Thomas Hubbard
Thomas N. Hubbard

Senior Associate Dean: Strategic Initiatives
Elinor and H. Wendell Hobbs Professor of Management
Professor of Strategy

Print Overview

Thomas Hubbard has been a professor at Kellogg since 2005. Before coming to Kellogg, he was a professor at the University of Chicago GSB and the University of California, Los Angeles. During 2004-5, he was a visiting professor at Columbia GSB.

Professor Hubbard's research interests mainly concern how information problems affect the organization of firms and markets, and therefore the structure of industries. His work has appeared in top-ranked journals such as the American Economic Review, the Quarterly Journal of Economics, and the Rand Journal of Economics. He is a co-editor of the Journal of Industrial Economics and a faculty research fellow at the National Bureau of Economic Research.

Areas of Expertise
Economics of Organizations
Print Vita
PhD, 1996, Economics, Stanford University
BA, 1989, Economics, Princeton University, High Honors

Academic Positions
John L. and Helen Kellogg Distinguished Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2007-present
Research Associate, National Bureau of Economic Research, 2006-present
Associate Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2005-2007
Faculty Research Fellow, National Bureau of Economic Research, 1997-2006
Visiting Professor of Finance and Economics, Columbia Business School, Columbia University, 2004-2005
Associate Professor of Economics and Strategy, University of Chicago, 2002-2005
Assistant Professor of Economics and Strategy, University of Chicago, 1999-2002
Visiting Assistant Professor of Strategy, University of Chicago, 1998-1999
Assistant Professor of Economics, University of California Los Angeles, 1995-1999
Junior Staff Economist, President's Council of Economic Advisors, 1991-1992
Researcher, Economists Incorporated, 1989-1990

Editorial Positions
Editorial Board, Journal of Industrial Economics, 2009-Present
Associate Editor, B.E. Journals of Economic Analysis and Policy, 2004-present
Co-Editor, Journal of Industrial Economics, 2005-2009

Conference Presentations
Econometric Society Meetings, 6/01/2009
New York University, 12/01/2008
Universidad de Chile, 12/01/2008
Harvard University, 11/01/2008
University of Missouri, 8/01/2008
Washington University, St. Louis, 8/01/2008
University of Chicago, 5/01/2008
University of Texas, Austin, 4/01/2008
London School of Economics, 3/01/2008
American Economic Association, 1/01/2008
Econometric Society Meetings, 1/01/2008
Bureau of the Census, 9/01/2007
Stanford Institute for Theoretical Economics, 8/01/2007
National Bureau of Economic Research, 7/01/2007
University of California, Los Angeles, 4/01/2007
University of California, Berkeley, 3/01/2007

Print Research
Research Interests
Industrial organization, organizational economics, economics of technology

Garicano, Luis and Thomas N. Hubbard. 2012. Learning About the Nature of Production from Equilibrium Assignment Patterns. Journal of Economic Behavior and Organization.
Hubbard, Thomas N.. 2010. Equilibrium, Outcomes, and the Economics of Organization. International Journal of Industrial Organization. 28(4): 359-361.
Garicano, Luis and Thomas N. Hubbard. 2009. Specialization, Firms, and Markets: The Division of Labor Within and Between Law Firms. Journal of Law, Economics, & Organization. 25(2): 339-371.
Hubbard, Thomas N.. 2008. Empirical Research on Firms' Boudaries. Canadian Journal of Economics. 41(2): 341-359.
Garicano, Luis and Thomas N. Hubbard. 2007. Managerial Leverage Is Limited by the Extent of the Market: Hierarchies, Specialization, and the Utilization of Lawyers' Human Capital. Journal of Law and Economics. 50(1)
Garicano, Luis and Thomas N. Hubbard. 2005. Hierarchical Sorting and Learning Costs: Theory and Evidence From the Law. Journal of Economic Behavior & Organization. 58(2): 349-369.
Baker, George and Thomas N. Hubbard. 2004. Contractibility and Asset Ownership: On-Board Computers and Governance in US Trucking. Quarterly Journal of Economics.: 1443-1479.
Hubbard, Thomas N.. 2004. Affiliation, Integration, and Information: Ownership Incentives and Industry Structure. Journal of Industrial Economics. 52(2): 201-227.
Hubbard, Thomas N.. 2003. Information, Decisions, and Productivity: On Board Computers and Capacity Utilization in Trucking. American Economic Review. 93(4): 1328-1353.
Baker, George and Thomas N. Hubbard. 2003. Make Versus Buy In Trucking: Asset Ownership, Job Design, and Information. American Economic Review. 93(3): 551-572.
Garicano, Luis and Thomas N. Hubbard. 2003. Firms' Boundaries and the Division of Labor: Empirical Strategies. Journal of European Economic Association. 1(2-3): 495-502.
Hubbard, Thomas N.. 2002. How Do Consumers Motivate Experts? Reputational Incentives in an Auto Repair Market. Journal of Law and Economics. 45(2): 437-468.
Baker, George and Thomas N. Hubbard. 2001. Empirical Strategies in Contract Economics: Information and the Boundary of the Firm. American Economic Review. 91(2): 189-194.
Hubbard, Thomas N.. 2001. Contractual Form and Market Thickness in Trucking. RAND Journal of Economics. 32(2): 369-386.
Hubbard, Thomas N.. 2000. The Demand of Monitoring Technologies: The Case for Trucking. Quarterly Journal of Economics. 115(2): 533-560.
Hubbard, Thomas N.. 1998. An Empirical Examination of Moral Hazard in the Vehicle Inspection Market. RAND Journal of Economics. 29(2): 406-426.
Hubbard, Thomas N.. 1997. Using Inspection and Maintenance Programs to Regulate Vehicle Emissions. Contemporary Economic Policy. 15(2): 52-62.
Working Papers
Jones, Benjamin F and Thomas N. Hubbard. 2013. The International Diffusion of Knowledge.
Hubbard, Thomas N. and Jeffrey R. Campbell. 2010. The Economics of 'Radiator Springs:' Industry Dynamics, Sunk Costs, and Spatial Demand Shifts.
Garicano, Luis and Thomas N. Hubbard. 2009. Earnings Inequality and Coordination Costs: Evidence from U.S. Law Firms.
Garicano, Luis and Thomas N. Hubbard. 2008. The Return to Knowledge Hierarchies.
Book Chapters
Hubbard, Thomas N.. 2008. "Firm Boundaries (Empirical Studies)." In The New Palgrave Dictionary of Economics (2nd edition), edited by Steven N. Durlauf and Lawrence E. Blume, vol. 32, New York: Palgrave Macmillan.
Hubbard, Thomas N.. 2007. "Firms' Boundaries: Empirical Evidence." In New Palgrave Dictionary of Economics, edited by Lawrence Blume and Steven N. Durlauf, London, UK: Palgrave MacMillan, 2nd edition.
Hubbard, Thomas N.. 2000. "Integration Strategies and the Scope of the Firm." In Mastering Strategy, edited by Financial Times Editors, University of Chicago, Insead, University of Michigan Business School, SAID Business School, London, UK: Financial Times Prentice Hall.
Hubbard, Thomas N. and Michael J. Moore. 2012. BHP Billiton: Mining Potash. Case 5-411-755 (KEL647).

Print Teaching
Teaching Interests
Competitive strategy
Full-Time / Part-Time MBA
Advanced Business Strategy (MGMT-943-0)

This course counts toward the following majors: Management & Strategy.

This course is targeted at students who see competitive strategy as important in their post business school careers. It applies advanced ideas from economics toward informing critical decisions that firms face, including which industries to enter and exit, what parts of value chains to participate in, how to shape an industry's competitive environment in a beneficial manner, and how to shape the firm's internal organization to fit its competitive context. Along with reinforcing and extending ideas introduced in MGMT 431 and other courses, the course will teach and utilize ideas toward informing strategies in contexts that are analytically more complex, such as contexts where dynamics, network externalities, and incentives are important. The course will do so both through traditional lectures and case discussions, as well as through “workshop” sessions that help students through key steps in the development and communication of strategic analysis.

Executive MBA
Frameworks for Strategic Analysis (MGMTX-430-A)
Frameworks for Strategic Analysis explores economic principles of business strategy and develops an analytic framework for identifying and evaluating alternative strategies.

Foundations for Strategy Formulation (MGMTX-431-0)
Foundations for Strategy Formulation explores economic principles essential for the formulation and evaluation of strategy. Topics include industry analysis, strategic positioning and the boundaries of the firm.