WELCOME NEW FACULTY 2018-2019
We extend a warm welcome to new faculty joining the Department in AY 2018-2019. Joining the ranks of our faculty are Joshua Chan, Bettina Klose, Seunghoon Na, Tim Moore.
Joshua Chan joins Purdue from University of Technology Sydney where he was Professor in Economics. He received his PhD in Statistics from the University of Queensland. His research focuses on building new high-dimensional time-series models and developing efficient model comparison methods. His favorite applications of these models include trend inflation and output gap estimation. He will be teaching a new course called Statistical & Machine Learning.
Bettina Klose returns to Purdue from the University of Technology Sydney, where she was a Chancellor's Research Fellow and Lecturer. She received her Ph.D. in Economics from Purdue University in 2010. Bettina's research interest is Market Design with a focus on Contest Theory. She is also interested in Experimental Economics as well as applications in Industrial Organization and Political Economy.
Tim Moore recently moved from Australia to join Purdue as an Associate Professor. He was previously worked at the University of Melbourne and George Washington University, and prior to that completed a PhD in Economics at the University of Maryland. Tim’s research interests include disability insurance and its effect on recipients' health and labor force participation, policy issues related to illicit drug use, and the relationship between income, economic activity and health.
Seunghoon Na joins the Economics Department as an Assistant Professor. He earned his PhD in Economics at Columbia University. Seunghoon’s research interests include business cycles, monetary and fiscal policies, financial crisis, currency markets and inequality. He will be teaching Macroeconomic Theory this fall.
CONGRATULATIONS Dr. Roman Sheremeta - Awarded the 2018 Vernon L. Smith Ascending Scholar Prize
The Chairman, Directors, and Officers of the International Foundation for Research in Experimental Economics take pleasure in announcing Dr. Roman Sheremeta, Department of Economics, Case Western Reserve University, as the 2018 recipient of the Vernon L. Smith Ascending Scholar Prize. Named after Nobel Laureate Vernon L. Smith, and made possible through the generosity of the Rasmuson Foundation and other contributors, the Smith Prize seeks to inspire early-career scholars to emulate Dr. Smith’s joyous zeal for scientific discovery. Set this year at $50,000, the Smith Prize is a “budding genius” award that recipients may use flexibly to advance social science in whatever manner they choose.
To many, Vernon L. Smith’s career epitomizes success as a social scientist.That career bespeaks commitment to exploring theoretical foundations in economics, social science, and science generally; quantifiable impacts in transforming economics into an experimental and more empirical discipline; collegiality in funding, mentoring, and collaborating with fellow scholars; and curiosity in looking beyond traditional disciplinary boundaries in search of truth. The Smith Prize hopes to inspire recipients, early in their careers, to set lofty goals for themselves as social-science theorists, practitioners, colleagues, mentors, and truth seekers.
Dr. Sheremeta’s prolific and influential scholarship have marked him as an exceptional early-career scholar. His research into behavior in contests and tournaments has broad application to promotion tournaments, R&D, patent races, military strategy, sports, and political campaigns. Dr. Sheremeta’s pioneering work has encouraged other social scientists to study tournaments and contests to the point that this topic is now mainstream within the field of experimental economics.
The “joy of winning” is among the many aspects of behavior that Dr. Sheremeta has studied. The International Foundation for Research in Experimental Economics takes joy in congratulating Dr. Sheremeta and looks forward to following his career in the years to come.
Purdue Economics Programs Earn Top Rankings
The Krannert School's Department of Economics was recently recognized in a trio of rankings naming it the best in Indiana and the top value online MS program nationwide. Zippia, which collects career data from the National Center for Education Statistics and College Scorecard, looked at the 162 institutions of higher learning in the Hoosier State to determine which programs offered the best career opportunities for economics majors. Using criteria including career results, mean earnings, school performance, admissions rate, graduation rate, average cost of attendance and average amount of debt, Zippia created an "Economics Quality Index" that gave Krannert's economics program on Purdue University's West Lafayette campus the distinction of being the "Best College for Economics" in Indiana. "It's hard to argue with a selective school that features economics and produces strong earning potential for your career," said Zippia's Chris Kolmar. The University of Notre Dame ranked second on Zippia's list, followed by Indiana University-Bloomington and the Calumet campus of Purdue University Northwest, which ranked fourth.
Earlier this year, Affordable Colleges Online gave Purdue’s online master’s program in economics a perfect score in ranking it the best in the nation based on cost, student-teacher ratio and graduation rate. In July, College Values Online (CVO) also ranked it as the top value online master’s program for 2016 based on similar data from College Navigator. "The rigorous curriculum puts its students through a demanding set of courses that will teach them to interpret complex economic data and make recommendations to top-level decision makers," CVO said. "And with low tuition costs plus part-time, hybrid, and combined degree options, it’s no surprise that this affordable online economics degree attracts so much attention."
Ben VanKamman kicks off fall with a course on Economics of Sports
Looking to capitalize on the interest in sports and how it applies to economics, Professor Ben Van Kammen has developed an interesting course offering. Van Kammen’s Economics of Sports is designed to blend the theories of microeconomics with examples from the professional sports industry. “It’s a big business,” he says.
Most of the topics Van Kammen covers in his microeconomics classes have parallels to professional sports, including labor markets, collective bargaining, mobility in changing teams and employers, payroll, taxation, monopolies and market competition. “I want students to take economics away from it but in a way that motivates them a little bit more than a pure theoretical economics class does,” he says. “Instead of using examples of growing apples and corn, let students learn the same stuff you should learn from a couple of microeconomic theory courses but in a way you’re more motivated to apply it to something you like.”
Van Kammen’s idea of mixing economics and sports started about 10 years ago as an undergraduate student at University of Wisconsin Milwaukee. The subject has gained more academic legitimacy, earning its own Journal of Economic Literature code. Among the questions the class examines:
- Who should pay for the Los Angeles Rams’ new stadium?
- Can a Chinese soccer league spend its way to international popularity?
- Is NBA superstar LeBron James underpaid?
- Are minor league baseball players underpaid?
- Are the Philadelphia Phillies “tanking” in 2016?
- How might CTE (brain injuries) affect the popularity of, and athletes’ choices to play in the NFL?
If you’re looking for help with your fantasy leagues, however, Van Kammen’s class isn’t the right elective. “It’s not going a sabermetrics fantasy sports class,” he says. “I have that on the first page of syllabus.” Instead, Van Kammen says students should thrive in two subjects they find interesting: “The theoretical side of economics and the applications to something I think they’re already interested in with the sports.”