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How do you turn a casino into an economics lab? Get everybody to use a loyalty card, and start running controlled experiments.
Gary Loveman used to be an economics professor at Harvard Business School. He studied things like the development of the private sector in Poland.
Now he runs Ceasars Entertainment Corporation, a giant gambling company. But 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.
On today's show, he tells us how he got from Harvard to Caesars, and explains the surprising results of some of his real-world experiments.
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