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About Frances
Zhiyun (Frances) Lee is an Associate Professor of Economics in the Quinlan School of Business at Loyola University Chicago. She joined the faculty in 2016 as an Assistant Professor and was promoted to Associate Professor with tenure in July 2020. Prior to Loyola, Lee served as an Adjunct Lecturer of Managerial Economics and Decision Science at Northwestern University's Kellogg School of Management from September 2014 to June 2015, where she taught MBA students. She was an Assistant Professor at the School of Economics and Finance, University of Hong Kong, from August 2009 to August 2013, instructing undergraduate, Master of Science, and Ph.D. students. Earlier, she worked for an economics and litigation consulting firm in Boston. Lee earned her Ph.D. in Managerial Economics and Strategy from the Kellogg School of Management, Northwestern University, and her B.B.A. from the Chinese University of Hong Kong.
Her research specializes in applied microeconomics theory, industrial organization, law and economics, and information economics. Key publications include "Gaming a Selective Admission System" (with Wing Suen), International Economic Review (2023, 64(1): 413-443); "A Potentially Known Confidential Settlement," Journal of Law, Economics, and Organization (2023, 39(2): 493-520); "Information Validates the Prior: A Theorem on Bayesian Updating and Applications" (with Navin Kartik and Wing Suen), American Economic Review: Insights (2021, 3(2): 165-182); "Credibility of Crime Allegation" (with Wing Suen), American Economic Journal: Microeconomics (2020, 12(1): 220-259); "Investment in Concealable Information by Biased Experts" (with Wing Suen and Navin Kartik), RAND Journal of Economics (2017, 48(1): 24-43); "The Optimal Extent of Discovery" (with Dan Bernhardt), RAND Journal of Economics (2016, 47(3): 573-607); and "Information Acquisition in a War of Attrition" (with Kyungmin (Teddy) Kim), American Economic Journal: Microeconomics (2014, 6(2): 37-78). Forthcoming works include "Information Acquisition and Liability for Unknowable Risk" (Journal of Law, Economics, and Organization, 2025) and "Paid Testimony with a Chance of Perjury" (RAND Journal of Economics, 2025). She received the Quinlan School of Business Teaching Excellence Award (undergraduate) in 2024, Research Excellence Award in 2020, and the Best Theory Paper Award 2025 for "The 'Reasonable Consumer' Standard for Product Labeling" from the American Law and Economics Association. Since 2024, she has served as Associate Editor for the International Review of Law and Economics. Her theoretical research finds that victims of sexual assaults have a stronger incentive to report early to encourage other reporters than libelers do.