Thomas Hubbard
Thomas N. Hubbard

Elinor and H. Wendell Hobbs Professor of Management
Professor of Strategy

Print Overview

Thomas Hubbard has been a professor at Kellogg since 2005, and served as Senior Associate Dean, Strategic Initiatives from 2012-2015. 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 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
Senior Associate Dean of Strategic Initiatives, Kellogg School of Management, Northwestern University, 2012-2016
Elinor and H. Wendell Hobbs Professor of Management, Kellogg School of Management, Northwestern University, 2011-present
John L. and Helen Kellogg Distinguished Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2007-2011
Research Associate, National Bureau of Economic Research, 2006-present
Chairman, Department of Management and Strategy, Kellogg School of Management, Northwestern University, 2010-2012
Associate Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2005-2007
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
Faculty Research Fellow, National Bureau of Economic Research, 1997-2006
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

Honors and Awards
Best Professor Award, Kellogg-HKUST EMBA Program

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

Garicano, Luis and Thomas N. Hubbard. 2016. The Return to Knowledge Hierarchies. Journal of Law, Economics, & Organization. 32(4): 653-684.
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.
Hubbard, Thomas N.. 2004. Affiliation, Integration, and Information: Ownership Incentives and Industry Structure. Journal of Industrial Economics. 52(2): 201-227.
Baker, George and Thomas N. Hubbard. 2004. Contractibility and Asset Ownership: On-Board Computers and Governance in U.S. Trucking. Quarterly Journal of Economics.
Hubbard, Thomas N.. 2003. Information, Decisions, and Productivity: On Board Computers and Capacity Utilization in Trucking. American Economic Review. 93(4): 1328-1353.
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.
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.
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.
Hubbard, Thomas N.. 2001. Contractual Form and Market Thickness in Trucking. RAND Journal of Economics. 32(2): 369-386.
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.. 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
Hubbard, Thomas N. and Michael Mazzeo. 2017. When Demand Increases Cause Shakeouts.
Hubbard, Thomas N. and Jeffrey R Campbell. 2015. The Economics of 'Radiator Springs:' Industry Dynamics, Sunk Costs, and Spatial Demand Shifts.
Garicano, Luis and Thomas N. Hubbard. 2015. Earnings Inequality and Coordination Costs: Evidence from U.S. Law Firms.
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 / Evening & Weekend MBA
Business Strategy (STRT-431-0)
This course was formerly known as MGMT 431
Strategy is the set of objectives, policies and resource commitments that collectively determine how a business positions itself to create wealth for its owners. This course introduces students to principles and conceptual frameworks for evaluating and formulating business strategy. Topics include the boundaries of the firm, the analysis of industry economics, strategic positioning and competitive advantage, and the role of resources and capabilities in shaping and sustaining competitive advantages.

Executive MBA
Frameworks for Strategic Analysis (STRTX-430-0)

Frameworks for Strategic Analysis (STRTX-430-A)

Foundations for Strategy Formulation (STRTX-431-0)

Executive Education
Advanced Management Program

For high-potential executives with enterprise-level responsibilities, this condensed, immersive experience — enhanced throughout with executive coaching — focuses on developing senior executive leadership agility, driving innovation, identifying growth opportunities and equipping your organization for the challenges and opportunities of the 21st-century.

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Advanced Management Program: The Global Experience

Designed for the the high-potential executive, Kellogg’s Advanced Management Program: The Global Experience provides an immersive journey into leadership agility, driving innovation and identifying growth opportunities. This modular format provides a weeklong, unparalleled intensive week in a global market.

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Competitive Strategy

Based on time-tested economic principles for profitability and growth, this program offers strategy-focused leaders a blend of modern theory, strategic analysis and practical application for sustaining an organization’s long-term competitive advantage.

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