Frances Xu Lee

Title/s:  Associate Professor (On Leave 2022-23)

Office #:  Schreiber 822

Phone: 312.915.6561

Email: flee3@luc.edu

CV Link: Frances Lee CV July 2020

External Webpage: https://sites.google.com/site/researchoffrancesxu/


Frances Xu Lee joined Quinlan School of Business in 2016. Prior to Loyola, she has taught MBA students at Kellogg School of Management, undergraduate, Master of Science and Ph.D. students at University of Hong Kong. She also worked for an economics and litigation consulting firm in Boston.


  • Ph.D. in Managerial Economics and Strategy, Kellogg School of Management, Northwestern University, 2008.
  • B.B.A. Chinese University of Hong Kong, 2003.

Research Interests

  • Applied Microeconomics Theory
  • Industrial Organization
  • Law and Economics
  • Information Economics

Professional & Community Affiliations

Journal referees:

  • Rand Journal of Economics
  • American Economic Journal: Microeconomics
  • Journal of Economic Theory
  • Journal of Public Economics
  • International Journal of Industrial Organization
  • Journal of Law, Economics, and Organization
  • International Review of Law and Economics
  • B.E. Journal of Theoretical Economics
  • Journal of Economic Behavior and Organization
  • Journal of Industrial Economics
  • American Law and Economics Review
  • Journal of Empirical Legal Studies
  • Review of Industrial Organization
  • Scandinavian Journal of Economics
  • Economic Inquiry
  • International Review of Law and Economics
  • Games and Economic Behavior
  • Canadian Journal of Economics
  • Journal of Economics and Management Strategy

Courses Taught

Microeconomic theory at levels of PhD, MECON, undergraduate, and MBA; Industrial Organization.


Research Excellence in 2020, Quinlan School of Business, Loyola University Chicago

Selected Publications

Information Validates the Prior:  A Theorem on Bayesian Updating and Applications (joint with Navin Kartik and Wing Suen) forthcoming in American Economic Review:  Insights.

Costly Rewards and Punishments, The B.E. Journal of Theoretical Economics, 2020, 20(1).

Credibility of Crime Allegations (with Wing Suen), accepted, American Economic Journal: Microeconomics

Signaling by an Informed Service Provider (joint with Yuk-fai Fong), Journal of Economics and Management Strategy, 2017, 00:1-14.

Investment in Concealable Information by Biased Experts (joint with Wing Suen and Navin Kartik), RAND Journal of Economics, Spring 2017, Volume 48, No. 1, 24-43.

The Optimal Extent of Discovery (joint with Dan Bernhardt), RAND Journal of Economics, Fall 2016, Vol. 47, No. 3, pp. 573–607.

Information Acquisition in a War of Attrition (joint with Kyungmin (Teddy) Kim), 2014, American Economic Journal: Microeconomics, 6(2), 37–78.     

Trial Incentives in Sequential Litigation (joint with Dan Bernhardt) 2014, American Law and Economics Review, 17(1), 214-244. 

Trading between Agents for a Better Match, International Journal of Industrial Organization, Volume 31, Issue 5, Sep 2013, Pages 501–515.

Optimal Best-Price Policy, International Journal of Industrial Organization, Volume 29, Issue 5, September 2011, Pages 628-643