Rate My Professor Frances Lee

Zhiyun (Frances) Lee is an Associate Professor of Economics in the Quinlan School of Business at Loyola University Chicago, where she joined the faculty in 2016 and was promoted to associate professor with tenure in 2020. She earned a PhD in Managerial Economics and Strategy from the Kellogg School of Management at Northwestern University and a BBA from the Chinese University of Hong Kong. Prior to Loyola, she held positions as Assistant Professor in the School of Economics and Finance at the University of Hong Kong from 2009 to 2013, Adjunct Lecturer of Managerial Economics and Decision Science at Kellogg from 2014 to 2015, and worked for an economics and litigation consulting firm in Boston. She has taught MBA, Master of Science, PhD, and undergraduate students across these institutions.

Lee's research focuses on applied microeconomics theory, industrial organization, law and economics, and information economics. Her theoretical work includes analyses of incentives for early reporting by sexual assault victims to encourage others, credibility of crime allegations, and Bayesian updating. Key publications comprise 'Gaming a Selective Admission System' (with Wing Suen) in International Economic Review (2023), 'A Potentially Known Confidential Settlement' in Journal of Law, Economics, and Organization (2023), 'Information Validates the Prior: A Theorem on Bayesian Updating and Applications' (with Navin Kartik and Wing Suen) in American Economic Review: Insights (2021), 'Credibility of Crime Allegation' (with Wing Suen) in American Economic Journal: Microeconomics (2020), 'Investment in Concealable Information by Biased Experts' (with Wing Suen and Navin Kartik) in RAND Journal of Economics (2017), and 'The Optimal Extent of Discovery' (with Dan Bernhardt) in RAND Journal of Economics (2016). Recent acceptances include 'The "Reasonable Consumer" Standard for Product Labeling' in American Law and Economics Review (2025), awarded Best Theory Paper. She received the Quinlan School of Business Teaching Excellence Award (Undergraduate) in 2024 and Research Excellence Award in 2020, and serves as Associate Editor of International Review of Law and Economics since 2024.