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Lesson #2: Learning is a Process of Trial and Error
Neither Moore nor Noyce were natural-born businessmen. They were scientists, people who felt more comfortable inside the walls of a laboratory than within the four walls of an office boardroom. They had spent the majority of their youth conducting science experiments rather than doing sales, playing with molecules and electrons instead of learning about contracts and markets. However, once the two decided to branch off on their own and create Intel, they knew that their success would rest upon how well they could learn by trial and error.

Quote of the Day
"If I had said 'yes' to all the projects I turned down and 'no' to all the ones I took, it would have worked out about the same."—David Picker, movie studio exec, quoted in William Goldman's classic Adventures in the Screen Trade (cited by Caltech physics professor and author Leonard Mlodinow in The Drunkard's Walk: How Randomness Rules Our Lives)
Double Marginalization and the Decentralized Supply Chain Revisited
Without a doubt, the concept of double marginalization and the resultant issues associated with understanding and addressing its impact represents one of the more complex elements of an organization’s supply chain practice. As the point of convergence of multiple stakeholder interests and the seemingly disparate (some would say contradictory) strategies that define today’s partinioned enterprises, the intent of the article when it was first published was to create an awareness of a concept that up until that point was not widely recognized, let alone understood by the majority of purchasing professionals.

Other caltech Related Articles

Double Marginalization and the Decentralized Supply Chain
Double marginalization is defined as the “exercise of market power at successive vertical layers in a supply chain.” Dating back to Lerner (1934) the problem that arises as a result of double marginalization is tied to an impetus to mark up the product’s price above marginal cost. According to a 2005 Caltech paper (Vertical Integration of Successive Monopolists: A Classroom Experiment) the sequence of mark-ups “leads to a higher retail price and lower combined profit for the supply chain than would arise if the firms were vertically integrated.”
Quote of the Day
"If I had said 'yes' to all the projects I turned down and 'no' to all the ones I took, it would have worked out about the same."—David Picker, movie studio exec, quoted in William Goldman's classic Adventures in the Screen Trade (cited by Caltech physics professor and author Leonard Mlodinow in The Drunkard's Walk: How Randomness Rules Our Lives)
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