Luis Rayo

John W. McIntyre Family Endowed Chair for Free Market Economics & Professor of Finance

Department of Finance

Faculty, Tenure Track

Luis Rayo is an applied economic theorist specializing in incentive theory and information economics. He is a Professor of Finance and holds the David Eccles Chair in Microeconomic Theory and Business Economics at the University of Utah. He is also a Research Fellow at the Centre for Economic Policy Research. Luis received his Bachelor’s and Master’s degrees in economics from ITAM in 1998 and his Ph.D. in economics from Stanford University in 2002. His previous appointments include Associate Professor of Economics at the University of Chicago Booth School of Business, Professor of Management at the London School of Economics, and Chair of the Economics Department at ITAM – a top economics university in Latin America.

Luis publishes his research in leading international economics journals (including the Journal of Political Economy, Econometrica, and the Review of Economic Studies) and has co-authored with leading economists, such as Douglas Bernheim (Stanford), Ilya Segal (Stanford), Luis Garicano (LSE), Antonio Rangel (Caltech), and the late Nobel Laureate Gary Becker. His work covers a wide range of topics, including organizational economics, political economy, and the link between income and happiness. His research has been cited in leading media outlets such as the Washington Post, The New Yorker, Bloomberg Businessweek, and the Chronicle of Higher Education.

Luis received the inaugural Professional MBA Teaching Award at the University of Utah in 2012. Luis also received the American Economic Review Excellence in Refereeing Award in 2011 and the Review of Economic Studies Excellence in Refereeing Award in 2014.

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Bachelor 1998, Instituto Tech Autonomo De Mex

Masters 1998, Instituto Tech Autonomo De Mex

Doctor of Philosophy 2002, Stanford University


Summer 2016

FINAN 6026-001 Managerial Economics
Location: CRCC 210 (C. Roland Christensen Ctr.)

Spring 2016

FINAN 6026-001 Managerial Economics
Location: CRCC 115 (C. Roland Christensen Ctr.)
FINAN 6026-002 Managerial Economics
Location: CRCC 210 (C. Roland Christensen Ctr.)
FINAN 6026-010 Managerial Economics
FINAN 6152-013 Ethics & Bus Thought Fnd
FINAN 7800-001 Financial Economics

Working Papers

“Training and Effort Dynamics in Apprenticeship,” Drew Fudenberg and Luis Rayo.
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“Network Externalities and Market Dominance” Robert Akerlof, Richard Holden, and Luis Rayo
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“Information Sharing and Moral Hazard in Teams,” Luis Garicano, Adam Meirowitz, and Luis Rayo
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“Biology and the Arguments of Utility,” Arthur Robson and Luis Rayo, Cowles Foundation Discussion Paper No. 1893
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Luis Rayo, & Gary Becker. (2010) Happiness, Income and Economic Policy. CESifo DICE Report: Journal for Institutional Comparisons. Published, 12/2010.

Luis Rayo, & Ilya Segal. (2010) Optimal Information Disclosure. Journal of Political Economy. 118(5), 949-987. Published, 10/2010.

Gary Becker, & Luis Rayo. (2008) Why Keynes Underestimated Consumption and Overestimated Leisure for the Long Run. MIT Press. Published, 09/2008.

Gary Becker, & Luis Rayo. (2008) Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox. Comments and Discussion. Brookings Papers on Economic Activity. Published, 03/2008.

Luis Rayo (2007) Relational Incentives and Moral Hazard in Teams. Review of Economic Studies. 74(3), 937-963. Published, 06/2007.

Luis Rayo, & Gary Becker. (2007) Habits, Peers, and Happiness: An Evolutionary Perspective. (pp. 487-491). American Economic Review, Papers and Proceedings. Published, 05/2007.

Luis Rayo, & Gary Becker. (2007) Evolutionary Efficiency and Happiness. Journal of Political Economy. 115(2), 302-337. Published, 04/2007.

Luis Rayo, & Gary Becker. (2006) Peer Comparisons and Consumer Debt. (pp. 231-248). The University of Chicago Law Review. Published, 12/2006.

Luis Rayo, & Miguel Diaz. (2006) Review of “Natural Justice”. Journal of Economic Literature. Published, 12/2006.

Douglas Bernheim, & Antonio Rangel & Luis Rayo. (2006) The Power of the Last Word in Legislative Policy Making. Econometrica. 74(5), 1161-1190. Published, 09/2006.


Internal Service

Economics Recruiting Chair. 11/2010 – 03/2011. Department service.

Co-Organizer: Utah Winter Business Economics Conference. 10/2010 – 03/2011. Department service.