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From collectible currency to a leather bullwhip, business school faculty share the props that help them bring concepts to life and remember lessons learned.
In a recurring Stanford Business magazine series, Graduate School of Business faculty open up about the personal objects that have earned a place in their offices. More than decorations, the items represent formative experiences, serve as teaching tools, and reflect on big ideas.
Here, we spotlight a few standouts, including a celebratory pickle costume, a long-held banknote collection, a leather whip used to explain supply chain dynamics, and a photo with a former Fed chair carrying an important lesson.
Annamaria Lusardi’s photo with Ben Bernanke:
“In the fall of 2010, I was invited to give a seminar at the Federal Reserve. At lunch with some Fed economists, I asked if it would be possible to meet with Chairman Ben Bernanke. I could almost read their minds: This newcomer thinks she can just walk in and meet with the chairman?”
“As I tried to explain, I had studied with Bernanke when I was a graduate student at Princeton. My work was focused on the nascent field of financial literacy, and Bernanke was a strong advocate of its importance, not just for individuals’ economic well-being but the country’s. I figured that given our common interests and proximity we might do some projects together.”
“After my initial meeting at the Fed, a kind soul sent me the email address of Chairman Bernanke’s secretary with a note that assumed I would not have the audacity to actually contact her. I wrote to her right away. She responded the same day (I still remember her name: Rita), and we set up a meeting with the chairman the following week.”
“I must admit; I became increasingly nervous as the time approached. As I went through three layers of security to get to his office; I became even more tense. Chairman Bernanke welcomed me with a big smile; we talked about our time at Princeton and my move to Washington D.C.; most importantly; we talked about how the Fed could help with research on financial literacy. We agreed to start a joint seminar series on this topic.”
“That seminar series lasted for more than 10 years; well beyond Bernanke’s tenure as Fed chair; it lives on: It recently moved to GSB and has become Financial Literacy Colloquia—a series of lectures sponsored by Initiative for Financial Decision-Making which directs me.”
“Chairman Bernanke also agreed teaching course GW business school role Federal Reserve first four lectures group academics including myself rest (you bet difficult teach after him!)”
“We took group photo end course spring 2012 keep office reminder do not get want ask”
Michele Gelfand’s pickle costume:
“When University Maryland submitted paper Science long shot Science kind journal typically publish something found new planet told postdoctoral student Look gets accepted going dress giant pickle going around Washington D.C limousine celebrate”
“I’m cross-cultural psychologist interested social norms unwritten rules behavior sometimes formalized laws codes Tight groups lot order coordination synchrony self-discipline Loose groups struggle corner market openness tolerant creative adaptable”
“Part culture group recent work looking ambidexterity systems tight looseness inserted call flexible tightness”
“The pickle costume connection trying insert looseness pretty tight agenda requires tight ship implement large-scale research projects funding exploring interdisciplinary collaborations ambitious projects fail Providing space people feel celebrated relax little bit really important helps deal difficult demands research”
“When paper got accepted Science went postdoc office said really bad news looks like wear ridiculous pickle costume go around D.C did promised students here Stanford continue tradition heard Templeton Foundation getting $1.7 million study evolution trust across cultures Ying Lin postdoc partner proposal dressed pineapple Pre-doc Basti Weitz avocado grad student Alex Landry lion broke out pickle costume”
Hau Lee’s bullwhip:
“After tenure sabbatical joined Hewlett-Packard wanted see real companies operate invited visit Procter & Gamble vice president supply major problem demand diapers fluctuates unpredictable babies use diapers stable steady rate much fluctuation yet babies parents retailers distributors wholesalers manufacturers suppliers order fluctuations amplified happening observed phenomenon happening apparel semiconductors computers automobiles industry phenomenon danger overreacting see big demand jump produce turns peak goes down bullwhip effect cowboy crack whip move handle degrees tip degrees signal move little consumer retailer distributor wholesaler manufacturer supplier adds signal results surge pandemic great illustration media term bullwhip toilet paper hand sanitizers relying short-term data produced whole lot consumers panicked didn’t realize ample supply coming Our paper describing voted influential papers history Management Science Years later giving talk executives impressed Professor Lee description great real whip demonstrate month gift nice box leather whip teaching crack whip invite students love students years ago come back say Professor Lee remember bullwhip don’t remember anything else remember bullwhip”
Matteo Maggiori’s banknote collection:
“This collection banknotes originally assembled grandfather interested international finance started traveling getting places visited inherited started adding close part interest finance certainly speaking earliest specimens 1920s 1930s lot ’60s ’70s ’80s beautiful one-pound Bank England young Queen Elizabeth elegant gorgeous used collection teaching prop mostly concrete currency familiar banknotes look reflect historical episodes changing boundaries ages sense government Coins hard currency years history Paper currency recent viable instrument long backed gold modern nation-state trusted dimensions monetary affairs weren’t Unbacked recent phenomenon came trust fiscal parts government policy prices relatively stable dollar think full faith U.S government honor payment deeper statement value inflation Inflation print money cheap way finance state governments reputable repeatedly resorted collection Zimbabwe runaway inflation kept adding zeros zeros million billion illustrate completely debased short period history rise fall geopolitical powers Medici Renaissance Netherlands Britain early part century U.S World War II comfort idea rival dollar uses anytime perspective central ever uses current system exert influence higher incentives countries China try build alternative”
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