In the News 2017

How to Trick People Into Saving Money

May 2017 | The Atlantic

Richard Thaler, an economist at the University of Chicago and one of the field’s pioneers, told The Wall Street Journal in 2015 that saving for retirement is “a prototypical behavioral-economics problem” because it is “cognitively hard—figuring out how much to save—and requires self-control.”

Wall Street to Millennials: Don't fear the stock market

April 17, 2017 | USA Today

“I don’t think there is any reason to believe Millennials are more risk averse than other (generational) cohorts,” says Richard Thaler, a professor at the University of Chicago’s Booth School of Business.

How Not to Feel Lonely: 50 Science-Backed Tips Everyone Should Read

April 24, 2017 | Readers Digest

"It's easy to imagine all the ways things will go badly or believe that this person doesn't want to connect," Nicholas Epley, a professor of behavioral science at the University of Chicago Booth School of Business told the New York Times. But if you reach out, he continued, "almost everybody reaches back."

If The MBA Admissions Office Applied To Business School: Chicago Booth

April 21, 2017 | Forbes

The distinct Booth experience is something that the school’s Associate Dean for Student Recruitment and Admissions, Kurt Ahlm is keenly aware of as he and his team put together the application each year

Millennial women are 'worried,' 'ashamed' of out-earning boyfriends and husbands

April 18, 2017 | CNBC

She summarized University of Chicago Booth School of Business findings for NPR, saying that, in their sample, dissatisfaction increased, and could lead to divorce, "once a woman started to earn more than her husband."

AUSTAN GOOLSBEE - THE REALITY OF A TRUMP ECONOMY - EXTENDED INTERVIEW

April 17, 2017 | Daily Show

Former Obama administration economist Austan Goolsbee weighs in on how President Trump's budget affects the economy and talks about the U.S.'s changing workforce.

Where Wall Street Gets Its Finance MBAs

April 17, 2017 | Poets & Quants

Now it’s putting some distance between it and the next biggest finance factory: In 2016 the second-most finance MBAs came not from the Northeast but the Midwest, the University of Chicago’s Booth School of Business, which moved up to 35.0% from 34.8% in 2015.

Tax Cuts Don't Work the Way Free Marketers Expect

April 17, 2017 | Bloomberg

A recent paper by the University of Chicago Booth School of Business professor Owen Zidar demonstrates the differences between cutting taxes for the well-off and cutting them for those of modest means.

Why You Trust Email Way More Than You Should

April 17, 2017 | New York Magazine

Nicholas Epley, a psychologist at the University of Chicago’s Booth School of Business, thinks many people see email as a less anxiety-inducing form of talking.

The University of Chicago worries about a lack of competition

April 12, 2017 | The Economist

ONE sign that monopolies are a problem in America is that the University of Chicago has just held a summit on the threat that they may pose to the world’s biggest economy.

United Isn’t Alone in Treating Its Passengers Like Garbage

April 12, 2017 | Fortune

Commentary by John Paul Rollert. United has now offered Dao a sincere apology—Munoz said Wednesday morning that he felt “shame” over the incident—and one suspects they will soon be offering him a lot of money too. He deserves it. He deserved better. The rest of us do too.

Biased bots: Human prejudices sneak into artificial intelligence systems

April 12, 2017 | PhysOrg

Another objectionable example harkens back to a well-known 2004 paper by Marianne Bertrand of the University of Chicago Booth School of Business and Sendhil Mullainathan of Harvard University. The economists sent out close to 5,000 identical resumes to 1,300 job advertisements, changing only the applicants' names to be either traditionally European American or African American.

Is U.S. Tax Reform in 2017 Plausible?

April 12, 2017 | Bloomberg

Austan Goolsbee, economics professor at University of Chicago, and Douglas Holtz-Eakin, president of American Action Forum, discuss the difficulty of trying to get tax reform in the U.S.

Economists Pen Immigration Letter to Trump and Congress

April 12, 2017 | Bloomberg/Yahoo!

Austan Goolsbee, economics professor at University of Chicago, and Douglas Holtz-Eakin, president of American Action Forum, discuss a letter penned by multiple economist to politicians about the merits of immigration for the U.S.

The rise of ETFs may be a cause of record-low volatility

April 10, 2017 | CNBC

"If there is excess volatility due to non-fundamental reasons, eliminating it will result in lower volatility and more efficient markets," Stefano Giglio, associate professor of finance at the University of Chicago's Booth School at Business, wrote to CNBC on Monday.

The Fundamental Problems of the Financial Crisis Are Still with Us

April 7, 2017 | Finanz und Wirtschaft

Raghuram Rajan, Professor of Finance at the University of Chicago and former governor of the Reserve Bank of India, warns of more turmoil ahead if the developed world fails to adapt to the fundamental forces of global change.

Happy Meals and Glass-Steagall

April 6, 2017 | Bloomberg

The short answer is: rarely. Research by University of Illinois’s Petro Lisowsky and Chicago Booth’s Michael Minnis demonstrates that almost two-thirds of medium-to-larger private companies choose not to produce audited GAAP statements.

Mental Pitfalls That Thwart Making Smart Financial Decisions

April 6, 2017 | Forbes

I first heard the noted American economist and author Dr. Richard Thaler give a speech about something called “behavioral finance” over 20 years ago. It was my introduction to a new field of research in economics.

Accounting cops have tough task of cracking down on corporate fraud

April 6, 2017 | Chicago Tribune

Even with new anti-corruption regulations, it's estimated that one out of seven firms suffers from ongoing fraud, according to an August 2014 research paper co-written by Luigi Zingales, a professor at the University of Chicago. (Experts from the University of Toronto and University of California at Berkeley also contributed).

10 things you need to know today

April 6, 2017 | Business Insider

New analysis from Poets and Quants shows that graduates from elite MBA programs are being heavily recruited by tech firms. For instance, over the past five years, Amazon has hired 445 MBA grads from Chicago, Northwestern, MIT, Columbia, Michigan, and Duke.

Try mental accounting to make your retirement dreams come true

April 5, 2017 | USA Today

“Mental accounting is essentially the household equivalent of financial accounting, but it is often done without conscious thought,” says Richard Thaler, a professor at the University of Chicago Booth School of Business and author of Misbehaving: The Making of Behavioral Economics.

The Busy Trap: How Keeping Busy Became a Status Symbol

April 3, 2017 | NBC News

"People dread idleness, and their professed reasons for activity may be mere justifications for keeping busy," University of Chicago professor of behavioral science and marketing Christopher Hsee observed.

Uber's Behavioral Experiment On Drivers May Raise Ethical Questions, But It Is Hardly Unique

April 3, 2017 | Forbes

These  aren’t totally uncharted waters. The University of Chicago’s Richard Thaler, one of the world’s leading behavioral economists, has suggested in the past where the line between incentivizing and manipulating lies.

If you talk to your pets, you're not an oddball - it's a sign of intelligence

April 3, 2017 | Metro

Dr Nicholas Epley, a professor of behavioral science at the University of Chicago told Quartz, "Historically, anthropomorphising has been treated as a sign of childishness or stupidity, but it's actually a natural byproduct of the tendency that makes humans uniquely smart on this planet.

Talking to your pets is a sign of intelligence, science reveals

April 3, 2017 | Country Living UK/Yahoo!/Cosmopolitan/Redbook

"Historically, anthropomorphising has been treated as a sign of childishness or stupidity, but it's actually a natural byproduct of the tendency that makes humans uniquely smart on this planet," Dr Nicholas Epley, a professor of behavioral science at the University of Chicago said.

People who talk to pets, plants, and cars are actually totally normal, according to science

March 31, 2017 | Quartz

“Historically, anthropomorphizing has been treated as a sign of childishness or stupidity, but it’s actually a natural byproduct of the tendency that makes humans uniquely smart on this planet,” says Nicholas Epley, a professor of behavioral science at the University of Chicago.

Who's a clever boy! Talking to your pets (and even your car) is a sign of social intelligence, scientists say 

March 31, 2017 | Daily Mail

Nicholas Epley, a professor of behavioral science at the University of Chicago and an anthropomorphism expert, told Quartz: 'Historically, anthropomorphizing has been treated as a sign of childishness or stupidity, but it’s actually a natural byproduct of the tendency that makes humans uniquely smart on this planet'. 

Here’s When You Should (And Shouldn’t) Ignore Other People’s Feedback

March 2, 2017 | Fast Company

“You need positive feedback if you’re unsure about your task commitment,” says University of Chicago behavioral scientist Ayelet Fishbach, “that is, if you think the task might be too challenging for you. You also need positive feedback if you’re a novice and have only recently started working on the task.”

The Quiet Bear Market in Bonds

March 21, 2017 | Bloomberg

Eugene Fama, the University of Chicago finance professor, proved the “expectations theory” in his groundbreaking research on spot and forward rates.

Better Video Games Could Be Driving Young Men Out of The Workforce

March 20, 2017 | Big Think

Despite the uncertainty, they actually report being happier than they were 15 years ago. So what’s making them content to stay out of work? Better video games, says Erik Hurst, an economist at the University of Chicago who co-authored a study on this shift in the labor supply:

The best grad schools 2018, from U.S. News & World Report

April/May 2017 | 1843 Magazine

What these individuals are not doing is clear enough, says Erik Hurst, an economist at the University of Chicago, who has been studying the phenomenon.

Women on Wall St. punished more severely than men for misdeeds

March 14, 2017 | CNBC

Women "walk a tightrope" in financial advisor jobs, where their bosses have less tolerance for missteps, said co-author Gregor Matvos of the University of Chicago.

3 Things Entrepreneurs Really Don't Need to Worry About at Work

March 14, 2017 | Inc.

Writing in the New York Times recently, Ayelet Fisbach, a professor at University of Chicago's Booth School of Business, notes: "People send résumés and go to interviews thinking that they care only about salaries and promotions.

The best grad schools 2018, from U.S. News & World Report

March 14, 2017 | US News & World Report

In the full-time MBA rankings,the Wharton School at the University of Pennsylvania moves up three places to tie with Harvard University at No. 1. The Booth School of Business at the University of Chicago follows at No. 3, while Stanford University, the Sloan School of Business at the Massachusetts Institute of Technology and the Kellogg School of Management at Northwestern University tie at No. 4.

University of Chicago Among U.S. News & World Report's 2018 Best Graduate Schools

March 14, 2017 | NBC

The University of Chicago's Booth School of Business ranked third in the business category of U.S. News & World Report's new list of the best graduate schools for 2018.

Wells Fargo 25% More Likely to Punish Women Employees than Men, Study Says

March 14, 2017 | Fortune Magazine

The study was conducted by finance professors Mark Egan of the University of Minnesota Carlson School of Management, Gregor Matvos of the University of Chicago Booth School of Business, and Amit Seru of Stanford Graduate School of Business.

The Best Executive MBA Programs Around The Globe That Will Grow Your Career

March 13, 2017 | Forbes

Kellogg’s Executive MBA program (#2), and Chicago Booth’s Executive MBA program (#3) maintained their positions in the global rankings, while also dominating the top spots in the Midwest regional ranking.

Everything Always Takes Longer Than You Think

March 13, 2017 | New York Magazine

A good explanation of this can be found in Mindwise, by University of Chicago psychologist Nicholas Epley.

Haas Tops U.S. News’ Part-Time MBAs

March 13, 2017 | Poets & Quants

Most importantly for the U.S. News ranking, Berkeley Haas retained its high peer assessment score of 4.5 out of 5. That score, calculated from a fall 2016 survey that asked B-school deans and MBA program directors at 360 part-time MBA programs to rate the other part-time programs, accounts for 50% of the total measure of each school. Only Chicago Booth, at 4.7, received a higher score than Haas.

New dean at U. of C.'s Booth School of Business: Stanford's Madhav Rajan

March 8, 2017 | Chicago Tribune

The University of Chicago's Booth School of Business has named a new dean, Stanford accounting scholar Madhav Rajan.

U of C's Booth appoints Madhav Rajan as dean

March 8, 2017 | Crain's Chicago Business

University of Chicago's Booth School of Business is turning again to Stanford University, picking a business school faculty member—and another native of India—to be its next dean.

Stanford’s Rajan Named Dean Of Chicago Booth

March 8, 2017 | Poets & Quants

When the University of Chicago’s Booth School of Business last needed a dean, it turned to Stanford University’s Graduate School of Business for one. Today (March 8), it went back to the GSB well and fished out yet another Stanford super star, Madhav V. Rajan, the school’s former senior associate dean for academic affairs.

The 19 most prestigious and powerful business degrees in the world in 2017

March 8, 2017 | Business Insider

T=17. University of Chicago — Climbing two places from its ranking of 19th in 2017, Chicago's business school has produced famous alumni including the founder of Oracle Larry Ellison.

The debate over the Affordable Care Act is really a debate over wealth redistribution

March 7, 2017 | Business Insider

By contrast, “the Republican plan, as outlined right now, really is centrally about income redistribution, of the reverse Robin Hood variety,” said Austan Goolsbee, a University of Chicago economics professor who was chairman of Obama’s Council of Economic Advisers.

Three Ways to Value Gold. Three Conclusions.

March 7, 2017 | The Wall Street Journal

Then three economics and finance professors—Scott Baker of Northwestern University, Nick Bloom of Stanford University and Steven Davis of the University of Chicago—created a series of Economic Policy Uncertainty, or EPU, indexes. And sure enough, according to Prof. Harvey, gold shows a modest historical correlation with the global version of the EPU.

Goolsbee: Hope inflation won't be the story of 2017

March 6, 2017 | CNBC

Discussing the inflation story in the U.S. as Trump economic policies take shape, with Austan Goolsbee, University of Chicago Booth School of Business economics professor

TRUMP’S MYSTERIOUS STOCK BOOM

March 6, 2017 | The New Yorker

Indeed, for all the business complaints about Obama’s actions during the Great Recession, work by the economists Atif Mian and Amir Sufi indicates that uncertainty about his policies had a trivial impact.

Why Happy Marriages And Relationships Are Key To Healthy And Positive Aging

February 28, 2017 | The Huffington Post

William J. Chopik from Michigan State University and Ed O’Brien from University of Chicago wanted to know if just living with a happy person could also affect a person’s health in a positive way.

Long lives mean endless demand for coaching

February 27, 2017 | Financial Times

Chris Lecatsas-Lyus, director of career management for Chicago Booth in Europe, is a psychotherapist and career coach. Alongside colleagues in Chicago and Hong Kong, she offers coaching to alumni facing career dilemmas at the business school’s three global campuses and for any age up to retirement — even beyond, in some cases.

Austan Goolsbee on Jobs: I Hope Trump Succeeds in Extending the Lead Obama Created

February 27, 2017 | FOX

Former Chairman of the Council of Economic Advisors and University of Chicago Booth School of Business’ Austan Goolsbee discussed the potential U.S. market and economic outlook under President Trump.

WHY EVER STOP PLAYING VIDEO GAMES

February 22, 2017 | New York Magazine

In June, Erik Hurst, a professor at the University of Chicago’s Booth School of Business, delivered a graduation address and later wrote an essay in which he publicized statistics showing that, compared with the beginning of the millennium, working-class men in their 20s were on average working four hours less per week and playing video games for three hours.

Policy making in India is like driving at 60 miles an hour on the highway: Raghuram Rajan

February 22, 2017 | Economic Times

During his stint as the Reserve Bank of India governor, Raghuram Rajan often found himself in the headlines. But after stepping down from the role and returning to academic life, he has judiciously stayed away from the media.

After April’s March for Science, what next for anti-Trump scientists?

February 22, 2017 | The Guardian

Writing on Italy’s experiences with Silvio Berlusconi, Luigi Zingales of the University of Chicago, argues that it is important to take the Trump Administration’s policy proposals seriously and to engage them substantively if they are to be effectively opposed or shaped.

I’ll Have What She’s Having: Shared Plates, Experiences Can Lead to Love

February 14, 2017 | WTTW

Ayelet Fishbach, University of Chicago Jeffrey Breckenridge Keller professor of behavioral science and marketing, joins us to talk about how applying a few principles learned from behavioral research can improve our relationships – romantic and otherwise.

Guess who inspired Raghuram Rajan to become an economist?

February 14, 2017 | The Economic Times

When Raghuram Rajan stepped down as the Reserve Bank of India’s governor in September last year, he left a gift for his successor — the gift of silence, to allow the new governor time and space to give voice to his ideas.

Why Falling Home Prices Could Be a Good Thing

February 10, 2017 | The New York Times

According to a recent paper by the economists Chang-Tai Hsieh, from the University of Chicago’s Booth School of Business, and Enrico Moretti, from the University of California, Berkeley, local land-use regulations reduce the United States’ economic output by as much as $1.5 trillion a year, or about 10 percent lower than it could be.

Why Eating The Same Food Increases People's Trust And Cooperation

February 2, 2017 | NPR

When you eat together, one thing that happens is that you're usually eating the same food as the other person. I was talking to Ayelet Fishbach at the University of Chicago. She told me that food has symbolic meaning all around the world.

Dashed Expectations Power White Anger

February 1, 2017 | NPR

To see why, take a look at the Financial Trust Index. A University of Chicago Booth School of Business team, headed by Paola Sapienza and Luigi Zingales, tracks how much people trust various economic entities -- banks, the stock market, mutual funds and large corporations.

Chicago Booth Professors Discuss Top Economic Challenges Facing the New President

January 31, 2017 | The Huffington Post

Early this year, University of Chicago Booth School of Business professors Amir Sufi, Marianne Bertrand, and Randall S. Kroszner convened at the New York Hilton Midtown to talk about the top economic challenges facing Donald Trump, the current President of the United States.

Geopolitical risks are no surprise: Ex-RBI chief Rajan

January 26, 2017 | Asian Review

For Raghuram Rajan, India's former rock star central banker, geopolitical risk is the primary worry in today's world. He ranks it ahead of a possible trade war and rising interest rates as reasons to lose sleep.

Kroszner: Trump to Reform, Not Deregulate Banks

January 26, 2017 | Bloomberg

Randall Kroszner, professor of economics at University of Chicago Booth School of Business, looks at U.S. President Donald Trump's ability to affect change on bank regulations and discusses concerns of a Chinese banking crisis.

Taiwan's sluggish economy 'on the brink of death', says economist

January 24, 2017 | The Straits Times

"The economy is facing a major crisis... it's on the brink of death... and while the economy is growing - slowly - workers' pay is still as stagnant as ever," said University of Chicago economist Hsieh Chang-tai.

Nobody Knows Why Markets Like Trump

January 23, 2017 | Bloomberg

To be sure, a booming stock market and a weak economy are not necessarily mutually exclusive. Investors could simply be expecting policies such as tax reform and deregulation to boost corporate profits, with little regard for the broader effect on growth. At least that's how economists interpreted the market's optimism in a recent poll by the Chicago Booth Business School.

CAN BEHAVIORAL SCIENCE HELP IN FLINT?

January 23, 2017 | The New Yorker

But, for all the field’s potential, its advances seemed mostly to have served the private sector. (And there they often veered toward sly consumer coercion.) A prominent exception was the “nudge,” a notion advanced by the legal scholar Cass R. Sunstein, now at Harvard Law School, and the University of Chicago behavioral economist Richard Thaler, in their 2008 best-seller “Nudge: Improving Decisions About Health, Wealth, and Happiness.”

Why mobile customers are better off under democratic govts

January 21, 2017 | Live Mint

A recent paper by Mara Faccio and Luigi Zingales, professors of finance at Purdue and Chicago universities, shows that government intervention in telecom markets is a common phenomenon in most countries.

For Donald Trump, Challenges Lurk in a Sturdy Economy

January 19, 2017 | The Wall Street Journal

Some economists say such intervention may be savvy politics but make markets less efficient. “We would expect such behavior from a dictator of a banana republic, not from the president-elect of the oldest democracy in the world,” said Luigi Zingales, a finance professor at the University of Chicago Booth School of Business.

How College Football Brings in Big Money for University Research

January 19, 2017 | Chicago Magazine

One of my favorite new data sets that illustrates this is in a recent working paper co-written by the University of Chicago’s Thomas Wollmann, an economist who works at its Booth School of Business. It correlates 40 college football teams’ performance in the AP poll (a weekly measure of how good the teams are compared to others) over 14 years with their colleges’ success in raising research funding (via this great dataviz roundup).

Trump's sponsorship strategy creates a climate of fear

January 19, 2017 | Welt.de

(Translated) Five years ago, Luigi Zingales predicted the victory of Donald Trump. But his colleagues just laughed. How did Zingales, a professor at the prestigious University of Chicago, come up with the idea? Perhaps because he is an economist - he argued that the weak economic growth encouraged the rise of populists.

3 MBA Admissions Trends You Need to Know for 2017

January 19, 2017 | Business Because

In many cases, schools like Harvard Business School are asking only a single MBA essay question. Some schools, like Chicago Booth, have gone even further in setting aside the traditional essay question for an alternate format.

US-China trade war could get ugly pretty fast: Rajan

January 16, 2017 | CNBC

Raghuram Rajan at The University of Chicago Booth School of Business talks about the prospects of a trade war and central bank independence.

Why these economists say the usual explanation for the financial crisis is wrong

January 16, 2017 | The Washington Post

Mian and a colleague, Amir Sufi at the University of Chicago, have argued that banks, confident they had a way to manage the risks, disproportionately increased lending to poor borrowers. To make their monthly payments, these households began skimping on other expenses, slowing the pace of economic activity overall.

Fed Tightening Eases Stimulus Pressure Globally, Rajan Says

January 3, 2017 | Bloomberg

The Federal Reserve’s plan to further withdraw support for the U.S. economy will ease pressure on other major central banks to keep up their own “aggressive” monetary stimulus, former Reserve Bank of India Governor Raghuram Rajan said.

Face time with strangers can boost economy

January 1, 2017 | The Sydney Morning Herald

But research by Nicholas Epley, of the University of Chicago's Booth School of Business, and Juliana Schroeder, of the University of California, Berkeley's Haas School of Business, shows our instincts are wrong.