Larry DeBrock




Lawrence DeBrock is University of Illinois’s Josef and Margot Lakonishok Endowed Dean of the College of Business and Professor of Business Administration and Economics. He has also served the College as Interim Dean, Acting Associate Dean of Faculty and Associate Dean of Graduate and Professional Programs.

Dr. DeBrock has long been associated with the Illinois MBA and has won many awards in graduate and professional teaching, including the Campus Award for Excellence in Graduate and Professional Teaching in 2001, the MBA Faculty of the Year Award in 2000, and the Keith E. Sawyer Memorial Service Award from the Illinois Executive MBA in 1999.

His research interests lie in the area of applied microeconomics and focuses on topics in industrial organization, regulatory issues, and labor economics. Along with some of his colleagues in Business, he has also written articles on economic aspects of professional sports.

Dr. DeBrock earned his Ph.D. from Cornell University.

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Jul 24th 2017

All goods and services are subject to scarcity at some level. Scarcity means that society must develop some allocation mechanism – rules to determine who gets what. Over recorded history, these allocation rules were usually command based – the king or the emperor would decide. In contemporary times, most countries have turned to market based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption in such a way as to find an equilibrium allocation of resources.

Average: 8.5 (2 votes)
Jul 17th 2017

In this class, we will derive equilibrium outcomes across a variety of market structures. We will begin by understanding equilibrium under a market structure called Perfect Competition, a benchmark construction. Economists have tools to measure the efficiency of market outcomes. We next consider the polar extreme of a competitive market: a monopoly market. We will determine the monopoly equilibrium price and quantity and efficiency properties. Much economic activity takes place in markets with just a handful of very large producers. To understand equilibrium in these oligopoly markets requires more careful attention to strategic interdependence. To capture this interdependence, we consider collusive arrangements among a small number of rivals as well as the use of simple game theoretic techniques to model equilibrium.

Average: 7.5 (2 votes)