Jeremy I Bulow

Richard A. Stepp Professor of Economics

Senior Fellow, Stanford Institute for Economic Policy Research

Phone: (650) 723-2160


Personal Homepage:

CV: BulowCV

Academic Areas: Economics

Jeremy Bulow’s research spans economics and finance and includes topics such as industrial organization, international debt, pension funds, auctions, and tobacco. Bulow has taught microeconomics as well as courses on economic aspects of contracts, competition, and markets, and environmental management and policy analysis.


Jeremy Bulow is the Richard A. Stepp Professor of Economics at Stanford Business School. He served as the Director of the Bureau of Economics of the Federal Trade Commission from 1998-2001. Bulow was co-editor of the American Economic Review from 2005-2008. His research has covered a variety of topics including pension funds, sovereign debt, auctions, and tobacco. He has served as a consultant to government agencies including the Pension Benefit Guaranty Corporation, the World Bank, the British Radiocommunications Authority, and the Federal Reserve. In the private sector, he has consulted to companies in oil, telecoms, credit cards, software, and internet search. Bulow is a fellow of the Econometric Society and of the American Academy of Arts and Sciences.

Academic Degrees

PhD, M.I.T., 1979; BA, Yale University, 1975; MA, Yale University, 1975.

Professional Experience

At Stanford since 1979.

Visiting Research Fellow, World Bank, 1991; Research Fellow, Center for the Study of the Economy and the State, University of Chicago, 1985; Alfred P. Sloan Research Fellow, 1984-1986; National Fellow, Hoover Institution, 1982-1983; Research Associate, National Bureau of Economic Research, 1979-Present; National Science Foundation Fellow, 1975-1978.

Selected Publications

Working Papers

  • 1150: Rational Frenzies and Crashes
  • 1280: Auctions vs. Negotiations
  • 1393: Toeholds and Takeovers
  • 1415: The Generalized War of Attrition
  • 1465: The Winner's Curse and the Failure of the Law of Demand
  • 1515: The Tobacco Deal
  • 1712: Midwest Gasoline Pricing and the Spring 2000 Price Spike
  • 1739R: The BP Amoco/ARCO Merger: Alaskan Crude Oil
  • 1804: The Gaming of Pharmaceutical Patents
  • 1818: Matching and Price Competition
  • 1848R1: Accounting for Stock Options
  • 1973: When are Auctions Best?
  • 2086: Price Controls and Consumer Surplus
  • 536: Analysis of Pension Funding Under Erisa
  • 655: The Taxation of Risky Assets
  • 696R1: Multimarket Oligopoly: Strategic Substitutes and Complements
  • 739: Holding Idle Capacity to Deter Entry
  • 784: An Economic Theory of Planned Obsolescence
  • 785: Strategic Resource Extraction: When Easy Doesn't Do It
  • 820: A Theory of Dual Labor Markets with Application to Industrial Policy, Discrimination and Keynesian Unemployment
  • 959: The Simple Economics of Optimal Auctions

Selected Cases

  • BE10: Cleaner Fuels for Competitive Advantage: ARCO and EC1

Courses Taught


  • Research Fellow: National Bureau of Economic Research
  • Fellow: Alfred P. Sloan Foundation
  • Fellow: Econometric Society
  • National Fellow: Hoover Institution
  • Fellow: American Academy of Arts and Sciences
  • Fellow: NSF

In The Media

  • The herd instinct: The recent collapse in the stock market has a perfectly rational explanation, Financial Times Weekend Magazine - The Undercover Economist
  • A simple way to value stock options, Financial Times
  • Real Campaign-Finance Reform, New York Times
  • Survey-Mastering Strategy 7: Strategic complements and substitutes, Financial Times
  • Bidding adieu?, The Economist