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Becker Friedman Institute for Economics
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        • About the Becker Friedman Institute
          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...
        • Our Legacy
          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.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
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        • Research Initiatives
          • Big Data Initiative
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          • International Economics and Economic Geography Initiative
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          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
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        • Global Initiatives
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        • Programs & Centers
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          • Expanding Discovery in Economics+ (EDE+)
          • Experimental Economics Program
          • Global Center for Economic Growth - Growth Academy
          • Gracias Center for Human Sciences and Well-Being
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
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  • Scholars
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  • Research
        • Salience and (Non-)Buyer’s Remorse: Optimal Nonlinear Pricing with Cognitively Constrained Consumers
          Aaron L. Bodoh-Creed, Brent R. Hickman, John List, Ian Muir, and Gregory K. Sun

          Nonlinear pricing theory predicts that firms can extract surplus by inducing heterogeneous consumers to self-sort across price contract offers that are ex-post optimal for them. We study subscription pricing when the frictionless sorting assumption fails. Using large-scale subscription experiments conducted...

          The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits
          Lubos Pastor, Taisiya Sikorskaya, and Jinrui Wang

          As stock market concentration has risen, regulatory limits on fund portfolio concentration have become increasingly binding, especially for large-cap growth funds. When funds approach these limits, they trim their largest holdings and reduce equity exposure. Funds perform worse when constrained....

          Financial Sanctions and the Global Payments Network
          Gregor Matvos and Brent Neiman

          Financial sanctions targeting banks are widely viewed as powerful tools of economic statecraft. This is particularly true for sanctions imposed by the United States, in part reflecting the central role of the U.S. dollar in global payments. Yet there is...

        • View All caret-right
  • Insights
        • Research Briefs

          A Few Bad Apples? Academic Dishonesty, Political Selection, and Institutional Performance in China
          Never Enough: Dynamic Status Incentives in Organizations
          Income Shocks and the Intergenerational Transmission of Executive Function
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        • BFI Data Studio

          Unlocking the Power of Markets as a New Tool for Regulating Pollution
          Explore Historical Manufacturing Data
          The Hidden Volatility of American Workers’ Paychecks
        • View All caret-right
        • Podcasts

          The War in Iran: Oil, Cyber Warfare, and Alliances
          The Geography of Human Capital: Why Rich Regions Stay Rich
          Eugene Fama on 60 Years of Finance Research, Index Funds, and Market Efficiency
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        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Apr 3

          Spring 2026 Development Lunch Workshop

          Apr 6

          Spring 2026 Behavioral Economics Seminar Series

          Apr 9

          BFI-UNAB Organized Crime Conference

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Chief Financial and Macroeconomic Stability Studies Section, Federal Reserve Board
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© 2026 Becker Friedman Institute for Economics at the University of Chicago

  • About
        • About the Becker Friedman Institute
          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...
        • Our Legacy
          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.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
        • Our Team
        • BFI Employment Opportunities
        • Contact
  • Network
        • Research Initiatives
          • Big Data Initiative
          • Health Economics Initiative
          • Industrial Organization Initiative
          • International Economics and Economic Geography Initiative
          • Macroeconomic Research Initiative
          • Political Economics Initiative
          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
        • View All caret-right
        • Global Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Development Economics Center
          • Expanding Discovery in Economics+ (EDE+)
          • Experimental Economics Program
          • Global Center for Economic Growth - Growth Academy
          • Gracias Center for Human Sciences and Well-Being
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
        • View All caret-right
  • Scholars
    • UChicago Scholars
    • Visiting Scholars
    • Saieh Family Fellows
    • Predoctoral Research Professionals
  • Research
        • Salience and (Non-)Buyer’s Remorse: Optimal Nonlinear Pricing with Cognitively Constrained Consumers
          Aaron L. Bodoh-Creed, Brent R. Hickman, John List, Ian Muir, and Gregory K. Sun

          Nonlinear pricing theory predicts that firms can extract surplus by inducing heterogeneous consumers to self-sort across price contract offers that are ex-post optimal for them. We study subscription pricing when the frictionless sorting assumption fails. Using large-scale subscription experiments conducted...

          The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits
          Lubos Pastor, Taisiya Sikorskaya, and Jinrui Wang

          As stock market concentration has risen, regulatory limits on fund portfolio concentration have become increasingly binding, especially for large-cap growth funds. When funds approach these limits, they trim their largest holdings and reduce equity exposure. Funds perform worse when constrained....

          Financial Sanctions and the Global Payments Network
          Gregor Matvos and Brent Neiman

          Financial sanctions targeting banks are widely viewed as powerful tools of economic statecraft. This is particularly true for sanctions imposed by the United States, in part reflecting the central role of the U.S. dollar in global payments. Yet there is...

        • View All caret-right
  • Insights
        • Research Briefs

          A Few Bad Apples? Academic Dishonesty, Political Selection, and Institutional Performance in China
          Never Enough: Dynamic Status Incentives in Organizations
          Income Shocks and the Intergenerational Transmission of Executive Function
        • View All caret-right
        • BFI Data Studio

          Unlocking the Power of Markets as a New Tool for Regulating Pollution
          Explore Historical Manufacturing Data
          The Hidden Volatility of American Workers’ Paychecks
        • View All caret-right
        • Podcasts

          The War in Iran: Oil, Cyber Warfare, and Alliances
          The Geography of Human Capital: Why Rich Regions Stay Rich
          Eugene Fama on 60 Years of Finance Research, Index Funds, and Market Efficiency
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Apr 3

          Spring 2026 Development Lunch Workshop

          Apr 6

          Spring 2026 Behavioral Economics Seminar Series

          Apr 9

          BFI-UNAB Organized Crime Conference

        • View All caret-right
  • News
    • BFI News
    • Media Mentions
    • Press Releases
  • Info For
    • Scholars
    • Students
    • Media
    • Pre-Doctoral Research Professionals
  • Subscribe
    • Join Our Weekly Briefing Newsletter
    • Newsletter Archive
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