The Initiative on Chicago Price Theory was originally established in autumn 2004 as a University-wide research center administered by the University of Chicago Booth School of Business. The goal behind its creation was to sustain and strengthen the University’s leading role in price theory—economic research that combines theory and data to analyze the fundamental role of markets and incentives in explaining virtually all aspects of modern life.
At its first event, the Initiative on Chicago Price Theory Conference in April 2006, the research center was named for Gary S. Becker, becoming the Becker Center on Chicago Price Theory, founded by Richard O. Ryan, MBA ’66. Five years later, to build on mutual strengths and aims, the center joined with the Milton Friedman Institute to become the Becker Friedman Institute for Research in Economics in June 2011. Today the initiative continues to support and advance price theory research within the institute.
The Chicago Price Theory Initiative pursues its mission through four main objectives: