Business Economics - Doctoral - Harvard Business School

From corporate finance, industrial organization, and international business, to markets, competition, and government regulation, HBS doctoral students in Business Economics delve into some of the most pressing and relevant topics in the field of economics through the practical lens of business.

Jointly administered by HBS and the Department of Economics in the Faculty of Arts and Sciences, the program combines theoretical analysis with in-depth, interdisciplinary research rooted in real-world applications.

Curriculum & Coursework

As a Business Economics PhD student, you will take courses alongside your peers in the Department of Economics, studying microeconomic theory, macroeconomic theory, probability and statistics, econometrics, and other specialized topics. In addition, your doctoral coursework and two MBA courses at HBS deepen your theoretical knowledge and harness it toward practical applications. Your coursework culminates in a written exam administered jointly by the Graduate School of Arts and Sciences (GSAS) and HBS at the end of your second year on two special fields of study. In addition to coursework and research, doctoral students are required to complete one academic term of teaching.

Research Dissertation

HBS doctoral students are insatiably curious, and they use the tools and knowledge developed in the classroom to ask—and answer—pressing questions about the field of economics. After passing your field exams, you will work closely with faculty mentors to identify a line of inquiry that will guide your original research. In the course of your research, you will present, analyze, and evaluate unique data and reach relevant, independent conclusions that advance your field.

Areas of Specialization

Behavioral Economics
Development
Econometrics
Economic History
Economic Theory
Economics of Organization
Entrepreneurship
Finance
Industrial Organization
International Economics
Labor Economics
Macroeconomics
Political Economy
Public Economics
Organizational Economics

Program Requirements

Profiles

Fanele Mashwama

Business Economics

Ran Zhuo

Business Economics

Sagar Saxena

Business Economics

“HBS is the ideal environment because I get to think about the world like an economist, but I have the freedom and resources to draw on methods from other disciplines as I study market design and industrial organization.”

Erica Moszkowski

2023 Graduate, Business Economics

“HBS is the ideal environment because I get to think about the world like an economist, but I have the freedom and resources to draw on methods from other disciplines as I study market design and industrial organization.”

Erica Moszkowski

2023 Graduate, Business Economics

Recent Placement

Maxim Alekseev, 2025

Hong Kong University of Science and Technology, Finance Department

Advisors: Pol Antràs (Chair), Elhanan Helpman, and Marc Melitz

Wilbur Townsend, 2025

University of California, Berkeley, Economics Department

Advisors: Jesse Shapiro (Chair), Raj Chetty, Zoe B. Cullen, and Lawrence Katz

Michael Blank, 2024

Stanford University, Graduate School of Business, Finance Academic Area

Advisors: Gabriel Chodorow-Reich, Jeremy Stein, Samuel G. Hanson, and Adi Sunderam

Kunal Sangani, 2024

Northwestern University, Economics Department

Advisors: Gabriel Chodorow-Reich, Andrei Shleifer, Ludwig Straub, and David Baqaee

Spencer Yongwook Kwon, 2023

Brown University, Department of Economics

Advisors: Andrei Shleifer, Samuel G. Hanson, Adi Sunderam, and Joshua R. Schwartzstein

Daniel Ramos, 2023

John Hopkins University, School of Advanced International Studies

Advisors: Pol Antras, Edward Glaeser, and Gabriel Kriendler

Francesca Bastianello, 2022

The University of Chicago, Booth School of Business

Advisors: John Campbell, Andrei Shleifer, Jeremy Stein, and Samuel G. Hanson

Frank Pinter, 2022

Economist
Federal Trade Commission, Economist

Advisors: Ariel Pakes, Robin Lee, and Dennis A. Yao

Andreas Schaab, 2021

Post-doctoral fellow (2021-2022)
Columbia University Business School, Post-Doctoral fellow (2021-2022); Toulouse School of Economics, Assistant Professor (2022)

Advisors: Xavier Gabaix, Matteo Maggiori, and Ludwig Straub

Edoardo Maria Acabbi, 2020

University Carlos III of Madrid

Advisors: Gabriel Chodorow-Reich, Jeremy Stein, Emmanuel Farhi, and Samuel G. Hanson

Michael Thaler, 2020

Postdoctoral Fellow
Princeton University, Economics Department, Post-doctoral fellow (2020-2022); University College London, Assistant Professor (2022)

Advisors: Matthew Rabin, Alberto Alesina, David Laibson, Christine L. Exley, and Roland Benabou

Marcela Carvalho, 2025

London Business School, Accounting Department

Advisors: John Campbell (Chair), Katherine B. Coffman, Samuel G. Hanson, Robin Greenwood, and Tarek Hassan

Jeffrey Yang, 2025

University of California, Santa Barbara, Economics Department

Advisors: Benjamin Enke (Chair), Tomasz Strzalecki, Joshua R. Schwartzstein, Matthew Rabin, and Joshua R. Schwartzstein

Jiafeng (Kevin) Chen, 2024

Stanford Institute for Economic Policy Research (SIEPR), Post-Doctoral Fellow (2024-2025) Stanford University, Economics Department (2025-)

Advisors: Isaiah Andrews (Chair), Elie Tamer, Jesse M. Shapiro, and Edward Glaeser

Hanbin Yang, 2024

London Business School, Finance Department

Advisors: John Campbell, Ariel Pakes, Robin Lee, Mark L. Egan, and Adi Sunderam

Robert Minton, 2023

Federal Reserve Board of Governors, Economist

Advisors: Xavier Gabaix, Edward Glaeser, Andrei Shleifer, and Ludwig Straub

Sagar Saxena, 2023

Yale University, Department of Economics, Post-Doctoral Fellow (2023-2024); University of Pennsylvania, Wharton School, Business Economics and Public Policy Department, Assistant Professor (2024)

Advisors: Ariel Pakes (Chair), Emily Breza, Edward Glaeser, Myrto Kalouptsidi, and Gautam Rao

Talia B. Gillis, 2022

Columbia Law School, Associate Professor of Law

Advisors: John Beshears (Chair), David Laibson, Brigitte Madrian , and Gautam Rao

Ron Yang, 2022

Stanford University, Graduate School of Business, Postdoctoral Scholar (2022-2023); University of British Columbia, Sauder School of Business, Assistant Professor (2023-)

Advisors: Mark L. Egan, Edward Glaeser, Myrto Kalouptsidi, Robin Lee, and Ariel Pakes

Gregor Schubert, 2021

University of California-Los Angeles, Anderson School of Management

Advisors: Jeremy Stein, Lawrence Katz, Edward Glaeser, and Adi Sunderam

Xiang Ding, 2020

Georgetown University, Walsh School of Foreign Service

Advisors: Pol Antràs, Elhanan Helpman, Marc Melitz, and Emmanuel Farhi

Jeff Gortmaker, 2025

New York University Stern School of Business, Economics Department

Advisors: Robin Lee (Chair), Ariel Pakes, Myrto Kalouptsidi, N/A, and Christopher Conlon

Martin Aragoneses, 2024

INSEAD, Department of Finance

Advisors: Ludwing Straub, Xavier Gabaix, and Gabriel Chodorow-Reich

Angela Ma, 2024

Boston College, Carroll School of Management, Finance Department

Advisors: Jeremy Stein (Chair), Adi Sunderam, Robin Greenwood, N/A, and Edward Glaeser

John Conlon, 2023

Stanford University, Department of Economics, Post-Doctoral Fellow (2023-2024), Carnegie Mellon University, Department of Social and Decision Sciences, Assistant Professor (2024)

Advisors: Andrei Shleifer, Lawrence Katz, Gautam Rao, and Katherine B. Coffman

Erica Moszkowski, 2023

Federal Reserve Board of Governors, Economist

Advisors: Edward Glaeser, Ariel Pakes, Myrto Kalouptsidi, Robin Lee, and Michael Luca

Ran Zhuo, 2023

University of Michigan, Ross School of Business, Post-Doctoral Fellow (2023-2024); Assistant Professor (2024)

Advisors: Shane M. Greenstein, Myrto Kalouptsidi, Robin Lee, Ariel Pakes, and Elie Tamer

Matthew Lilley, 2022

Australian National University

Advisors: David Laibson (Chair), Andrei Shleifer, Edward Glaeser, and Gabriel Kreindler

David Zhang, 2022

Rice University, Jones Graduate School of Business

Advisors: John Campbell (Chair), Adi Sunderam, Edward Glaeser, Robin Lee, and Ariel Pakes

Karen Shen, 2021

Research Improving People’s Lives (RIPL), Economist (2021-2022); Johns Hopkins University, Bloomberg School of Public Health, Assistant Professor (2022)

Advisors: Leemore S. Dafny, David Cutler, and Edward Glaeser

Ravi Jagadeesan, 2020

Stanford University, Department of Economics, Post-Doctoral Fellow (2020-2022); Assistant Professor (2022-)

Advisors: Scott Duke Kominers, Emmanuel Farhi, Jerry R. Green, Stefanie Stantcheva, and Alexander Teytelboym

Maxim Alekseev, 2025

Hong Kong University of Science and Technology, Finance Department

Advisors: Pol Antràs (Chair), Elhanan Helpman, and Marc Melitz

Marcela Carvalho, 2025

London Business School, Accounting Department

Advisors: John Campbell (Chair), Katherine B. Coffman, Samuel G. Hanson, Robin Greenwood, and Tarek Hassan

Jeff Gortmaker, 2025

New York University Stern School of Business, Economics Department

Advisors: Robin Lee (Chair), Ariel Pakes, Myrto Kalouptsidi, N/A, and Christopher Conlon

Wilbur Townsend, 2025

University of California, Berkeley, Economics Department

Advisors: Jesse Shapiro (Chair), Raj Chetty, Zoe B. Cullen, and Lawrence Katz

Jeffrey Yang, 2025

University of California, Santa Barbara, Economics Department

Advisors: Benjamin Enke (Chair), Tomasz Strzalecki, Joshua R. Schwartzstein, Matthew Rabin, and Joshua R. Schwartzstein

Martin Aragoneses, 2024

INSEAD, Department of Finance

Advisors: Ludwing Straub, Xavier Gabaix, and Gabriel Chodorow-Reich

Michael Blank, 2024

Stanford University, Graduate School of Business, Finance Academic Area

Advisors: Gabriel Chodorow-Reich, Jeremy Stein, Samuel G. Hanson, and Adi Sunderam

Jiafeng (Kevin) Chen, 2024

Stanford Institute for Economic Policy Research (SIEPR), Post-Doctoral Fellow (2024-2025) Stanford University, Economics Department (2025-)

Advisors: Isaiah Andrews (Chair), Elie Tamer, Jesse M. Shapiro, and Edward Glaeser

Angela Ma, 2024

Boston College, Carroll School of Management, Finance Department

Advisors: Jeremy Stein (Chair), Adi Sunderam, Robin Greenwood, N/A, and Edward Glaeser

Kunal Sangani, 2024

Northwestern University, Economics Department

Advisors: Gabriel Chodorow-Reich, Andrei Shleifer, Ludwig Straub, and David Baqaee

Hanbin Yang, 2024

London Business School, Finance Department

Advisors: John Campbell, Ariel Pakes, Robin Lee, Mark L. Egan, and Adi Sunderam

John Conlon, 2023

Stanford University, Department of Economics, Post-Doctoral Fellow (2023-2024), Carnegie Mellon University, Department of Social and Decision Sciences, Assistant Professor (2024)

Advisors: Andrei Shleifer, Lawrence Katz, Gautam Rao, and Katherine B. Coffman

Spencer Yongwook Kwon, 2023

Brown University, Department of Economics

Advisors: Andrei Shleifer, Samuel G. Hanson, Adi Sunderam, and Joshua R. Schwartzstein

Robert Minton, 2023

Federal Reserve Board of Governors, Economist

Advisors: Xavier Gabaix, Edward Glaeser, Andrei Shleifer, and Ludwig Straub

Erica Moszkowski, 2023

Federal Reserve Board of Governors, Economist

Advisors: Edward Glaeser, Ariel Pakes, Myrto Kalouptsidi, Robin Lee, and Michael Luca

Daniel Ramos, 2023

John Hopkins University, School of Advanced International Studies

Advisors: Pol Antras, Edward Glaeser, and Gabriel Kriendler

Sagar Saxena, 2023

Yale University, Department of Economics, Post-Doctoral Fellow (2023-2024); University of Pennsylvania, Wharton School, Business Economics and Public Policy Department, Assistant Professor (2024)

Advisors: Ariel Pakes (Chair), Emily Breza, Edward Glaeser, Myrto Kalouptsidi, and Gautam Rao

Ran Zhuo, 2023

University of Michigan, Ross School of Business, Post-Doctoral Fellow (2023-2024); Assistant Professor (2024)

Advisors: Shane M. Greenstein, Myrto Kalouptsidi, Robin Lee, Ariel Pakes, and Elie Tamer

Francesca Bastianello, 2022

The University of Chicago, Booth School of Business

Advisors: John Campbell, Andrei Shleifer, Jeremy Stein, and Samuel G. Hanson

Talia B. Gillis, 2022

Columbia Law School, Associate Professor of Law

Advisors: John Beshears (Chair), David Laibson, Brigitte Madrian , and Gautam Rao

Matthew Lilley, 2022

Australian National University

Advisors: David Laibson (Chair), Andrei Shleifer, Edward Glaeser, and Gabriel Kreindler

Frank Pinter, 2022

Economist
Federal Trade Commission, Economist

Advisors: Ariel Pakes, Robin Lee, and Dennis A. Yao

Ron Yang, 2022

Stanford University, Graduate School of Business, Postdoctoral Scholar (2022-2023); University of British Columbia, Sauder School of Business, Assistant Professor (2023-)

Advisors: Mark L. Egan, Edward Glaeser, Myrto Kalouptsidi, Robin Lee, and Ariel Pakes

David Zhang, 2022

Rice University, Jones Graduate School of Business

Advisors: John Campbell (Chair), Adi Sunderam, Edward Glaeser, Robin Lee, and Ariel Pakes

Andreas Schaab, 2021

Post-doctoral fellow (2021-2022)
Columbia University Business School, Post-Doctoral fellow (2021-2022); Toulouse School of Economics, Assistant Professor (2022)

Advisors: Xavier Gabaix, Matteo Maggiori, and Ludwig Straub

Gregor Schubert, 2021

University of California-Los Angeles, Anderson School of Management

Advisors: Jeremy Stein, Lawrence Katz, Edward Glaeser, and Adi Sunderam

Karen Shen, 2021

Research Improving People’s Lives (RIPL), Economist (2021-2022); Johns Hopkins University, Bloomberg School of Public Health, Assistant Professor (2022)

Advisors: Leemore S. Dafny, David Cutler, and Edward Glaeser

Edoardo Maria Acabbi, 2020

University Carlos III of Madrid

Advisors: Gabriel Chodorow-Reich, Jeremy Stein, Emmanuel Farhi, and Samuel G. Hanson

Xiang Ding, 2020

Georgetown University, Walsh School of Foreign Service

Advisors: Pol Antràs, Elhanan Helpman, Marc Melitz, and Emmanuel Farhi

Ravi Jagadeesan, 2020

Stanford University, Department of Economics, Post-Doctoral Fellow (2020-2022); Assistant Professor (2022-)

Advisors: Scott Duke Kominers, Emmanuel Farhi, Jerry R. Green, Stefanie Stantcheva, and Alexander Teytelboym

Michael Thaler, 2020

Postdoctoral Fellow
Princeton University, Economics Department, Post-doctoral fellow (2020-2022); University College London, Assistant Professor (2022)

Advisors: Matthew Rabin, Alberto Alesina, David Laibson, Christine L. Exley, and Roland Benabou

See All Placement