The University of Chicago has a long and illustrious research tradition that combines rigorous economic thinking and careful, data-driven analysis.
This Chicago-style approach is often known as “Price Theory” because analysis begins with the fundamental role of prices, markets, and incentives in economic activity. This approach is exemplified in the path-breaking work of UChicago economists Gary Becker, Ronald Coase, Milton Friedman, Sherwin Rosen, George Stigler, among others.
Price theory has been applied not only to the most fundamental topics of traditional economics such as consumption, saving, taxation, and regulation, but also sheds light on a wide range of other human behavior—crime and corruption, discrimination, marriage and more.
Today the Price Theory Initiative supports a range of programs and events that advance research in this area and prepare young scholars to work creatively in this enormously productive vein.
Learn more »
This intensive one-week introduction to price theory for PHD students will be held June 23–27. Apply by April 15.
Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics Richard H. Thaler discussed his book Nudge and the practical use of behavioral economics in everyday life.
Watch the video »
“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