The Markets and Regulation Specialization 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 specialization 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 specialization’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.

Harris specializations function as areas of specialization within the degree. Specializations assume knowledge of the 6-course Harris Core and build upon that foundation with coursework in specific policy areas or technical skills.

Application Process

The specialization is open to Harris Public Policy graduate students only. Please indicate your intent to pursue this specialization using the Harris Specialization Declaration Form.

For specialization registration questions, please reach out to harrisregistration@uchicago.edu.

Planning for the Specialization

For information on which quarter(s) each course will be offered see the Harris Courses page and filter by specialization.

Specialization Requirements

The specialization requires completion of one required course, along with two elective courses. Students must achieve at least a B- grade in each course. No specialization course may be taken on a pass/fail grading basis.

Required courses

  • PPHA 46350 Economics of Regulation

Elective courses

Students must complete two elective courses to fulfill the requirement.

Strongly Recommended Elective Course:

  • PPHA 37110 Competition Policy: Theory and Practice

Other Electives:

  • PPHA 32100 State and Local Public Finance
  • PPHA 32150 Transportation Policy
  • PPHA 33660 Government Program Oversight and Accountability
  • PPHA 35310 International Trade, Banking and Capital Markets
  • PPHA 36925 Utilities and Electricity Markets: Regulation in the United States
  • PPHA 36930 Environmental Economics: Theory and Applications
  • PPHA 41350 Global Risk Policy
  • PPHA 42521 History of Financial Crises
  • PPHA 42535 Banking Regulation and Management
  • PPHA 60000 Policy Labs (with permission of the Specialization Director)
  • BUSN 28620 / ECON 28620 Crony Capitalism
  • BUSN 30000 Financial Accounting
  • BUSN 38850 The Ethics of AI Governance
  • BUSN 39001 Strategy and Structure: Markets and Organizations
  • BUSN 42135: Platforms and Market Design
  • BUSN 42201 The Legal Infrastructure of Business
  • LAWS 42801 Antitrust Law
  • LAWS 43250 Privacy Law

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.

Specialization Contact

Kathryn Ierulli, Specialization Director

Kathryn Ierulli

Senior Lecturer

Kathryn Ierulli

Kathryn Ierulli has a BA, MA, and PhD in Economics from the University of Chicago, with field exams in Labor Economics and Industrial Organization.