A new paper on the Dutch debacle, coauthored by Peter Koudijs at Stanford Graduate School of Business, turns up modern-day lessons about the not-so-scientific ways in which personal experience rather than market information can determine optimism, pessimism, and access to credit.
Isn’t that what we all want? Don Draper would have understood.890
Mr Ravenscroft believes he would have had a narrower perspective if he had become a management consultant. Teaching also helped him develop a willingness to take risks — the hard way. “If you stand in front of 30 teenagers who won’t hold back when you’re doing something wrong it makes you willing to try things.”713