Luis Rayo is the Erwin P. Nemmers Professor of Strategy at Northwestern University’s Kellogg School of Management. He is also a Research Fellow at the Centre for Economic Policy Research. His previous appointments include Professor of Finance at the University of Utah’s David Eccles School of Business, Professor of Management at the London School of Economics, Associate Professor of Economics at the University of Chicago Booth School of Business, Chair of ITAM’s economics department, and Visiting Professor at MIT Sloan School of Management.