You can apply economics to just about anything. Economics provides you with a perspective and a toolbox that enables you to see things that you wouldn't otherwise see before. This is part of our guests specialty, with books titles like “An Economist Goes to the Game: How to Throw Away $580 Million and Other Surprising Insights from the Economics of Sports,” and “Everything I Ever Needed to Know About Economics I Learned from Online Dating.”

Paul Oyer is the Mary and Rankine Van Anda Entrepreneurial Professor and Professor of Economics, as well as the Senior Associate Dean for Academic Affairs at the Stanford Graduate School of Business.

Paul studies the economics of organizations and human resource practices. His current projects include studies of the "Gig Economy" the impact of peoples background on their entrepreneurial careers. 

In this episode, you’ll hear about talent acquisition & retention in Silicon Valley, what economics and other industries can learn from the sports world, dating markets, and the wealth of data in dating platforms.

Episode Quotes:

Dating market is just the same as employment 

So from my perspective, the dating market is no different than the employment market, except that no money changes hands. And that's what made it particularly interesting to me to write a book about, because people think, oh, economics, it's money, it's banking. It's whatever terms, they associate with economics. And as a micro economist, I don't see it that way at all. Right? Money is just a convenience by which we exchange. But you know, the world is about utility. It's not about money. So matching people in the dating market is really just the same as employment.

How are athletes and managers different?

The big difference between a baseball player or any athlete and managers in most organizations is the ability to measure their performance effectively.

Do people fail to consider the complementarities and potential they can get from their employer?

I think that people don't think enough before starting jobs, but I also think you don't know until you've started. And so, learning, figuring out on the job, just what does and doesn't work takes some time, and you sometimes have to try things before, you know, for sure. 

Show Links:

Recommended Resources:

• unSILOed: Game Theory and the Art of Transforming Strategic Situations feat. David McAdams
• unSILOed: Game Theory and Market Design feat. Al Roth

Guest Profile:

• Faculty Profile at Stanford Graduate School of Business
• Professional Profile at Freeman Spogli Institute for International Studies
• Professional Profile at National Bureau of Economic Research
• Paul Oyer on LinkedIn
• Paul Oyer on Twitter

His Work:

• Paul Oyer on Google Scholar
• An Economist Goes to the Game
• Roadside MBA: Back Road Lessons for Entrepreneurs, Executives and Small Business Owners
• Everything I Ever Needed to Know about Economics I Learned from Online Dating

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