BFI NewsApr 28, 2016

Immersion in the Chicago Price Theory Tradition via the Price Theory Scholars Program

As a Harvard graduate student, Jesse Shapiro had a unique opportunity to immerse himself in University of Chicago economic rigor and practice, working on his research with leading price theory faculty and taking the Becker-Murphy price theory class. The exposure to the Chicago environment and to price theory class in particular gave him a new perspective on economics that he took back with him to Harvard. The Price Theory Scholar Program, now seeking applicants for the 2016-17 academic year, replicates Shapiro’s experience for new students interested in the perspective offered by price theory and the unique Chicago approach.

The program allows PhD students in economics at other institutions to experience and learn to apply price theory in the Chicago tradition during a one-quarter residency at the University of Chicago. Selected students are enrolled in the first quarter of the price theory sequence taught by Kevin M. Murphy. The goal of the program is to expose students to price theory in the Chicago tradition, which emphasizes the application of simple economic principles to important real-world problems.

Established in 2006 with the support of the Searle Freedom Trust, the program is geared toward students who are in their third or fourth year of study but applications are accepted from doctoral candidates of all levels.

The deadline for applicants is May 31, 2016. Candidates are nominated for the Price Theory Scholars Program by those under whom they have studied—applications are not accepted directly from the candidates themselves.

—Mark Riechers