Thursday, March 5, 2009

Utah WBEC Roundup

Last week, I hosted the fourth annual Utah Winter Business Economics Conference.

We had a good turnout of economists from around the world, with the following universities represented: Carnegie-Mellon University, Columbia University, Duke University, Massachusetts Institute of Technology, Michigan State University, Northwestern University, Queen's University (Canada), Stanford University, University of California San Diego, University of California Santa Cruz, University of Chicago, University of Michigan, University of Munich, University of North Carolina, University of Rochester, University of Texas, University of Toronto, Washington University (St. Louis), and Yale University.

Why does the University of Utah do this?

Actually there are multiple reasons.

First, it's a great way for us to keep up with developments in our field. The academic format has six professors from other schools present papers. Then six other professors comment on the papers, and we take questions from the audience. It's one way I keep up with the flow of new ideas.

Second, it's cheap for us. The U of U --- and by extension, the Utah taxpayer --- doesn't spend a penny on this conference. When I joined the U faculty in 2005, I negotiated a small budget to help defray conference expenses in the first year. Since then, I've tried to maintain that starting budget as a cushion. I aim each year to have the conference break even, and I do this by charging participants a small registration fee.

Third, it's part of our faculty recruiting strategy. We are a small state and U of U salaries are typically below market. When the DESB goes head to head with, say, Duke in trying to attract a professor, the Utah salary offer is typically lower. So how do we attract faculty? One way is to target offers to people who want to live here because of the abundant outdoor recreation opportunities. And one way we identify those folks is to invite them to come skiing for a weekend in February. A professor who visits year after year might just be somebody we want to talk more to.

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