This paper examines how power lawyers shape judicial and economic outcomes by studying the “revolving door” between judges and lawyers in China’s judicial system—namely, former judges who quit the bench to practice law. In otherwise identical lawsuits, revolving-door lawyers deliver...

The analysis of corporate governance begins with a central feature of modern capitalism—the separation of ownership and control in large corporations—first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers and shareholders,...

Sequential choices are ubiquitous in daily life, yet making optimal decisions in such settings—where properly accounting for option value is crucial—can be challenging. This paper provides field experimental evidence on the neglect of option value in high-stakes decisions and quantifies...

The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...

Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.

University of Chicago faculty members and other accomplished economists set the goals and direction of the Institute.

Get in touch with us.