The Power of Price Theory

The Price Theory Initiative supports innovative research that examines behavior through the lens of markets, prices, and incentives. Programs prepare young scholars to work creatively in this productive vein.

Faculty research explores topics such as education, marriage, crime and corruption, addiction, health decisions, and political bias and ideological segregation in the media. An important strand of the initiative uses field experiments to understand economic behavior by collecting data in natural settings. Graduate students working with the program also study voting behavior and the impact of social norms on environmental behavior. 

“Chicago Price Theory holds the idea that economic tools provide a powerful analysis that can explain what is going on in the world; the range of topics is diverse and virtually limitless.”
 — Steven Levitt, Director

The Price Theory Scholars program allows promising graduate students from other schools to spend time at UChicago working alongside faculty to learn this approach and advance their research. Participants say the experience gives them a unique perspective that enriches and shapes their research well into their careers. Each year the Price Theory Summer Camp offers graduate students around the country a short but intensive immersion in price theory and a chance to learn from leading UChicago faculty.

This initiative is supported with generous funding through the Andrew and Betsy Rosenfield Program in Economics, Public Policy, and Law.

The Research Professionals program offers recent graduates an opportunity to work with UChicago faculty on cutting-edge research, exploring research as a career and honing their skills. 

The initiative shares innovative economic thinking and perspectives with MBA students and others through the popular Becker Brown Bag Lecture Series.