Yale School of Management

Setting prices differently for different customers has been a practice for a long time. Are AI tools making personalized pricing more common or more effective?Yes. Firms have often tried to charge different customers different prices, but AI makes this practice easier, cheaper, and more precise. In the past, price discrimination often relied on fairly broad categories: business versus leisure travelers, coupon users versus non-coupon users, students versus non-students. Today, firms…

Professor William Goetzmann has a longstanding interest in long-term financial returns. “Financial history helps you estimate and plan,” he says. “Five years doesn’t help you with the trend. If you’ve got 150 years or more, that’s a good foundation for understanding where you may end up.”Last year, Goetzmann began preparing a volume of articles for the 50th anniversary of his colleague Roger Ibbotson’s book Stocks, Bonds, Bills, and Inflation (SBBI),…

Howie is joined by guest host Megan Ranney, dean of the the Yale School of Public Health, for a live episode recorded at the Yale Innovation Summit, featuring conversations with five innovators at the intersection of healthcare, public health, and entrepreneurship. Jaya Dadwal, a recent graduate of the School of Public Health and founder of forEVA Health, focused on raising healthcare standards for the female body Monique Rainford, a Yale…

Howie and Harlan are joined by Nicholas Christakis, director of Yale’s Human Nature Lab, to discuss his research on social networks, human connection, and the forces that help societies cooperate and endure. Harlan discusses promising phase 3 results for retatrutide, Eli Lilly’s experimental “triple G” obesity drug; Howie provides an update on the fast-growing Ebola outbreak in the Democratic Republic of Congo. Show notes: Obesity Drugs “Lilly’s triple agonist, retatrutide,…

This commentary was originally published in Forbes. The views expressed are the author’s own.The new Fed chair, Kevin Warsh, has made it clear that he would like to make significant changes to the Fed’s monetary policy communication. He has argued that excessive communication isn’t helpful to the public and may constrain monetary policy decisions. He has been particularly critical of the Fed’s projections of the policy interest rate (the “dot…

This commentary was originally published in Fortune. The views expressed are the author’s own.In Greek theater, a deus ex machina arrives when a protagonist is hopelessly trapped — and a golden chariot descends from the heavens to rescue them from a conflict they cannot escape on their own. That is precisely what the Supreme Court has delivered to Donald Trump on trade. With his IEEPA tariff authority struck down as…

Transcript Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholz.Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University, and we’re trying to get close to the truth about health and healthcare. Ordinarily, we have a guest. Once a month we go into the studio, we catch up on the incredible volume of news around us. This week we are taping a little bit early because…

Austin Ligon co-founded CarMax in 1991 as an executive at Circuit City and served as president and CEO of the spun-off company until 2006. Today he is an angel investor and advisor to retail, service, and educational startups.Q: Where did the idea for CarMax come from?We were looking for areas that no big-box retailer had put effort into. Automobiles were obvious, but new cars are heavily controlled by franchise laws…

Americans are frustrated by their increasingly polarized government. Their trust in government is at an all-time low, with just 4% saying that the political system is working extremely or very well. And yet political scientists have demonstrated that voters routinely elect politicians whose views are more ideologically extreme than their own. The seemingly incompatible match between moderate public opinion and politicians’ extremism can be accounted for by rational individual behaviors…

This commentary was originally published in Fortune. The views expressed are the authors’ own.In April 2025, an AI agent named “Sam” working in customer support for the developer tools company Cursor told users that their licenses worked on only one device. Subscriptions were canceled, complaints flooded Hacker News, and the company scrambled to clarify that no such policy existed. Sam had invented it. The technology took on a life of…

Howie and Harlan are joined by Lee Schwamm, the Yale School of Medicine’s associate dean for digital strategy & transformation and chief digital health officer of the Yale New Haven Health System, to discuss how the system is working to rapidly evaluate and deploy AI tools without compromising patient safety and oversight. Harlan highlights vaccine studies reportedly held back from publication and argues for greater scientific transparency; Howie reports on…

This commentary is adapted from a post in Todd Cort’s Substack newsletter The Real Price of Risk. The views expressed are the author’s own. Imagine that a company had a pension fund that promised $16.5 billion in future payouts but the value of that fund today sits at only $12.4 billion. Moreover, that pension fund has been drawing down the balance for over 25 years to cover the annual shortfall.…

This commentary was originally published in Fortune. The views expressed are the author’s own.Two inconsistent phenomena seemingly can be true at the same time: AI is seen as disrupting jobs, and, yet, on the surface, it appears as if less is happening than meets the eye. Where you stand on AI depends on whom you talk to. Schools now feverishly compete to prepare graduates with simplistic educational remedies driven by…

We live in a data-driven age, and much of that data is gathered through our online behavior. Most consumers are aware that accepting cookies on a website or allowing an app to track their location means giving firms more insights into their habits in exchange for some benefit—for example, a helpful recommendation, a personalized discount, or better functionality. For those who share their data, they face a trade-off: better recommendations…

Transcript Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholz.Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University. We’re trying to get closer to the truth about health and healthcare. Ordinarily, we have a guest. Once a month, we go into the studio, and once a year, we get to host our graduating podcast assistant. Today it’s Tobias Liu. So, welcome to the podcast.Tobias Liu:…

This commentary was originally published in Fortune. The views expressed are the author’s own.Apple stock traded slightly down after-hours following the announcement that CEO Tim Cook will be stepping down, to be replaced by his hand-picked protégé, John Ternus. There is no question that Cook is one of the most legendary and accomplished CEOs of our time, but this short-sighted market reaction is entirely misguided. Here are three reasons why…

When everyday investors have to make personal finance decisions, rules of thumb can be easy and comforting. For instance, to decide what percentage of your portfolio should be devoted to stocks, simply subtract your age from 120. In other words, a 40-year-old should invest 80% of their retirement savings in stocks.But rules of thumb don’t take investors’ personal circumstances into account, says James Choi, a professor of finance at Yale…

In this episode, Heidi Brooks and Zoe Chance invite you to step out of the transactional pursuit of influence and into the relational, visceral reality of self-influence through coaching. Through their conversation, Heidi and Zoe take you on a journey to reframe coaching not as a corrective tool for fixing what is broken, but as an enlivening stance for everyday leadership and human connection. You’ll get a sneak peak into…

Howie and Harlan are joined by Stephen Latham, a Yale School of Medicine senior research scholar and the director of the Yale Interdisciplinary Center for Bioethics. Stephen reflects on his journey to a career at the intersection of law and medicine, and explains why the legal definition of death is becoming less useful in an era of rapidly advancing medical technologies. Harlan unpacks recent analysis of smoking rates in the…

This commentary was originally published in Fortune. The views expressed are the author’s own.In a relentless, unprecedented branding exercise, the sheer volume of entities now bearing the name of President Donald Trump strains credulity. We now live in a world of Trump RX and Trump accounts, of Trump coins and Trump fighter jets. We have seen the John F. Kennedy Center for the Performing Arts slapped with his name, the…

This commentary was adapted from episode 217 of the Health & Veritas podcast. The views expressed are the author’s own. Subscribe for weekly doses of expert insight on health and the healthcare industry.We hear a lot about what’s going wrong with health in this country—and in the world. But step back 200 years, and the story is one of the most extraordinary triumphs in human history. Life expectancy in 1800…

Transcript Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholtz.Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University, and we’re trying to get closer to the truth about health and healthcare. Our guest today is Dr. Deborah Proctor. But first, we’re always checking in on hot topics in health and healthcare. What do you have today, Harlan?Harlan Krumholz: Checking in on hot topics. Well, I’ve…

In 2020, many colleges suspended their requirements for standardized test scores as the COVID-19 pandemic forced testing centers to close. That same year, the University of California Board of Regents announced it would phase out its SAT requirement for prospective students in a bid to increase equity and diversity. At the time, Yale SOM’s Faidra Monachou was getting her doctorate in Stanford’s Management Science and Engineering department, and she and…

With U.S. Deputy Attorney General Todd Blanche appointed as acting Attorney General, just days after boasting about his purges of dedicated, nonpartisan, patriotic career law enforcement officials, his boss’s apparent orders are to increase the prosecution of President Trump’s campaign of political retribution. Although the “No Kings” rallies last weekend attracted an estimated 8 million to 9 million protesters, additional voices are still needed to join the growing chorus. These…

Transcript Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholz.Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University. We’re trying to get closer to the truth about health and healthcare. Our guest today is Dr. Selwyn Rogers. But first, we always check in on current or hot topics in health and healthcare. What do you have today, Harlan?Harlan Krumholz: Well, first, just so people are…

This commentary originally appeared in Fortune. The views expressed are the author’s own.I have been a scholar and professor of leadership for five decades, teaching at Harvard, Emory, and Yale. In my research, I study all kinds of leaders, from iconic heroes to failures and frauds, in sectors as diverse as business, entertainment, and politics. I have advised thousands of leaders along the way, including five U.S. presidents from both…

In 2022, Zelda Perkins, a former assistant to Harvey Weinstein, described the draconian nondisclosure agreement she was forced to sign while working at Weinstein’s production company, Miramax.“The NDA not only forbade us from talking about Weinstein’s behaviour, but also about our entire career at Miramax—to family, friends, medical practitioners including therapists, even to [the United Kingdom’s tax authority] if questioned about the damages payment,” Perkins wrote in The Guardian. “We…

Howie and Harlan are joined by Yale College and Yale School of Public Health graduate Arya Singh, who reflects on growing up with spinal muscular atrophy, what it takes to build a full life with a disability, and how family support and institutional culture shape what inclusion looks like in practice. Harlan reports on the rapid rise of AI as a front door to health information; Howie responds to the…

You recently published a study paper, “When Companies Forget Who They Are: The Work of Refounding.” What is refounding and how did you develop the idea?Refounding is the effort a company undertakes when it looks deeply to rediscover what initially made it a great and distinctive enterprise and then interprets and activates those truths for today’s realities.The insight emerged from interviews with more than 200 CEOs as part of our…

What is the significance of the announced Paramount-Warner Bros. deal?We’re at the endgame for the streaming media industry. Netflix has kept growing, growing, growing. Disney bought Fox in 2019 to get scale with its Disney Plus, Hulu, and ESPN services. And Amazon Prime Video is in the mix because it comes with an Amazon Prime subscription.That left a bunch of smaller players—HBO Max, Peacock, Paramount+. Those companies needed to get…

Howie and Harlan discuss the end of flu season, vaccine effectiveness, and the challenge of rebuilding public confidence in immunization. Also: new cholesterol guidelines that push earlier treatment, measles outbreaks and the erosion of herd immunity, a court ruling pausing changes to vaccine guidelines, signs of stabilization at the NIH, new evidence on football and brain injury, and a MedPAC report suggesting Medicare Advantage plans are overpaid. Show notes: Looking…

BackgroundThe Accord of March 4, 1951, was a watershed event in Federal Reserve independence. Such independence is critical to effective monetary policy and improved economic outcomes. Without independence, monetary policymakers will be subject to short-term political considerations, which can lead to higher inflation. One risk is that the benefits of easier policy—higher output and employment—come sooner than the costs in terms of higher inflation. So a short-term perspective can create…

In 1789, during the first session of the first U.S. Congress, lawmakers issued a requirement: every bill, order, resolution, or vote must be published in public newspapers. States followed suit with similar laws requiring notifications of government actions in the local papers—typically short announcements about public hearings or possible changes in areas such as construction, taxes, or education.More than two centuries after the passage of that first statute, some policymakers…

The headlines are focused on the effects of rising oil prices on rich countries like the United States. How does volatility in the energy markets affect developing countries, where individuals and governments may have less of a financial cushion?The Middle East is not only a source of oil to run cars but also an important source of other forms of energy, like natural gas used for electricity generation. For example,…

Howie and Harlan are joined by Yale economist Janet Currie to discuss how early-life investments in health, education, and environmental protection shape children’s lifelong well-being and economic opportunity. Harlan highlights a new Medicare payment model that would reward measurable improvements in chronic disease outcomes; Howie reflects on the spread of medical misinformation and a new effort to push back. Show notes: The ACCESS Payment Model CMS: ACCESS (Advancing Chronic Care…

You recently testified in a high-profile antitrust lawsuit brought by NBA icon Michael Jordan against NASCAR. What was it about?NASCAR is the governing body for premier stock car racing. It organizes a regular season of 36 races followed by a series of final races that determine the winner of the Cup Series Championship. The core issue was whether NASCAR engaged in anticompetitive conduct that harmed stock car racing teams that…

No matter how carefully it’s crafted, regulation has unintended consequences. When daycares tried to curb tardiness by charging parents who showed up late to get their children, the number of tardy parents doubled. Attempts to reduce housing discrimination by forbidding landlords from conducting criminal background checks appear to actually increase discrimination against Black men.“What we do as researchers is look into the unobvious consequences of regulation,” says Professor Raphael Duguay.…

body If the legal foundation for federal climate regulation disappears, what happens to climate risk pricing in credit and equity markets? Can markets respond to the climate crisis without the participation of government?The 2009 EPA Endangerment Finding wasn’t just a legal trigger for Clean Air Act regulation—it functioned as a risk signal for capital markets. For some asset managers, insurers, lenders, corporate boards, etc., it signaled that climate risk could…

Howie and Harlan are joined by Evangelos Oikonomou, a cardiologist and data scientist at the Yale School of Medicine, to discuss how AI can extract overlooked signs of heart disease from routine ECGs, imaging studies, and electronic health records—and how to deploy those tools responsibly at scale. Harlan explains whether a widely covered study suggesting that coffee may lower the risk of dementia should change your daily brew; Howie grapples…

Let’s say, for the sake of argument, that you wanted to commit large-scale fraud at your company. Manipulating financial statements or inflating revenue to mislead investors would be difficult to pull off alone. You would likely need others to align stories, suppress dissent, and sustain the deception over time. And your colluders would likely be colleagues whom you’d come to trust after months or years of watercooler chats and after-work…