterly Journal of Economics, with R. Castro, G. Clementi, 2004
- "The economics of has-beens" Journal of Political Economy, S289-S310, with M. Weisbach, 2004
- "Adverse Specialization" Journal of Political Economy, 864-899, with L. Marx, 2001
- "Competitive Diffusion" Journal of Political Economy, with B. Jovanovic, 1994
- "The life cycle of a competitive industry" Journal of Political Economy, 322-347, with B. Jovanovic, 1994
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