Competitive markets don’t produce the same level of prosperity for everyone, but economist John Cochrane thinks they give us something more important — incentives.In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk are joined by John Cochrane, a prominent free-market economist and a senior fellow at the Hoover Institution at Stanford University.According to Cochrane, competition gives us the incentives to work, serve the needs of others, and innovate. A system with incentives, he says, “is the only one where we all don't end up worse.”Join finance professors Jonathan Berk and Jules van Binsbergen as they explore the science and strategy of making better decisions. In conversations with prominent business leaders, they draw upon their research to discuss common flaws in the decision-making process — and what to do about them.For more information and episodes, visit allelseequalpodcast.com or follow us on LinkedIn. All Else Equal: Making better decisions is a joint venture of Stanford University's Graduate School of Business and The Wharton School at the University of Pennsylvania and is produced by Jenny Luna and Podium Podcast Co. All Else Equal: Making better decisions John Cochrane at the Hoover InstituteSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.