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Expert Profile: Warren D. Miller, CFA, ASA, CPA

Expertise:  My in-depth knowledge of economics is confined to three sub-disciplines: Austrian economics, industrial organization, and evolutionary economics. Other questions dealing with macroeconomics, the traditional neoclassical paradigm, labor economics, environmental economics, agricultural economics, health economics, and so on should go to those who have the appropriate expertise. N.B.: I DO NOT ANSWER QUESTIONS MARKED 'PRIVATE' because I believe that knowledge should be shared, not hoarded. I also believe that such questions are likely to come those trying to cheat. Similarly, as one who was a full-time academic for half a decade, I can recognize test and homework questions several time zones away. Therefore, please do not demean yourself by submitting such questions to me. Those who do so are cheating, pure and simple, and I WILL call you out publicly if I believe you are doing so. I have a zero-tolerance policy where cheating and dishonesty are concerned. In addition, please don't be like the businessman who posted a request for help in August 2008. He expressly denied that he was seeking "investment advice" and said that his query was for, and I quote, "educational and informational purposes." In a follow-up query, however, he allowed as how his first questions related to the possible purchase of a $500,000 piece of equipment. Well, he was trying to get for free the kind of sophisticated advice that our clients pay for. I told him that I thought he had not been forthcoming in what he said initially (I was being polite). Bottom line is this: high-end business consulting is what I do for a living. I am the sole support for my family. Please respect that fact and don't try to steal what our clients pay for. That demeans you and insults me. Finally, please DO NOT ask for investment advice. I am not licensed to provide such advice. If you want such advice, check with your financial planner or other financial adviser.

Experience in the area
I work with Austrian economics (which is different in major respects from the traditional neoclassical model), industrial organization (which is about industry structure, conduct, and performance), and evolutionary economics (almost, but not quite, the economic analog of its biological counterpart) everyday in my work. I appraise closely-held businesses, provide exit-planning services, and offer high-level strategic analysis, advice, and clients to CEOs and owners of mid-sized businesses. Understanding, applying, and writing about these disciplines is an essential part of how I have made my living since 1993.

Organizations
CFA Institute, Strategic Management Society, American Society of Appraisers, Institute of Management Accountants, Academy of Management, Culver Legion

Publications
CFA Magazine, Strategic Finance, Valuation Strategies, Value Examiner, Journal of Advanced Property Economics, Harvard Business Review, American Fly Fisher, CFA Digest, CPA Expert, and Business Valuation Review, among others

Education/Credentials
MBA - Oklahoma State (1991) BBA - U. of Oklahoma (1975) Chartered Financial Analyst designation (2006) Accredited Senior Appraiser (2006) Certified Management Accountant (1992) Certified Public Accountant (1992)

Past/Present Clients
Confidential

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Something controversial or provocative about this subject  AE, IO, and EE are fascinating!! And I'm not even a trained economist. I wake up most mornings astonished (and delighted) that I can get paid for doing what I love to do.
Something interesting about this subject that others may not know:  Industrial organization is about behavior! Wow - a branch of economics that is not deterministic. Who'd've thunk it?! And Austrian economics is the real deal, unlike all of those silly assumptions that underpin the neoclassical model.
What do you still hope to achieve/learn in this field?  Besides wanting to continue to expand my knowledge of Austrian economics, I hope to learn more about industrial organization in countries other than the U.S. And I hope to continue to carry the message that the neoclassical microeconomic paradigm that most of us learned in college is seldom useful to practicing managers.
What do you like about this subject?  Learning Austrian economics in the last two years has helped me understand many phenomena that I heretofore scratched my head about. Industrial organization and evolutionary economics are also real-world. EE posits that each firm is endowed with unique, immobile resources. Managers must mold those in ways that are valuable, rare, and inimitable.
Average Ratings
Prestige Points: 2090
Knowledge   9.83   Best of the best
Clarity of Response   9.80   Best of the best
Timeliness   9.82   Best of the best
Politeness   9.95   Best of the best
Number Of Questions
(in Past 24 Hours)
0
Max Questions to be Asked
(in 24 Hour period)
6
Total Questions
(since joining AllExperts)
256
Recent Reviews from Users
KnowlClarityTimePolitenessDate
1010101009/06/08
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User Comments
Thank you so much for your detailed explanation! It really help me to understand much better.
(eleen on 09/06/08)
Warren gave me alot of ideas on how to improve the economy in America.
(Sterling on 08/23/08)
Thanks for the help! :)
(Adrian on 08/21/08)
Excellent feedback. It is hard for me to understand that there are such open, courteous and helpful teachers of finance/economics out there on the int
(Soren on 08/19/08)
View All Comments
Ask a Question       View Past Answers       View Ratings            

Recent Answers from Warren D. Miller, CFA, ASA, CPA
2008-09-04  Dollar/Pound exchange rate (Addendum) Hi, Andrew-- Thank you for your question, and thank you for using AllExperts.com. I'm glad to try to explain the reversal of the multi-year trend in the relationship between the U.S. dollar (USD) and...
2008-09-03  Project Vs. Equity IRR Thank you for your kind words, Todd. Glad you found my responses to Hatem on IRR useful and helpful. If you don't mind, I'd like to provide a link for you: http://www.allexperts.com/ep/2301-84697/Economics/Warren-D-Miller...
2008-08-22  Improving the Economy Dear Sterling-- Thanks for your interesting question, and thanks for using AllExperts.com. I have to confess that the first time I read your question, I was tempted not to answer it because it would...
2008-08-21  Debt Burden Dear Friday-- Thank you for your question, and thank you for using AllExperts.com. Before I respond, let me paraphrase an old maxim: "If a man is hungry, and you give him a fish, he will get hungry...
2008-08-19  is-lm curve Thank you, Adrian. I thought that was the context, but I had to make sure. As my bio on AllExperts.com says, I'm NOT an expert in macroeconomics. And goodness knows that IS-LM is macro. To the max....
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