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Business + Economy

All Else Equal: Making Better Decisions

Jonathan Berk & Jules van Binsbergen · Stanford GSB · Wharton

Stanford's Jonathan Berk and Wharton's Jules van Binsbergen sit down with prominent business leaders to expose the common flaws in how we make decisions — and the fixes, grounded in decades of finance research.

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Episodes (103)

Rerun: Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster

All Else Equal is taking a short break over the summer and will be revisiting some of our favorite conversations from last season. The show will be back with new episodes soon. Historically, the U.S. has had a habit of overestimating the capabilities of its enemies. Why? Is this an intentional security strategy? Or doe

Ep78 “What’s Wrong With Taxing Billionaires More?” with Joshua Rauh

A proposed constitutional amendment on the ballots in California this November will impose a one-time 5% wealth tax on billionaires. Proponents of the amendment say it will bring upwards of $100 billion to California’s revenue, but how did they get to that number and what other side effects of this wealth tax could be

Rerun: Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins

This episode originally aired previously and is being re-shared due to its continued relevance. Enjoy this conversation with Jeff Hawkins on intelligence, neuroscience, and the future of AI. With growing concerns over whether or not AI will take away jobs and eventually become superior to human intelligence, maybe it’s

Ep77 The Academic Journal System is Broken, Here’s How to Fix It

How should academic discourse take place? Is it time to update the antiquated journal system? In the season finale, hosts and finance professors Jonathan Berk and Jules van Binsbergen tackle the problems present in the current system for disseminating academic research, including how digital distribution has eliminated

Rerun: Ep46 "May Contain Lies" with Alex Edmans

This week, we’re revisiting our ever-timely and fascinating conversation around misinformation with London Business School professor Alex Edmans. All Else Equal will be back with a new episode in two weeks. What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think criti

Ep76 “How Should You Deal with Uncertainty in Today's World?” with Nick Bloom

What do measures of uncertainty tell us about the state of the economy and how should firms and households use those measurements to inform decision-making? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by returning guest Nick Bloom, professor of economics at Stanford University, whose

Ep75 The Misleading Truth Behind IRR

Despite it being widely taught in business schools and practiced in the industry, you should think twice before using the internal rate of return as a criteria for making an investment decision. Hosts and finance professors Jonathan Berk and Jules van Binsbergen are back to discuss why using the internal rate of return

Ep74 Is The Financial Sector Good for Society?

What value does a financial sector add to society? How would society function without a financial sector? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen make the case that a competitive market financial sector is crucial to economic growth and the betterment of society. Jonathan an

Rerun: Ep29 “How Do You Become CEO?” with Dirk Jenter

All Else Equal is on Spring Break this week, so we’re revisiting one of our most popular episodes dealing with the question: How does one become a CEO? We’ll be back with new episodes in two weeks. A lot has been written and said about CEOs and their compensation, but who are they really and how did they get there? Acc

Ep73 “The Dangers of Group Think on Decision Making” with Adi Sunderam

Whether it be in politics, public health, or corporate finance, why are people more likely to interpret facts or data in a way that fits their preconceived notions about the world as opposed to searching for the fundamental truth? A new paper from the Harvard Business School called, Sharing Models to Interpret Data (by

Ep72 Alternatives vs. Mutual Funds: Where Should You Put Your Money

In the rapid-moving world of delegated money management, it is important to recognize the differences in how mutual funds and alternative assets operate. When it comes to alternatives, how do these funds wind up with strong incentive contracts for the money managers as opposed to flat fee contracts more commonly seen i

Ep71 “The Working From Home Revolution” with Nick Bloom

When the pandemic hit in 2020, working from home skyrocketed. Six years later, many companies have returned to in-person work, but hybrid models are still the dominant structure. So with WFH here to stay in some form, what’s the proper balance? And what are we at risk of losing in the long term with less in-office inte

Ep70 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 2

In the final part of this two-part interview, Steven Pinker, an experimental psychologist and Harvard professor, again joins hosts and finance professors Jonathan Berk and Jules van Binsbergen to discuss his new book When Everyone Knows That Everyone Knows: Common Knowledge and the Mysteries of Money, Power, and Everyd

Ep69 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 1

Everyday, we participate in seemingly arbitrary but essential choices for society to function. We all agree on what side of the road to drive on, to use paper currency, or to speak the same language. These kinds of choices make up a group’s common knowledge – things that are made blatantly and publicly known. But what

Rerun: Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou

This holiday week, All Else Equal is looking back at its episode on the growth of private equity with Ludovic Phalippou. Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private m

Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster

Historically, the U.S. has had a habit of overestimating the capabilities of its enemies. Why? Is this an intentional security strategy? Or does the U.S. need to change the way it gathers enemy intelligence? Former National Security Advisor H.R. McMaster gives hosts and finance professors Jonathan Berk and Jules van Bi

Ep67 Real Talk on Rent Control: Its Pros and Cons

As the 2025 municipal elections approach, the New York City mayoral race has garnered national buzz, with one issue particularly capturing attention: rent control. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen explore and unpack the best possible reasons for rent control, and why

Ep66 When (and When Not) To Listen to Investment Advice

Solicited or not, advice on where to invest your money seems to be around every corner these days. But determining whether the advice is credible and worth listening to can be challenging. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen put sources of investment advice to the test a

Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins

With growing concerns over whether or not AI will take away jobs and eventually become superior to human intelligence, maybe it’s time to take a closer look at the human brain and discover how AI will always have its limitations. Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Jeff Haw

Ep64 "Why Higher Education Needs a Massive Overhaul: Are the Kids Even Learning Anything?" with Bryan Caplan

While a higher education may help your career in terms of income, how much of what you’re taught in a classroom actually prepares you for the work you do on the job? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with economist Bryan Caplan about his book, “The Case Against Education.” In the

Rerun: Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport

It’s the final episode of the summer season and with some key mayoral races coming up this fall, we’re revisiting our conversation on inflation with Veronica Rappoport, a former official at the Central Bank of Argentina who had a front row seat to the country’s inflation crisis. Over the last couple U.S. election cycle

Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou

Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet right now, or is there more to the story? Hosts and finance professors Jonathan Berk and Jules

Rerun: Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Senior Fellow of the Hoover Institution at Stanford University John Cochrane. What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately,

Rerun: Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Ta

Rerun: Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Madhav Rajan of the University of Chicago Booth School of Business. As more and more universities move away from full-time MBA programs, what does the future of busin

Rerun: Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson

For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with historian Victor Davis Hanson. History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall

Rerun: Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian

For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with Mohamed El-Erian on the intricacies of national debt and the best ways to measure it. Mohamed, Jonathan, and Jules explore the broader macroeconomic and geopolitical

Ep62 “The Cost of Social Compliance: Exploring Preference Falsification" with Timur Kuran

Is the emperor wearing clothes? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification . This 30-year-old book explains the social phenomenon wher

Ep61 “Pursuit for Academic Freedom” with Richard Saller

If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richa

Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane

What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a tr

Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik

With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and au

Ep58 How Rich Are The Ivy League Universities, Really? University Endowments Explained

The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gives? Why would less money from the federal government be a cause for concern? Where does all that money go? And could there be more to this budget picture than meets the

Rerun: Ep36 “Institutional Neutrality: Open Debate and Moral Stands” with John Etchemendy

All Else Equal is taking a little spring break, so on this episode we’re revisiting a fascinating conversation on what happens when universities step off the sidelines and take a stance on contentious issues. Are they boarding a roller coaster that they can’t ever get off? Hosts and finance professors Jonathan Berk and

Ep57 “Effective Communication: Trump vs. Reagan” with Peter Robinson

One key to effective negotiation is to keep your opponent guessing by randomizing your strategy. And right now, there might not be a more prolific example of this kind of strategy than President Donald Trump’s communication style. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are

Ep56 “When Should We Lie for the Greater Good?” with John Ioannidis

Is it acceptable for doctors to lie to their patients, or withhold some of the truth, if it’s in the patient’s best interest? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back John Ioannidis, professor of medicine at Stanford University, to discuss the ethical implication

Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan

As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look? In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania

Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson

History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with historian Victor Davis Hanson, a senior fellow at the Hoo

Rerun: Ep48 “Why CEOs are Underpaid” with Dirk Jenter

As we ring in the new year, we’re bringing back one of our favorite episodes! Handpicked by Jules and Jonathan, this previous conversation is perfect for starting your year with thought-provoking insights. Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But

Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport

During the 2024 U.S. presidential election, inflation was one of the most talked about issues, and there was one policy idea to get inflation under control that kept coming up: price caps. But history has shown time and time again that price caps do anything but reduce inflation. So why do policymakers still want to tr

Ep52 “Should Legacy Admissions at Universities Be Illegal?” with Patrick Awuah

Should legacy admissions at colleges and universities be banned? What are the benefits and tradeoffs of admitting students based on their legacy status? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Patrick Awuah, president of Ashesi University, about the Ghanaian

Ep51 Celebrating 50 Episodes: The Biggest All Else Equal Mistakes

The All Else Equal: Making Better Decisions podcast has officially done 50 episodes! To commemorate the milestone, hosts and finance professors Jonathan Berk and Jules van Binsbergen look back on some of the major all else equal mistakes they’ve covered on the show. With highlights from past guests like Google CFO Ruth

Ep50 “Is Proxy Advising a Catch-22?” with Chester Spatt

If the purpose of a proxy advisory firm is to gather information and advise shareholders on how to vote, then how do the firms handle the many different goals and incentives each shareholder brings to the table? Where do the proxy advisory firms’ interests truly lie? In this episode, hosts and finance professors Jonath

Ep49 “Making Regulation Work” with Jay Clayton

Regulation is meant to fix problems in the market, but as more and more regulation is introduced, those issues have a tendency to evolve into new ones. So is all this regulation even accomplishing what it set out to do? And how do you even measure the success of regulation to begin with? In this episode, hosts and fina

Ep48 “Are CEOs Underpaid?” with Dirk Jenter

Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But those figures might not capture the full picture. So, what really goes into deciding CEO compensation? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back Dirk

Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian

What is the best way to measure National Debt Sustainability, and how does the US do on those metrics compared to other countries? In the first episode of the new season, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Mohamed El-Erian about the intricacies of the national debt, dif

Rerun: Ep12 Corporations as Job Security Providers

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job

Rerun: Ep1 "Making a Business Decision" with Ruth Porat

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same princi

Rerun: Ep17 "Can the Free Market Discourage Fraud?" with Marc Cohodes

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! There’s a negative connotation associated with short selling – the act of betting against a stock to perform well. But is

Rerun: Ep8 “Why Capitalism Works" with John Cochrane

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! Competitive markets don’t produce the same level of prosperity for everyone. But economist John Cochrane thinks they give

Rerun: Ep7 Can Investors Effect Social Change?

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions

Rerun: Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with f

Rerun: Ep4 "Making Bad Investments Profitable" with Pete Briger

This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group,

Ep46 "May Contain Lies" with Alex Edmans

What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think critically about the world and the systems around us? What happens when large institutions attempt to push a heterodox narrative? Do we simply need more education to overcome misinformation, or do we need somethi

Ep45 “The Future of Higher Education Part 2” with Niall Ferguson

What are the unseen costs of administrative bureaucracy and an ideology that favors victimhood over scholarly debate? What caused the ideological shift from classical liberalism to the illiberal leanings that now permeate universities, and what does it mean for the future of intellectual innovation and freedom? In this

Ep44 “The Future of Higher Education Part 1” with Carmen Twillie Ambar and Kimberly Wright Cassidy

Should universities be primarily research and teaching institutions or should they have broader social responsibilities to today’s youth? How are institutions navigating the delicate dance of institutional neutrality among very hot-button and controversial issues? In this episode, hosts and finance professors Jonathan

Ep43 Examining Bad Investment Advice

Is Suze Orman giving out bad investment advice? Should you ever not refinance rates drop? Is dilution of stock a bad thing for the early stockholders? Should you dollar cost average? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen evaluate three pieces of widely given investing advi

Ep42 Waiting to Invest

What could be the reason to delay investing in an option that will make you money? How do your investment opportunities expand when you make that choice? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the concept of real options in finance, focusing particularly on investme

Ep41 “Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham

Why should climate risk be singled out for mandatory disclosure by the SEC, and how does this change the investment landscape? Can climate disclosure legislation walk the fine line between transparency and information overload? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome

Navigating Workplace Power Dynamics with Deborah H. Gruenfeld feat. ‘If/Then’ Podcast

Today, we’re sharing a special episode from If/Then , the new podcast from our friends at Stanford Graduate School of Business. If/Then is made for curious people looking for answers to challenging questions, featuring experts and thought leaders engaged in cutting-edge research on topics like AI, immigration, sustaina

Ep40 “Why the Private Debt Markets Have Exploded” with Laurence Gottlieb

There has been a rising trend in the importance of private debt as a way of financing companies. But what are the differences between private debt and public debt? Why is it increasing in popularity? What advantages does it offer over traditional banking models? In this episode, hosts and finance professors Jonathan Be

Ep39 “Why Does the Non-Profit Model Work?” with Daniel Diermeier

Without a residual claimant, who sets the agenda of a non-profit organization like a university? Who makes sure that the organization follows that agenda rather than serving the interests of the administrators running the organization? Who are the stakeholders in a non-profit organization, and how does the organization

Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick

Picture a workforce driven not by the promise of a paycheck, but by a shared sense of purpose and the thrill of contributing to something greater than themselves. How can you can ignite a passion in a team that money simply can't buy. In this episode, based on a question from a listener, hosts and finance professors Jo

Ep37 Five Common Finance Mistakes

Today, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss five common mistakes financial decision-makers often make. There is much misinformation and bad advice in financial markets. In this episode, Jonathan and Jules discuss strategies for avoiding bad advice and making better decisions. Subm

Rerun: Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans

For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to rerun a past episode they love for the new audience who has joined since then. Imagine being able to see through all the layers of corporate decision-making to uncover whether businesses should prioritize profits for share

Rerun: Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann

For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to rerun a past episode they love for the new audience who has joined since then. Is it possible to unravel the paradox of disagreement in rational decision-making? How should we dissolve discord? In this episode, hosts and f

Rerun: Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness

For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to re-present a past episode they love for the new audience who has joined since then. Investing in stocks isn’t just prowess in numbers but a mental marathon as well. But prowess in numbers isn't all there is; this episode a

Ep36 "Institutional Neutrality: Open Debate and Moral Stands" with John Etchemendy

What happens when universities and step off the sidelines and take a stance on contentious issues? Are they boarding a roller coaster that they can’t ever get off? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome John Etchemendy, former Provost of Stanford University, for a d

Ep35 “Does Common Ownership Affect Product Market Outcomes?” with Martin Schmalz

It turns out your airline ticket prices might be affected by common ownership in mutual and index funds, but how? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Martin Schmalz, Professor of Finance and Economics at Oxford Saïd and Academic Area Head for the FAME faculty gro

Ep34 “Why Has Private Equity Grown So Much?” with Eric Zinterhofer

What accounts for the recent growth of private firms? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Eric Zinterhofer, Founder of Searchlight Capital Partners, to discuss the fundamental tradeoff between Public Equity and Private E

Ep33 How Risky Should Your Retirement Savings Be?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the second half of the retirement equation, after going over how much you need to save, they now elaborate on how to think about investing what you have saved, and what theories make f

Ep32 “Labor Unions and Detroit Struggle” with Larry Katz

With recent strikes making big news, what are the complexities at hand when Unions become involved in the labor force? Some are well known but other effects, both good and bad, have been less obvious. Exact data can be hard to discern, but In this episode of All Else Equal: Making Better Decisions, hosts and finance pr

Ep31 How Much Should You Save?

How much are you supposed to save for retirement and how do you get there? What is the different advice for people with different plans or risk tolerances?In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the ins and outs of long term

Ep30 “Becoming a Better Communicator” with Matt Abrahams

Are you breaking some basic rules of communication without knowing it? What are the things you can start doing right now to communicate better? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Matt Abrahams, lecturer at Stanfor

Ep29 “How Do You Become CEO?” with Dirk Jenter

A lot has been written and said about CEOs and their compensation, but who are they really and how did they get there? According to the data, what are the most likely paths to become one? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are

Ep28 Incentives and Externalities

Humans respond to incentives, and so incentives predict behavior and sometimes the behavior can be detrimental. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss a range of less obvious examples of how incentives produce negative exte

Ep27 "The Future of AI" with Michal Kosinski

The speed at which AI is getting smarter is on everybody's mind these days. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Stanford Professor Michal Kosinski what we should expect from the coming wave of AI technology, how it

Ep26 “Investigating Implausible Theories: The Case of COVID” with Matt Ridley

When COVID-19 shut down the world economy in 2020 many wondered where it had begun and why the pandemic had even started in the first place. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Matt Ridley (biologist and author of V

Ep25 “Bubble Trouble” with Will Goetzmann

Financial bubbles are episodes where the value of something (like stocks, tulips or cryptocurrency) shoots up very rapidly, but then peaks and comes crashing down. The problem has never been seeing them in hindsight, but rather identifying one while in the middle of it. In this episode of All Else Equal: Making Better

Ep24 “When Institutions Cry Wolf” with Jay Bhattacharya

It takes a long time to build up credibility, but you can lose it in an instant. What would it take to justify lying to the public for their own good, and are the benefits worth the costs? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen dis

Ep23 “When Banking Fails” with Amit Seru

The FDIC and Federal Reserve have recently intervened to stop another banking crisis. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen dig in to see what failed. What causes bank runs? Are the government subsidies of banks worth it? Is a ban

Ep22 “How Do You Know If Your Marketing Dollars Are Working?” with Florian Zettelmeyer

Note: if you are hearing the wrong audio try redownloading the episode or listen here . What reach does marketing really have? In the murky waters of cause and effect marketers have to figure out where to put their resources and what impact they can make on consumers. In this episode of All Else Equal: Making Better De

Ep21 "Disentangling Causation and Correlation" with Guido Imbens

It can be tempting to think one thing causes another because they happen in succession, but there’s a lot to unwrap in the idea of causality. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain the difference between correlation and cau

Ep20 "Risk and the Fundamental Tradeoff of Corporate Finance"

Risk is an inherent part of all business decisions and understanding ways this risk can be reduced is essential to succeeding in today’s business environment. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain how to assess risk and di

Ep19 “The Future of Money: Central Bank Digital Currency?” with Kevin Warsh

Cryptocurrency is increasing in popularity but still confusing to many consumers and finance professionals alike. On this episode of All Else Equal, finance professors Jules van Binsbergen and Jonathan Berk admit they don’t understand why some central banks are introducing digital currencies and why there would be need

Ep18 “Investigating Implausible Theories” with John Ioannidis

In science, we often hear about new discoveries or theories that could change our way of thinking. In the business world, a start-up might promise a revolution in a specific industry, if it can get the right investments. So, when is it worth believing or betting on one of these new theories, and when is it a waste of t

Ep17 “Can The Free Market Discourage Fraud?” with Marc Cohodes

There’s a negative connotation associated with short selling – the act of betting against a stock to perform well. But is this trading practice truly a bad thing? In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case for short sel

Ep16 “The Value Of Protecting Unpleasant Speech” with John Paulson

Freedom of expression is a constitutional right, but it’s also a valuable business strategy. In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case that without freedom of expression within an organization, the competitiveness of t

Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans

Businesses often prioritize shareholder interests to make profit. But this can lead to short-sighted decisions that fail to benefit other stakeholders… right? In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen – and guest Alex Edmans – ask th

Ep14 “‘A Pound Of Flesh’ And Student Debt” with Sheila Bair

President Biden has promised sweeping debt relief to millions of student loan borrowers. In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the implications of this policy decision and the ways it could influence behavior for both stu

Ep13 “Does Regulation Help or Hurt Consumers?” with Maureen Ohlhausen

Conventional wisdom tells us that we need regulators to ensure quality work in certain professions. But do consumers really benefit as much as they think from government regulation? In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen investiga

Ep12 "Corporations as Job Security Providers"

Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job security and thus serve the important role of minimizing risk for individual employees. In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jul

Ep11 "Is Bankruptcy the End?" with Jim Millstein

Does filing for bankruptcy spell the end for a company? Or is there another way to look at corporate financial distress? In this episode of All Else Equal: Making better decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen debunk some myths about Chapter 11 of the United States Bankruptcy Cod

Special Episode: What’s Wrong with Buybacks?

Are buybacks bad for business? Should firms buy dividends instead, or just not make payouts? In this episode of All Else Equal: Making Better Decisions , hosts and finance professors Jonathan Berk and Jules van Binsbergen debunk myths about buybacks. They explain what a buyback, or share repurchase, is and why companie

Ep9 "When is a Business Decision a Mistake?" with Hadley Mullin

As leaders, how do we know when we've made a mistake? Is it as simple as evaluating whether the outcome was good or bad? In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss how risk/reward calculations can help define what is a mistake

Ep8 "Why Capitalism Works" with John Cochrane

Competitive markets don’t produce the same level of prosperity for everyone, but economist John Cochrane thinks they give us something more important — incentives. In this episode of All Else Equal: Making Better Decisions , hosts Jules van Binsbergen and Jonathan Berk are joined by John Cochrane, a prominent free-mark

Ep7 "Can Investors Effect Social Change?"

How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions , hosts Jules van Binsbergen and Jonathan Berk explore what strategies are available to the social-minded investor. When it comes to what’s good for business and what’s good for society, van Binsberg

Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers

In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with former Treasury Secretary Larry Summers, who argues for retaining the tax. Summers explains why taxing corporations is one of the most effective tools the federal government has in making sure the wea

Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann

"The reason people disagree is because they're striving toward a different goal," says mathematician and Nobel Prize winner Robert Aumann. In this episode of All Else Equal, Aumann sits down with finance professors and podcast hosts Jonathan Berk and Jules van Binsbergen. "If there's a disagreement in the room at the e

Ep4 "Making Bad Investments Profitable" with Pete Briger

When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group, specializes in buying bad debt and spinning it into gold. In this episode of All Else Equal , Briger, who dubs himself a “garbage collector,” describes how he makes decisions and why being prepared t

Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness

Picking stocks is a famously difficult exercise, not for the faint of heart. So how do investment professionals make decisions about which stocks to buy? In this episode of All Else Equal , professors Jonathan Berk and Jules van Binsbergen interview Cliff Asness, cofounder and chief investment officer at AQR Capital Ma

Ep2 "How the NBA Builds Teams" with Billy King

Personnel decisions can be some of the toughest a manager will make. What are the attributes you should look for when building a team? In this episode of All Else Equal , professors Jonathan Berk and Jules van Binsbergen interview former NBA general manager Billy King about how he approached player evaluation. Statisti

Ep1 "Making a Business Decision" with Ruth Porat

When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same principles inform business leaders who rely on data analysis to set and shape direction. In this inaugural episode of All Else Equal , professors Jonathan Berk and Jules van Binsbergen speak with Alphabet

Introducing "All Else Equal"

Join finance professors Jonathan Berk and Jules van Binsbergen in a conversation with prominent business leaders about common flaws in the decision making process and what to do about them. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info . H