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What an Economist Brings to a Business Strategy

Harvard Business Review

SEPTEMBER 29, 2014

Consider first the increasing use of auctions, which have a distinguished history in the development of economics. In the 1900s, French mathematician-economist Leon Walras envisioned prices in a market economy being set by an auctioneer (since known as the “Walrasian auctioneer”) conducting continuous auctions for all kinds of commodities.

Strategy 12
Strategy Black-Scholes Airlines Price 12
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CEOs Don’t Care Enough About Capital Allocation

Harvard Business Review

APRIL 16, 2015

It’s been more than 50 years since Nobel prizewinners Franco Modigliani and Merton Miller identified return on investments as a major component of value creation (and value destruction). This failure to even mention return on capital seems perverse. It is, in fact, the salt in the value recipe.

CEO 8
CEO ROIC Cost of Capital Merton 8
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