Michael Waldman, Charles H. Dyson Professor of Management and professor of economics, was named director of the Institute for the Advancement of Economics at Cornell. Formed by the provost with the support of the university's deans to improve and raise the profile of the economics discipline university-wide, the institute comprises leading economists from several Cornell schools and colleges. Its objectives are to coordinate teaching and research in economics and to improve economics-related decision making across the university's colleges and schools. As director of the institute, Waldman will work closely with the provost's office and will be responsible for creating subcommittees that will study initiatives to further the council's objectives. Waldman also received the Robert F. Lanzillotti Prize for Best Paper in Antitrust Economics for his research, "Why Tie a Product Consumers do not Use?" Tying, which is closely related to the practice of "bundling," is a well-known marketing technique used in a wide variety of settings. This research provides a fascinating new explanation for tying that is not based on any of the standard factors: efficiency, price discrimination, and exclusion.
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