Trade

From Harvard Economist To Casino CEO

How do you turn a casino into an economics lab? Get everybody to use a loyalty card, and start running controlled experiments.

hide captionHow do you turn a casino into an economics lab? Get everybody to use a loyalty card, and start running controlled experiments.

Jae C. Hong/AP

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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