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Despite major changes in the environment, the business models of business schools have not experienced much change. Methods of teaching and research remain similar to 30 years ago. This paper focusses on the underlying reason for the inertia by investigating the implicit value proposition of business schools. It first reviews past literature on the value of business schools and then attempts to explain additional, often neglected, value propositions of teaching and research. The paper argues that studying at business schools is also a relatively cheap way of keeping young adults intellectually stimulated, busy, and relatively happy. The additional value proposition of research is that it serves as a basis for ranking and demonstrates the peacock's tail effect while serving as a signal of commitment and a sense of purpose for professors. Only a profound understanding of the implicit parts of the value proposition can help guide the transformation of existing business schools or help develop their alternatives in such a way that achieves sustainable improvements for students, academics, and society as a whole
