Economics

The economics academic area includes faculty that study a broad range of topics in their discipline, including economic theory, industrial organization, labor economics, macroeconomics, econometrics, environmental economics, and international trade.

The economic faculty bring ideas from economic research (both their own and those from the broader community of economic scholars) to the classroom.

The group teaches principles of economics and statistics in managerial foundations classes, as well as applications of economics in classes on strategy, public policy, human resource management, global management, and other topics.

The rigorous application of economic principles permeates the MBA, Stanford MSx, and Executive Education curricula. The economics area extends its impact beyond Stanford by publishing, by educating PhD students, and by influencing public policy.

Recent Journal Articles in Economics

Ilya Segal, Michael D. Whinston
Journal of the European Economic Association. December
21 , 2016, Vol. 14, Issue 6, Pages 1287-1328

We show that efficient bargaining is impossible for a wide class of economic settings and property rights. These settings are characterized by (i) the existence of “adverse efficient opt-out types”,...

Gabriel Weintraub, Bar Ifrach
The Review of Economic Studies ( forthcoming ). October
21 , 2016

In this paper we introduce a new computationally tractable framework for Ericson and Pakes (1995)- style dynamic oligopoly models that overcomes the computational complexity involved in computing Markov perfect equilibrium...

Peter Joos, Joseph D. Piotroski, Suraj Srinivasan
Journal of Financial Economics. September
2016, Vol. 121, Issue 3, Pages 645-663

We use a data set of sell-side analysts’ scenario-based equity valuation estimates to examine whether analysts can assess the state-contingent risk surrounding a firm’s fundamental value. We find that the...

Simon Board, Andrzej Skrzypacz
Journal of Political Economy. August
2016, Vol. 124, Issue 4, Pages 1046-1087

A seller wishes to sell multiple goods by a deadline, for example, the end of a season. Potential buyers enter over time and can strategically time their purchases. Each period,...

Eric Bettinger, Bridget Terry Long, Eric S. Taylor
Economics of Education Review. June
2016, Vol. 52, Pages 63-76

We examine graduate student teaching as an input to two production processes: the education of undergraduates and the development of graduate students themselves. Using fluctuations in full-time faculty availability as...

Nicholas A. Bloom, Renata Lemos, Raffaella Sadun, Daniela Scur, John Van Reenen
American Economic Review. May
2016, Vol. 106, Issue 5, Pages 152-156

We examine methods used to survey firms on their management and organizational practices. We contrast the strengths and weaknesses of “open ended questions” (like the World Management Survey) with “closed...

Journal Article|
Charles I. Jones
Journal of Political Economy. March
8 , 2016, Vol. 124, Issue 2, Pages 539-578

Some technologies save lives—new vaccines, new surgical techniques, safer highways. Others threaten lives—pollution, nuclear accidents, global warming, and the rapid global transmission of disease. How is growth theory altered when...

Guido W. Imbens, Alberto Abadie
Econometrica. March
2016, Vol. 84, Issue 2, Pages 781-807

Propensity score matching estimators (Rosenbaum and Rubin (1983)) are widely used in evaluation research to estimate average treatment effects. In this article, we derive the large sample distribution of propensity...

Anat R. Admati
National Institute Economic Review. February
2016, Vol. 235, Issue 1, Pages R4-R14

Capital regulation is critical to address distortions and externalities from intense conflicts of interest in banking and from the failure of markets to counter incentives for recklessness. The approaches to...

Edward Lazear, Kathryn Shaw, Christopher Stanton
Journal of Labor Economics. January
2016, Vol. 34, Issue 1, Pages 333-360

Why did productivity rise during recent recessions? One possibility is that average worker quality increased. A second is that each incumbent worker produced more. The second effect is termed “making...