Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with workers. We show that this flexibility can help new firms...

Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with workers. We show that this flexibility can help new firms...

We argue that a pure capabilities-based view does not accurately explain the competitive dynamics of increasingly common settings where firms act as both complementors and competitors. We propose that the Awareness-Motivation-Capability framework is more appropriate for these settings. We derive...

I revisit a research tradition laying out trends in persistence of performance, to create shared facts to inform theory development. I build on prior work in Strategy by: a) bringing together two distinct measures of persistence of performance and explaining how they complement each other and...

We use a novel design to identify how dishonesty changes through a broad reward range that, at the high end, exceeds participants' average daily wages. Using a sample of online Indian workers who earn bonuses based on six simultaneous coin flips, we show that the relationship between dishonesty...

We examine how reducing search frictions in secondary markets affects the value appropriated by firms in primary markets. We characterize two effects on primary market firms caused by intermediaries entering secondary markets: the ‘cannibalization' and ‘option value' effects. Separation...