Booth’s Emir Kamenica finds that sitting adjacently makes it 13 percent less likely that two members of the same party will differ in their votes.
Academic Areas Microeconomics Faculty and Research
The microeconomics faculty at Chicago Booth are shaping the understanding of modern economic theory and practice with an enduring global impact.
Their research spans a broad spectrum that includes powerful insights from basic interactions between supply and demand, along with insights from information economics and mechanism design. Combining theory and data, their empirical research explores inequality and taxes along with the impacts of productivity growth. Our faculty are on the cutting edge of helping to understand today’s most pressing economic issues.
Microeconomics faculty at Booth have played key roles in government and advised world leaders. Austan D. Goolsbee, for instance, served in Washington as the chairman of the Council of Economic Advisers and a member of President Obama’s cabinet.
Our faculty regularly publish in the world’s leading economics journals, including the American Economic Review, and their work has garnered the most prestigious economics awards, including the Nobel Prize in Economic Sciences.
The faculty in this academic area teach a broad variety of MBA, PhD, and Executive Education courses. In every academic program, our faculty bring insights from their research to the classes they teach—from the fundamental business courses Microeconomics and Price Theory to expanded courses including Managing the Workplace, the Firm and the Non-Market Environment, and Business in Historical Perspective.
At Booth, our faculty often incorporate emerging topics and their own research into their classes. These courses begin with fundamental business courses in microeconomics such as Price Theory I, and expand into courses including Managing the Workplace, the Firm and the Non-Market Environment, and Business in Historical Perspective.
Discover more about our microeconomics faculty, including the classes they teach, below.
Booth’s Austan D. Goolsbee and Chad Syverson find consumers’ fear of the coronavirus had a far greater effect on economic activity than lockdown measures did.
Research finds that laid-off workers have been returning to work at a very high rate.
Awards and Honors
“I find it most interesting to push the boundaries of economics. I am convinced that satisfactory answers to many of the questions that interest me cannot be provided by solely looking at market incentives or restricting the human decision-making process to strict rationality assumptions.”
Marianne Bertrand, speaking about her research on inequality and discrimination for which she was the first recipient of the Jan Söderberg Family Prize in Economics and Management.
Research with Impact
“What we found is something that we’re finding again and again in all of our A.I. work, that every time you see that an algorithm has done something really bad, there’s no engineering error. That’s very, very different than the traditional bugs in code that you’re used to.”
Much of Sendhil Mullainathan’s recent research examines the social impact of artificial intelligence—including, in one instance, documenting how an algorithm used widely by health-care organizations resulted in racially biased outcomes. His research could have profound implications for the design, application, and regulation of algorithms.
Study economics with the scholars whose insights and analyses have reshaped the face of business, markets, and the global economy.
Chicago Booth is renowned for economics faculty whose insights and analyses have changed the course of modern-day research in the field.
Conduct research at the intersection of finance and economics in collaboration with faculty whose insights have shaped both fields.
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Microeconomics Faculty In the News
Would Biden’s Tax Plan Help or Hurt a Weak Economy?
October 18, 2020 | New York Times
Economists advising President Biden’s campaign from the outside, including Booth’s Austan D. Goolsbee, say they remain confident that his agenda will promote growth—and that Mr. Biden should not wait, if elected, to raise taxes on corporations and the rich.
Election 2020: Why Leaders Will Benefit from Max Turnout . . . And How They’re Winning the Employee Vote
September 18, 2020 | Forbes
Research from Chicago Booth finds that residents of predominantly Black neighborhoods waited 29 percent longer to vote in the 2016 presidential election than those in white neighborhoods. Booth’s Sendhil Mullainathan suggests that lost time is the modern equivalent of a poll tax.
After the Coronavirus Pandemic, Here’s How the UK Can Solve Its Looming Productivity Crisis
August 03, 2020 | Independent
Without taking steps to address the problems now, the United Kingdom risks sleepwalking its way into a further productivity slide in the midst of an economic crisis, says Booth’s Chad Syverson.
Partnering across the University of Chicago and Beyond
Our microeconomics faculty members regularly contribute to centers and initiatives outside of Booth. From professor Austan D. Goolsbee’s work moderating discussions on politics with the University of Chicago’s Institute of Politics to professor Marianne Bertrand’s work with the UChicago Urban Labs, our faculty are dedicated to fulfilling the broader mission of the University of Chicago.
The majority of our microeconomics professors are affiliated scholars with the National Bureau of Economic Research.
“Dust Bowl Migrants: Identifying an Archetype”
“Quantifying Information and Uncertainty”
Emir Kamenica and Alexander P. Frankel
“Across-Country Wage Compression in Multinationals”
Heather Sarsons, with coauthors Jonas Hjort (Columbia University), and Xuan Li (Hong Kong University of Science and Technology)
Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute for Economics fosters novel insights on the world’s most difficult economic problems.
The Stigler Center confronts conventional thinking and investigates the obstacles preventing markets from being truly competitive.
As Booth’s social impact hub, the center offers hands-on learning opportunities, supports innovative courses, and pursues research—all with the goal of developing people and practices with the potential to solve the world’s biggest problems.
With a mission to push the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
An affiliate of Chicago Booth, CRSP, LLC is the leading provider of historical stock market data for researchers. The center has long been an integral part of the academic and commercial world of financial and economic research.
IGM organizes Booth faculty efforts to influence public policy and the practice of business around the world. By hosting expert panels, visiting thought leaders, and conferences, IGM raises the impact of Booth research.
This center supports researchers from across Booth and UChicago in making revolutionary advances in the applications of A.I. Their work touches fields as diverse as finance, health care, public policy, education, and behavioral science.