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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.
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        • Social Dynamics of AI Adoption
          Leonardo Bursztyn, Alex Imas, Rafael Jiménez-Durán, Aaron Leonard, and Christopher Roth

          Anxiety about falling behind can drive people to embrace emerging technologies with uncertain consequences. We study how social forces shape demand for AI-based learning tools early in the education pipeline. In incentivized experiments with parents—key gatekeepers for children’s AI adoption—we...

          Do Test Scores Misrepresent Test Results? An Item-by-Item Analysis
          Jesse Bruhn, Michael Gilraine, Jens Ludwig, and Sendhil Mullainathan

          Much of the data collected in education is effectively thrown away. Students answer individual test questions, but administrators and researchers only see aggregate performance. All the item-level data are lost. Ex ante it is not clear this destroys much useful...

          Complexity Theory and Economic Inequality
          Steven Durlauf, David McMillon, and Scott Page

          We analyze the potential for complexity theory to produce insights that elucidate the evolution of socioeconomic inequality and point toward effective policies. We position complexity theory as a complement to more traditional economic approaches. Economic models of inequality can fall...

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  • Insights
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          The Mortgage Debt Channel of Monetary Policy when Mortgages are Liquid
          Closing Early Math Gaps by Parental Education with Technology at Home
          Debt and Assets
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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

          Liberalism and the Great Enrichment: Why Ideas, Not Capital, Made the Modern World
          Economics for Everyone: Teaching the World to Think Like an Economist
          You Might Also Like: Farmer’s A.I. Manac, from Shocked
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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

          Nov 21

          Development Lunch Workshop – Fall 2025

          Nov 21

          University of Chicago-Northwestern China Afternoon Workshop

          Nov 21

          Fall 2025 Trade and Spatial Afternoons Seminar Series

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Media Mention·Jan 27, 2020

When an oil company comes knocking, hold an auction

Chicago Booth Review; Thomas Covert
Related People
  • Thomas Covert
Related Research
  • Relinquishing Riches: Auctions vs Informal Negotiations in Texas Oil and Gas Leasing
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© 2025 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
          • Chicago Experiments 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
        • Regional Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Expanding Discovery in Economics+ (EDE+)
          • Development Economics Center
          • Global Center for Economic Growth - Growth Academy
          • 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
        • Social Dynamics of AI Adoption
          Leonardo Bursztyn, Alex Imas, Rafael Jiménez-Durán, Aaron Leonard, and Christopher Roth

          Anxiety about falling behind can drive people to embrace emerging technologies with uncertain consequences. We study how social forces shape demand for AI-based learning tools early in the education pipeline. In incentivized experiments with parents—key gatekeepers for children’s AI adoption—we...

          Do Test Scores Misrepresent Test Results? An Item-by-Item Analysis
          Jesse Bruhn, Michael Gilraine, Jens Ludwig, and Sendhil Mullainathan

          Much of the data collected in education is effectively thrown away. Students answer individual test questions, but administrators and researchers only see aggregate performance. All the item-level data are lost. Ex ante it is not clear this destroys much useful...

          Complexity Theory and Economic Inequality
          Steven Durlauf, David McMillon, and Scott Page

          We analyze the potential for complexity theory to produce insights that elucidate the evolution of socioeconomic inequality and point toward effective policies. We position complexity theory as a complement to more traditional economic approaches. Economic models of inequality can fall...

        • View All caret-right
  • Insights
        • Research Briefs

          The Mortgage Debt Channel of Monetary Policy when Mortgages are Liquid
          Closing Early Math Gaps by Parental Education with Technology at Home
          Debt and Assets
        • 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

          Liberalism and the Great Enrichment: Why Ideas, Not Capital, Made the Modern World
          Economics for Everyone: Teaching the World to Think Like an Economist
          You Might Also Like: Farmer’s A.I. Manac, from Shocked
        • 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

          Nov 21

          Development Lunch Workshop – Fall 2025

          Nov 21

          University of Chicago-Northwestern China Afternoon Workshop

          Nov 21

          Fall 2025 Trade and Spatial Afternoons Seminar Series

        • 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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