Frances Xu Lee

  • Academic Position

Quinlan School of Business, Loyola University Chicago Chicago, IL

Associate Professor with tenure July 2020 --

Assistant Professor Aug, 2016 -- June 2020

Kellogg School of Management, Northwestern University Evanston, IL

Adjunct Lecturer of Managerial Economics and Decision Science Sep, 2014 -- June 2015

University of Hong Kong Hong Kong

Assistant Professor, School of Economics and Finance Aug, 2009 -- Aug, 2013


  • Education

Ph.D. in Managerial Economics and Strategy, Kellogg School of Management, Northwestern University.

BBA. Chinese University of Hong Kong


  • 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. Online Appendix

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

Credibility of Crime Allegation (joint with Wing Suen) American Economic Journal: Microeconomics, 2020, 12(1):220-59.

Signaling by an Informed Service Provider (joint with Yuk-fai Fong) Supplementary Appendix, 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, 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, 501–515.

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


  • Working Paper

Gaming a Selective Admission System (joint with Wing Suen)

A Potentially Known Confidential Settlement, R&R at Journal of Law, Economics, and Organization