All Else Equal: Making Better Decisions
Episodes
Ep74 Is The Financial Sector Good for Society?
18 Mar 2026
Contributed by Lukas
What value does a financial sector add to society? How would society function without a financial sector? In this episode, hosts and finance profess...
Rerun: Ep29 “How Do You Become CEO?” with Dirk Jenter
04 Mar 2026
Contributed by Lukas
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 C...
Ep73 “The Dangers of Group Think on Decision Making” with Adi Sunderam
19 Feb 2026
Contributed by Lukas
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 preconc...
Ep72 Alternatives vs. Mutual Funds: Where Should You Put Your Money
04 Feb 2026
Contributed by Lukas
In the rapid-moving world of delegated money management, it is important to recognize the differences in how mutual funds and alternative assets opera...
Ep71 “The Working From Home Revolution” with Nick Bloom
22 Jan 2026
Contributed by Lukas
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 s...
Ep70 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 2
07 Jan 2026
Contributed by Lukas
In the final part of this two-part interview, Steven Pinker, an experimental psychologist and Harvard professor, again joins hosts and finance profess...
Ep69 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 1
10 Dec 2025
Contributed by Lukas
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 u...
Rerun: Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
26 Nov 2025
Contributed by Lukas
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 o...
Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster
12 Nov 2025
Contributed by Lukas
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...
Ep67 Real Talk on Rent Control: Its Pros and Cons
29 Oct 2025
Contributed by Lukas
As the 2025 municipal elections approach, the New York City mayoral race has garnered national buzz, with one issue particularly capturing attention: ...
Ep66 When (and When Not) To Listen to Investment Advice
15 Oct 2025
Contributed by Lukas
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 ...
Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins
01 Oct 2025
Contributed by Lukas
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 clo...
Ep64 "Why Higher Education Needs a Massive Overhaul: Are the Kids Even Learning Anything?" with Bryan Caplan
17 Sep 2025
Contributed by Lukas
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 y...
Rerun: Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
27 Aug 2025
Contributed by Lukas
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 wi...
Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
13 Aug 2025
Contributed by Lukas
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. ...
Rerun: Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
30 Jul 2025
Contributed by Lukas
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversati...
Rerun: Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
16 Jul 2025
Contributed by Lukas
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversati...
Rerun: Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
02 Jul 2025
Contributed by Lukas
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversati...
Rerun: Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
18 Jun 2025
Contributed by Lukas
For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversati...
Rerun: Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
04 Jun 2025
Contributed by Lukas
For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversati...
Ep62 “The Cost of Social Compliance: Exploring Preference Falsification" with Timur Kuran
22 May 2025
Contributed by Lukas
Is the emperor wearing clothes? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist...
Ep61 “Pursuit for Academic Freedom” with Richard Saller
07 May 2025
Contributed by Lukas
If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewp...
Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
23 Apr 2025
Contributed by Lukas
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...
Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
09 Apr 2025
Contributed by Lukas
With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could ...
Ep58 How Rich Are The Ivy League Universities, Really? University Endowments Explained
26 Mar 2025
Contributed by Lukas
The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gi...
Rerun: Ep36 “Institutional Neutrality: Open Debate and Moral Stands” with John Etchemendy
12 Mar 2025
Contributed by Lukas
All Else Equal is taking a little spring break, so on this episode we’re revisiting a fascinating conversation on what happens when universities ste...
Ep57 “Effective Communication: Trump vs. Reagan” with Peter Robinson
26 Feb 2025
Contributed by Lukas
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 exa...
Ep56 “When Should We Lie for the Greater Good?” with John Ioannidis
12 Feb 2025
Contributed by Lukas
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, ho...
Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
29 Jan 2025
Contributed by Lukas
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 th...
Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
15 Jan 2025
Contributed by Lukas
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 hea...
Rerun: Ep48 “Why CEOs are Underpaid” with Dirk Jenter
02 Jan 2025
Contributed by Lukas
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 perfec...
Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
18 Dec 2024
Contributed by Lukas
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 co...
Ep52 “Should Legacy Admissions at Universities Be Illegal?” with Patrick Awuah
11 Dec 2024
Contributed by Lukas
Should legacy admissions at colleges and universities be banned? What are the benefits and tradeoffs of admitting students based on their legacy statu...
Ep51 Celebrating 50 Episodes: The Biggest All Else Equal Mistakes
14 Nov 2024
Contributed by Lukas
The All Else Equal: Making Better Decisions podcast has officially done 50 episodes! To commemorate the milestone, hosts and finance professors Jonath...
Ep50 “Is Proxy Advising a Catch-22?” with Chester Spatt
30 Oct 2024
Contributed by Lukas
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 differe...
Ep49 “Making Regulation Work” with Jay Clayton
16 Oct 2024
Contributed by Lukas
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...
Ep48 “Are CEOs Underpaid?” with Dirk Jenter
02 Oct 2024
Contributed by Lukas
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 th...
Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
18 Sep 2024
Contributed by Lukas
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 episod...
Rerun: Ep12 Corporations as Job Security Providers
04 Sep 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep1 "Making a Business Decision" with Ruth Porat
21 Aug 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep17 "Can the Free Market Discourage Fraud?" with Marc Cohodes
07 Aug 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep8 “Why Capitalism Works" with John Cochrane
24 Jul 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep7 Can Investors Effect Social Change?
10 Jul 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers
26 Jun 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Rerun: Ep4 "Making Bad Investments Profitable" with Pete Briger
13 Jun 2024
Contributed by Lukas
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for ne...
Ep46 "May Contain Lies" with Alex Edmans
30 May 2024
Contributed by Lukas
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...
Ep45 “The Future of Higher Education Part 2” with Niall Ferguson
15 May 2024
Contributed by Lukas
What are the unseen costs of administrative bureaucracy and an ideology that favors victimhood over scholarly debate? What caused the ideological shif...
Ep44 “The Future of Higher Education Part 1” with Carmen Twillie Ambar and Kimberly Wright Cassidy
09 May 2024
Contributed by Lukas
Should universities be primarily research and teaching institutions or should they have broader social responsibilities to today’s youth? How are in...
Ep43 Examining Bad Investment Advice
17 Apr 2024
Contributed by Lukas
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?...
Ep42 Waiting to Invest
03 Apr 2024
Contributed by Lukas
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 choi...
Ep41 “Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham
13 Mar 2024
Contributed by Lukas
Why should climate risk be singled out for mandatory disclosure by the SEC, and how does this change the investment landscape? Can climate disclosure ...
Navigating Workplace Power Dynamics with Deborah H. Gruenfeld feat. ‘If/Then’ Podcast
04 Mar 2024
Contributed by Lukas
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 c...
Ep40 “Why the Private Debt Markets Have Exploded” with Laurence Gottlieb
28 Feb 2024
Contributed by Lukas
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...
Ep39 “Why Does the Non-Profit Model Work?” with Daniel Diermeier
14 Feb 2024
Contributed by Lukas
Without a residual claimant, who sets the agenda of a non-profit organization like a university? Who makes sure that the organization follows that a...
Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick
31 Jan 2024
Contributed by Lukas
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...
Ep37 Five Common Finance Mistakes
17 Jan 2024
Contributed by Lukas
Today, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss five common mistakes financial decision-makers often make. There is...
Rerun: Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans
03 Jan 2024
Contributed by Lukas
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 ...
Rerun: Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann
27 Dec 2023
Contributed by Lukas
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 ...
Rerun: Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness
20 Dec 2023
Contributed by Lukas
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 audi...
Ep36 "Institutional Neutrality: Open Debate and Moral Stands" with John Etchemendy
29 Nov 2023
Contributed by Lukas
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’...
Ep35 “Does Common Ownership Affect Product Market Outcomes?” with Martin Schmalz
23 Nov 2023
Contributed by Lukas
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 p...
Ep34 “Why Has Private Equity Grown So Much?” with Eric Zinterhofer
01 Nov 2023
Contributed by Lukas
What accounts for the recent growth of private firms? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonatha...
Ep33 How Risky Should Your Retirement Savings Be?
19 Oct 2023
Contributed by Lukas
In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the second hal...
Ep32 “Labor Unions and Detroit Struggle” with Larry Katz
05 Oct 2023
Contributed by Lukas
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 e...
Ep31 How Much Should You Save?
30 Aug 2023
Contributed by Lukas
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 tolera...
Ep30 “Becoming a Better Communicator” with Matt Abrahams
02 Aug 2023
Contributed by Lukas
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 thi...
Ep29 “How Do You Become CEO?” with Dirk Jenter
29 Jun 2023
Contributed by Lukas
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...
Ep28 Incentives and Externalities
14 Jun 2023
Contributed by Lukas
Humans respond to incentives, and so incentives predict behavior and sometimes the behavior can be detrimental. In this episode of All Else Equal: Mak...
Ep27 "The Future of AI" with Michal Kosinski
31 May 2023
Contributed by Lukas
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 fina...
Ep26 “Investigating Implausible Theories: The Case of COVID” with Matt Ridley
17 May 2023
Contributed by Lukas
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 e...
Ep25 “Bubble Trouble” with Will Goetzmann
03 May 2023
Contributed by Lukas
Financial bubbles are episodes where the value of something (like stocks, tulips or cryptocurrency) shoots up very rapidly, but then peaks and comes c...
Ep24 “When Institutions Cry Wolf” with Jay Bhattacharya
12 Apr 2023
Contributed by Lukas
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,...
Ep23 “When Banking Fails” with Amit Seru
24 Mar 2023
Contributed by Lukas
The FDIC and Federal Reserve have recently intervened to stop another banking crisis. In this episode of All Else Equal: Making Better Decisions, host...
Ep22 “How Do You Know If Your Marketing Dollars Are Working?” with Florian Zettelmeyer
15 Mar 2023
Contributed by Lukas
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 ca...
Ep21 "Disentangling Causation and Correlation" with Guido Imbens
01 Mar 2023
Contributed by Lukas
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 thi...
Ep20 "Risk and the Fundamental Tradeoff of Corporate Finance"
15 Feb 2023
Contributed by Lukas
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 en...
Ep19 “The Future of Money: Central Bank Digital Currency?” with Kevin Warsh
01 Feb 2023
Contributed by Lukas
Cryptocurrency is increasing in popularity but still confusing to many consumers and finance professionals alike. On this episode of All Else Equal, f...
Ep18 “Investigating Implausible Theories” with John Ioannidis
18 Jan 2023
Contributed by Lukas
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 r...
Ep17 “Can The Free Market Discourage Fraud?” with Marc Cohodes
07 Dec 2022
Contributed by Lukas
There’s a negative connotation associated with short selling – the act of betting against a stock to perform well. But is this trading practice tr...
Ep16 “The Value Of Protecting Unpleasant Speech” with John Paulson
16 Nov 2022
Contributed by Lukas
Freedom of expression is a constitutional right, but it’s also a valuable business strategy. In this episode of All Else Equal: Making Better Decisi...
Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans
02 Nov 2022
Contributed by Lukas
Businesses often prioritize shareholder interests to make profit. But this can lead to short-sighted decisions that fail to benefit other stakeholders...
Ep14 “‘A Pound Of Flesh’ And Student Debt” with Sheila Bair
19 Oct 2022
Contributed by Lukas
President Biden has promised sweeping debt relief to millions of student loan borrowers. In this episode of All Else Equal: Making Better Decisions, h...
Ep13 “Does Regulation Help or Hurt Consumers?” with Maureen Ohlhausen
05 Oct 2022
Contributed by Lukas
Conventional wisdom tells us that we need regulators to ensure quality work in certain professions. But do consumers really benefit as much as they th...
Ep12 "Corporations as Job Security Providers"
21 Sep 2022
Contributed by Lukas
Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job security and thus serve the i...
Ep11 "Is Bankruptcy the End?" with Jim Millstein
07 Sep 2022
Contributed by Lukas
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 Eq...
Special Episode: What’s Wrong with Buybacks?
10 Aug 2022
Contributed by Lukas
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...
Ep9 "When is a Business Decision a Mistake?" with Hadley Mullin
12 Jul 2022
Contributed by Lukas
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 E...
Ep8 "Why Capitalism Works" with John Cochrane
07 Jun 2022
Contributed by Lukas
Competitive markets don’t produce the same level of prosperity for everyone, but economist John Cochrane thinks they give us something more importan...
Ep7 "Can Investors Effect Social Change?"
03 May 2022
Contributed by Lukas
How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen a...
Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers
19 Apr 2022
Contributed by Lukas
In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with former Treasury Secretary Larr...
Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann
05 Apr 2022
Contributed by Lukas
"The reason people disagree is because they're striving toward a different goal," says mathematician and Nobel Prize winner Robert Aumann. In this epi...
Ep4 "Making Bad Investments Profitable" with Pete Briger
22 Mar 2022
Contributed by Lukas
When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group, specializes in buying bad deb...
Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness
08 Mar 2022
Contributed by Lukas
Picking stocks is a famously difficult exercise, not for the faint of heart. So how do investment professionals make decisions about which stocks to b...
Ep2 "How the NBA Builds Teams" with Billy King
22 Feb 2022
Contributed by Lukas
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...
Ep1 "Making a Business Decision" with Ruth Porat
07 Feb 2022
Contributed by Lukas
When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same principles inform business leaders ...
Introducing "All Else Equal"
31 Jan 2022
Contributed by Lukas
Join finance professors Jonathan Berk and Jules van Binsbergen in a conversation with prominent business leaders about common flaws in the decision ma...