Institutionalized Entrepreneurship: Flagship Pioneering

Hong  Luo; Gary P. Pisano; Huafeng  Yu

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Case | HBS Case Collection | January 2018 (Revised April 2018)

Institutionalized Entrepreneurship: Flagship Pioneering

by Hong Luo, Gary P. Pisano and Huafeng Yu

Language: English

Format: Print

13 pages

Educators Purchase

Citation:

Luo, Hong, Gary P. Pisano, and Huafeng Yu. "Institutionalized Entrepreneurship: Flagship Pioneering." Harvard Business School Case 718-484, January 2018. (Revised April 2018.)

About the Authors

Hong Luo

James Dinan and Elizabeth Miller Associate Professor of Business Administration

Strategy

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Gary P. Pisano

Harry E. Figgie, Jr. Professor of Business Administration
Senior Associate Dean for Faculty Development

Technology and Operations Management

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Luo, Hong, and Alberto Galasso. "Innovate Safely—CT Scanners and Radiation Risk." Harvard Business School Case 719-486, February 2019. View Details

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Working Paper | HBS Working Paper Series | 2019

Judgment Aggregation in Creative Production: Evidence from the Movie Industry

Hong Luo, Jeffrey T. Macher and Michael Wahlen

This paper studies judgment aggregation from a large number of industry experts in the selection and development of early-stage ideas. Our context is the movie industry, in which customer appeal is difficult to predict and investment costs are high. The Black List, an annual publication, ranks unproduced scripts based on anonymous nominations from film executives. We find that listed scripts are twice as likely to be released as unlisted scripts and, conditional on release, generate a higher return on investment. Further evidence supports a causal interpretation of these differences in outcomes and suggests that by aggregating expert judgment, the List is able to discern good ideas from poor ones. We also find that scripts from less-experienced writers are more likely to be listed and to rank higher if listed. Yet in terms of release probability, even though being listed has a large and positive effect on less-experienced writers, the discrepancy relative to experienced writers remains large (even for the top-ranked scripts). These results on writer experience suggest a simple, albeit important, determinant of the data-generating process of such aggregations—the visibility of an idea among potential evaluators.

Keywords: judgment aggregation; Creativity; Film Entertainment; Judgments; Motion Pictures and Video Industry;

Citation:
Luo, Hong, Jeffrey T. Macher, and Michael Wahlen. "Judgment Aggregation in Creative Production: Evidence from the Movie Industry." Harvard Business School Working Paper, No. 19-082, January 2019. View Details

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