How do you turn a casino into an economics lab??The answer to this question is to get?everybody to use a loyalty card, and start running controlled experiments.
I highly recommend listening to this Planet Money podcast?featuring Dr. Gary Loveman, CEO of Ceasars Entertainment Corporation.? Dr.?Loveman used to be an economics professor at Harvard Business School. He studied things like the development of the private sector in Poland.?Although he now?runs Ceasars Entertainment Corporation, he still thinks like an academic. He likes to say there are three things that can get you fired from Caesars: Stealing, sexual harassment and running an experiment without a control group.? Anyway, on this particular episode of Planet Money (originally broadcast on 11/15/2011), Dr. Loveman tells us how he got from Harvard to Caesars, and explains the surprising results of some of his real-world experiments.
For the podcast, go to http://www.npr.org/blogs/money/2011/11/15/142366953/the-tuesday-podcast-from-harvard-economist-to-casino-ceo.
Source: http://risk.garven.com/2012/09/11/from-harvard-economist-to-casino-ceo/
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