Renowned economist Guido Imbens, a Nobel Prize winner in 2021, joins hosts Jonathan Berk and Jules van Binsbergen to unpack the complex relationship between causation and correlation. They explore how assumptions can misguide business decisions using relatable examples, like Starbucks influencing local sales. Discover surprising research on family succession, revealing that firms with daughters as firstborns often outshine others, and why rigorous testing is crucial for accurate insights in decision-making. Dive into the nuances that could reshape your perspective!

Interview with Guido Imbens, co-recipient of the 2021 Nobel Prize in Economics. Topics include local average treatment effect, instrumental variables, collaborations with Josh Angrist, and personal anecdotes. They discuss the importance of fostering community in the economics profession, the speaker's journey into econometrics, influences in the econometrics community, the potential outcomes model, career setbacks, collaborations, and the impact of machine learning on their thinking.