The Chicago Booth Review Podcast is the audio companion to CBR's coverage of the latest academic research in business, policy, and markets. Each week we dig into CBR articles and videos to examine a different topic in depth, from inflation to artificial intelligence. Join host and CBR editor-in-chief Hal Weitzman for groundbreaking research, explained in a clear and straightforward way.
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Will alternative investments underperform?
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25:39In recent decades, US pension and endowment funds have increasingly allocated funds to alternative investments such as private equity and venture capital. Will those investments pay off? Chicago Booth's Joe Pagliari tells us about his research on real-estate private-equity funds, and explains his concerns that they may not generate the returns that…
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What Trader Joe's tells us about strategy
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27:40The US supermarket business is cut-throat, but amid it all Trader Joe's has been able to carve a distinct role. Chicago Booth's Ram Shivakumar explains how it has thrived, and what it tells us about business strategy in a highly competitive market.
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Schools are trying to restrict or at least identify the use of AI, and colleges are attempting to catch students who cut and paste generated text to use in their assignments. How effective are the tools they're using? Chicago Booth's Brian Jabarian about his research on AI detection tools. Jabarian points out that it's not just education that's aff…
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Is Atlanta a better real-estate investment than New York?
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27:06New York, LA, Chicago, Boston and other big US cities have traditionally been a good bet for real-estate investors. But that view is changing. Chicago Booth's Joe Pagliari explains why those traditional markets are riskier investments, and why more and more real-estate investors are looking at cities such as Atlanta, Dallas, Denver and Houston.…
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How take-out and delivery boosts productivity
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21:21For the 30 years leading up to the COVID pandemic, productivity in US restaurants was essentially flat. Since the pandemic, restaurant productivity has soared—because of the rise of take-out and delivery. Chicago Booth's Chad Syverson about his research into the restaurant productivity boom. How has take-out and delivery transformed the economics o…
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What makes welfare recipients invest in their kids' human capital?
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23:20Critics of social welfare programs often talk about how payments can disincentivize work. But is that always the case? Chicago Booth's Rebecca Dizon Ross talks about her research on how parents of disabled children think about the social safety net and investing in their kids' human capital. Could giving them better information help shape their thi…
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How much does a CEO really matter?
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26:30It's a cliché for organizations to say that their people are their most important asset, but how important is the person at the top? Can we measure the impact of a CEO or a manager? Chicago Booth's Mike Gibbs gives us a survey of economic research on leadership and management. How much of a difference does a good leader make? And why do "manager-ty…
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Why economics is not about numbers
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26:45Economics is all around us. At least, that's what Chicago Booth's Ram Shivakumar believes, and he's on a mission to demonstrate that economics is not about numbers or theoretical models, but is at play in many everyday decisions, like whether to order a pizza, where to buy it from and what toppings to get. If economics isn't about numbers, what is …
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You Might Also Like: Markets for Pollution, from Shocked
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53:18A warmer world is here. Now what? Listen to Shocked, from the University of Chicago's Institute for Climate and Sustainable Growth, and hear journalist Amy Harder and economist Michael Greenstone share new ways of thinking about climate change and cutting-edge solutions: https://lnk.to/shockedpodcast!boothreview…
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Does choosing your friends make you happier?
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23:44In the west, we are more likely to choose our friends and dropping them is relatively easily done. In other cultures, people tend to stick with the same social network for their whole lives. But does the ability to choose and to drop your friends make you happier? Chicago Booth's Thomas Talhelm tells us about his research on social circles and happ…
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Does collaboration really produce better ideas?
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25:23Most companies talks about the importance of innovation and collaboration, but the connection tends to be more of a hunch than a demonstrable fact. So can we measure whether collaboration really produces better ideas? Chicago Booth's Mike Gibbs talks about his research on social networks and innovation. Does having a bigger network make you more li…
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Apart from the paycheck, why do we work?
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25:10Would you work if you weren't being paid for it? Social media is full of people criticizing companies for exploiting interns and prospective hires by underpaying or not paying them. Is that a universal feeling, or does it reflect western values and attitudes that aren't replicated elsewhere in the world? Chicago Booth's Thomas Talhelm talks about h…
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The median home price in the US in 1970 was approximately $23,400, less than 2.5 times the median family income at the time of about $9,870. By last year, the median home price was more than $400,000, about 5 times the median family income of about $80,000. No surprise that people are warning about a housing affordability crisis. To what extent is …
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Have you had an AI job interview? Would you prefer to be interviewed by AI than by a human? And how would you expect AI interviewers to perform compared to their human counterparts? Chicago Booth's Brian Jabarian talks about his research on AI interviews. Will they make human-to-human job interviews a thing of the past?…
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One way health policymakers can get people to exercise more is to pay them. But should we pay greater amounts to people who exercise more, and smaller sums to those who do less? Rebecca Dizon Ross tells us about her research on personalizing incentive payments to try to encourage exercise. Does getting people to choose their own exercise targets an…
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The 'Professor of Uncertainty' on AI
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28:22AI is untrustworthy. It hallucinates, making up information or extrapolating by itself. That might make it frustrating to use, but could it prove more of a feature than a bug? Chicago Booth's Veronika Ročková uses statistical methods that exploit the randomness in AI responses to improve medical diagnoses, and even to classify galaxies more efficie…
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Can virtual reality increase empathy?
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21:10Technology is typically thought of as driving humans apart. But could it be used to promote a sense of empathy with others? Chicago Booth's Alex Imas tells us about an experiment he ran using an immersive virtual-reality installation. Virtual reality, Imas reckons, could be used to help us relate to other people in real life.…
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Is self-awareness always a good thing?
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19:30We typically think of self-awareness as being a good thing. But if someone behaves badly and is aware that they're behaving badly, is that worse than if they're blissfully unaware? Chicago Booth's Shereen Chaudhry has conducted research into the effects of self-awareness. When should we express self-awareness, and when should we convey that we were…
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Do all loans have "a pound of flesh" clause?
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22:17Almost all companies borrow money – some of secured by assets they own, other debts unsecured. But is that distinction meaningful in the real world? Chicago Booth's Raghuram Rajan talks about his research into corporate debt. In the past century, the amount of unsecured debt has soared. What's the significance of that, and is it really unsecured?…
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What investors look for in a startup pitch
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29:49What do startup founders need to do to get venture capitalists to invest? Do VCs invest in the right team, or the right idea? Do they invest where they can add value, or do they try to pick new businesses that are going to be winners from the start? Chicago Booth's Steve Kaplan has surveyed venture capitalists to find out what they look for in star…
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When students are asked if they use AI to do their work, many say they don't. But when they're asked if other students re using AI, many more say that they do. Should we conclude that they're not being honest about their own AI use? Chicago Booth's Alex Imas has conducted research on students and AI. Why is using AI such a taboo? And how should sch…
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It's hard to say sorry, and it can be even harder to say sorry without following it up with whatever the other person did wrong. Why are apologies so hard? Chicago Booth's Shereen Chaudhry has conducted research into the strategy of apologizing and blaming. Why do we care so much about others accepting their share of the blame? And when we know tha…
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Trumponomics: How robust are America's institutions?
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28:27The Trump administration has gutted central government, lashed out at the Federal Reserve, and is attempting to dismantle the international trading order. Can America's institutions survive? We hear from Chicago Booth's Raghuram Rajan about the role of institutions in political economy. Are we seeing a reversal of fortunes, in which the US is looki…
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Decoding the signals in private equity reports
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24:48Private equity investments are typically locked up for many years, which means investors don't know at any point in time how much their stakes are worth. Should they take at face value the valuations that PE firms provide? Chicago Booth's Steve Kaplan has detected patterns in private equity valuation reports that reveal whether the company will be …
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Should we pay coal miners to go to college?
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22:02In recent decades, many manufacturing workers in developed economies have lost their jobs, replaced by robots or cheaper imports. One option is to try to get those jobs back. Another is to retrain them to acquire skills that are in demand. But does it really make sense to send displaced manual workers to college? Chicago Booth's Anders Humlum talks…
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How can we address conflicts of interest in research?
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27:19Imagine that you hear about a powerful new miracle drug just discovered. If the scientist who did the research had stock options in the drug maker and stood to make a lot of money if the drug got approved, would that affect how you think about it? Luigi Zingales talks about his research into conflicts of interest in research and what should be done…
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Is America's cultural divide growing?
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27:19Many of us have a general sense that as a society, we're not just becoming more polarized politically, but we're also moving further apart culturally – what we buy, what we watch, how we spend our spare time - these consumer behaviors are also increasingly diverging. Chicago Booth's Emir Kamenica has studied the cultural divide in America. While hi…
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If the bank won't lend to you, who will?
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25:08One of the fastest-growing parts of the financial system in the past 15 years has been private credit, that is, lending not by banks but by other financial institutions or funds that don't take deposits. The sector expanded ten fold between 2009 and 2023, to reach a value of about $2 trillion, according to McKinsey. And McKinsey thinks it has room …
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Employees are increasingly using AI, and their employers are increasingly encouraging them to do so. Companies are building their own chatbots, and training their staff in how best to use the technology. You might think this would be feeding through into corporate profits and boosting the economy. So why isn't it? We hear from Chicago Booth's Ander…
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Moving home is one of the most stressful things you'll do in life, but negotiating to buy a home has to be up there. Chicago Booth's George Wu teaches negotiation to MBAs. What techniques does he recommend to reduce the stress and improve the success when it comes to getting a deal over the price of a home?…
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Low-cost ways to tackle America's murder rate
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26:44The US murder rate is around 5 per 100,000 people, lower than a recent COVID-era spike, but nonetheless much higher than most other developed countries. Many Americans have concluded that either they need a gun to protect themselves, or that the problem is too big to address. In our second episode with Jens Ludwig, author of Unforgiving Places: The…
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What the Right and Left get wrong about gun violence
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28:21The United States has more guns than people, and one of the world's highest rates of gun homicide. What's really driving America's appalling murder rate? Is it bad people, poverty, or something else? Jens Ludwig, a professor at the Harris School of Public Policy, and Director of the University of Chicago's Crime Lab, talks to us about his new book,…
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The data on sex, marriage, and happiness
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24:15Married people are happier than the unmarried, on average. Those who are married and having regular sex are even happier. And over time, the difference between the happiness of the married and the unmarried is growing. So what do the statistics tell us about sex, marriage, and happiness? Chicago Booth's Sam Peltzman talks about his research into ha…
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Why nonprofits should be more like corporations
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22:54Most nonprofits depend on donations. But should they be acting more like companies, and focus on raising revenue instead? Chicago Booth's Rob Gertner thinks philanthropy might not be the best way to achieve a social goal. He talks about his research into social enterprises—organizations that have a social goal, but achieve it in part by charging mo…
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Are customers more important than revenue?
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22:24Many of us have so many subscriptions that we've lost track of them all. Companies also increasingly have subscriptions for services such as software and cloud computing. As customers, they're the source of a lot of value to providers. Chicago Booth's Amir Sufi says this "customer capital" accounts for a lot of the differences in how companies are …
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What makes news stories newsworthy? Can you measure newsworthiness? Are people right in thinking that the media tend to focus on bad news? Chicago Booth's Emir Kamenica argues that accounting for newsworthiness changes how we view the media's apparent focus on negative news. So how do you measure newsworthiness? And is the news not always as negati…
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Trumponomics: Will DOGE actually cut government spending?
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20:11Elon Musk's DOGE, the Department of Government Efficiency, has driven a steamroller through the federal government, slashing jobs and dismantling entire agencies. But will it actually do much to address the US's budget deficit? We hear from Chicago Booth's Sam Peltzman, a longtime critic of government regulation and bureaucracy, and a onetime feder…
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Trumponomics: Is the media taking orders from the White House?
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26:45In February, Jeff Bezos, owner of the Washington Post, said its opinion section would focus on contributions that support "personal liberties and free markets" and would not run any opinions that oppose those two values. In response, Chicago Booth's Luigi Zingales called for opinion writers to boycott the publication. What does Zingales think the e…
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BONUS: The Many Faces of Capitalism
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17:26Who is the face of capitalism? And how has that face changed over time? In this bonus episode, John Paul Rollert, our In-House Ethicist, Rollert analyzes some of the characters who have represented capitalism over time in the popular imagination, revealing how many people perceive the economic system. He charts the evolution of capitalism's protago…
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Salary negotiations are difficult. Many of us hate talking about money, particularly with a potential employer. So what can you do to make sure you arrive at a fair wage? Chicago Booth's George Wu says the trick to a successful salary conversation is to prepare, give yourself options, and don't celebrate too soon.…
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As long as there's been a workplace, there's been tension, strains, and disagreements between coworkers. Many of us are conflict-averse, and try to avoid sensitive areas that we know could lead to confrontation. But is that the wrong approach? Chicago Booth's Lisa Stefanac says that workplace conflict contains valuable data, if only we know how to …
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Research suggests that women are using generative AI much less than men. Why? And who is using the technology to make them more productive at work? In this episode, we hear from The Pie, a podcast from the Becker Friedman Institute for Economics at the University of Chicago. Host Tess Vigeland speaks with Chicago Booth's Anders Humlum, a labor econ…
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How will climate change affect culture?
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21:58What shapes a society's culture? Chicago Booth's Thomas Talhelm links the abundance of water in a region to its attitude to the future. His research finds that people who live in areas where water is plentiful tend to live more in the moment, whereas those who live where water is scarce tend to plan more for the longer term. Climate change will res…
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Elon Musk's Department of Government Efficiency (DOGE) has taken a sledgehammer to Washington, closing government agencies and leaving many federal employees unsure if they still have jobs. Will that really make government more effective? Chicago Booth's Rob Gertner says DOGE may end up creating a less effective and less efficient federal governmen…
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Trumponomics: Will the White House wage war on the Fed?
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30:40President Trump has accused the Federal Reserve of causing and failing to stop inflation. Instead, Trump says he will take care of the issue by producing more energy and boosting US manufacturing. Will the next four years see a confrontation between the Fed and the White House? We ask Chicago Booth's Randy Kroszner—a former member of both the Presi…
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Trumponomics: Do more tax cuts make sense?
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30:11This year will see a lot of Congressional wrangling over tax cuts, as many provisions of the 2017 Tax Cuts and Jobs Act are set to expire. Do tax cuts actually produce the economic benefits that their proponents claim? In the latest in our Trumponomics series, we hear from Chicago Booth's Eric Zwick, who is part of team that conducted an extensive …
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Trumponomics: Could Trump's dealmaking damage the economy?
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34:08The first few weeks of the Trump administration have seen the president demonstrate how he approaches negotiations with threats of tariffs, how he closes down government departments without warning, and how what is stated as policy in the morning can be overturned by the afternoon. What effect could all this have on the US economy? To hear more, jo…
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Trumponomics: Expect higher inflation—with or without tariffs
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29:45In the launch episode of a new series about Trumponomics, we address tariffs — the most beautiful word in the dictionary, according to Donald Trump. The US President ran promising to increase duties on all imports. In office he has ordered, and then paused, tariffs on Mexico and Canada, and started a tit-for-tat tariff feud with China. How is all t…
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A conversation in which one person informs another that they're being laid off is never welcome. But trying to avoid it can lead to poor planning, unclear messaging, anger and frustration. Is there a way to do it better? Chicago Booth's Lisa Stefanac, an expert in interpersonal dynamics, talks about what's at stake, how to prepare, and what to do i…
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Do other people make us more happy, or less?
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28:40Humans are social animals. Being with other people can make us happy, but it can also make us unhappy, depending on how we interact and think of each other. So do others make us happier, or less happy? Chicago Booth's Thomas Talhelm has conducted research on how different cultures think about happiness. His findings about rice-growing communities i…
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