The Markets and Regulation Certificate educates students in the structures and characteristics of regulated markets by analyzing the outcomes of markets for consumers and producers, evaluating how government policies alter post-regulation market outcomes, and considering costs and benefits of economic regulation.

Students who complete this certificate will be able to:

  • Analyze market structure and firm behavior, identify resulting problems with markets, and evaluate the consequences of a variety of economic policies
  • Evaluate regulatory policy as an economic phenomenon, modeling the goals of consumers, regulators, and firms, with an emphasis on institutional frameworks and career incentives of regulators and politicians who engage in regulatory processes
  • Engage in economic policy work with background in the strengths and weaknesses of different policy alternatives, evaluated both analytically and through case studies

The certificate’s broad choices of electives encompass multiple fields and schools at the University, illustrating the many applications of regulation across public policy, law, and business. The electives cover regulation in a variety of contexts, including financial regulation, antitrust policy, intellectual property, environmental regulation, regulation and capitalism, and industrial organization.

STEM Eligible

The Markets & Regulation Certificate is STEM eligible for international students.

Application Process

The certificate is open to Harris Public Policy graduate students only. Please indicate your intent to pursue this certificate using the Harris Certificate Application Form

Planning for the Certificate

For information on which quarter(s) each course will be offered see the Harris Courses page and filter by certificate. For courses offered by other divisions the typical quarter(s) offered has been indicated.

Certificate Requirements

The certificate requires completion of one required course, along with two elective courses. Students must achieve at least a B- grade in each course with the exception of the last term prior to graduation, and there is no pass/fail option. Students should complete the formal signup process to indicate their intention to pursue the certificate.

Required courses

  • PPHA 46350 Economics of Regulation

Strongly recommended elective course

  • PPHA 36941 Strategic Behavior and Regulation of Firms

Elective courses

Students must complete two of the following courses to fulfill the requirement:

  • PPHA 32100 State and Local Public Finance
  • PPHA 34241 Household Finance: Theory and Applications
  • PPHA 35310 International Trade, Banking and Capital Markets
  • PPHA 35302 International Trade: Theory, Evidence and Policy (not offered in 2021-2022)
  • PPHA 36930 Environmental Economics: Theory and Applications
  • PPHA 36941 Strategic Behavior and Regulation of Firms
  • PPHA 36925: Utilities and Electricity Markets: Regulation in the United States (must complete the Harris Course Substitution Form)
  • PPHA 37110 Competition Policy: Theory and Practice
  • PPHA 39404 Practicum on Inequality, Household Finance, and Tax Policy (not offered in 2021-2022)
  • PPHA 42521 History of Financial Crises
  • PPHA 42535 Banking Regulation and Management (not offered in 2021-2022)
  • PPHA 60000 Policy Labs (with permission of the Certificate Director)
  • ECON 28620 / BUSN 28620 Crony Capitalism
  • BUSN 35123 The FinTech Revolution 


PPHA 36941, Strategic Behavior and Regulation of Firms 

Industrial organization: the study of firm behavior and public policy in imperfectly competitive markets. We will examine the strategies that firms use to increase profits, the effects of those strategies on consumers, and the cases for and against regulatory intervention in markets.

PPHA 46350, Economics of Regulation

Based on analysis of characteristic inefficiencies of various market structures. Evaluates options for welfare-improving public policy; considers strengths and weaknesses of different policy alternatives. Case studies will be used to illustrate regulatory schema and will be used to characterize effects policy initiatives have on markets, firms, and policymakers.

Recommended Co-Curricular Activity

  • Students are recommended to attend two events in the “Harris Speakers on Economic Policy and Markets” or “History of Chicago Economics” speaker series during their second year.

Certificate Contact

Kathryn Ierulli, Certificate Director