Professor Adriana Lleras-Muney elected to the PAA Nominating Committee

foto_adriana_lleras_muneyAdriana Lleras-Muney, Professor of Economics at UCLA, was recently elected to the Nominating Committee of the Population Association of America (PAA).

The PAA is a nonprofit, scientific, professional organization established to promote the improvement, advancement, and progress of the human condition through research of problems related to human population.  Members of the PAA include demographers, sociologists, economists, public health professionals, and other individuals interested in research and education in the population field.

Adriana has been involved with the PAA since 2002, when she received their prestigious Dorothy S. Thomas Award for her dissertation, “The Relationship between Education and Adult Mortality in the United States” (published in The Review of Economic Studies in 2005).  This award is presented annually to the best graduate student paper on the interrelationships among social, economic, and demographic variables.

As a member of the Nominating Committee, Adriana will be responsible for helping select the nominees for PAA leadership positions.

UCLA Department of Economics welcomes David Baqaee

mugshotThe UCLA Department of Economics is pleased to announce the appointment of David Baqaee as Assistant Professor.  David received his Ph.D. from Harvard and worked previously at the London School of Economics.  He works on aggregation in disaggregated macroeconomic models, with an emphasis on the role production networks play in business cycles, growth, and international trade.  David’s research interests include macroeconomics, network economics, IO, and applied economic theory.

Jason Mozingo

Board of Visitors

Jason Mozingo Bio

Jason Mozingo
Managing Principal
Passkey Investors, LLC

Jason Mozingo is a private equity and credit investment professional with 20+ years of investing experience across multiple industries. He is the Managing Principal for Passkey Investors, LLC, a family-office evaluating and making investments in the consumer sector. From 2006-2017, Jason was with Centerbridge Partners, where he was a Senior Managing Director and Partner and led private equity and distressed credit investments for the firm in the consumer and related sectors. Prior to Centerbridge, Jason was a private equity investment professional with DLJ Merchant Banking Partners and a spin-off firm, Avista Capital Partners. During his career, he has invested over $3.5 billion in private equity and distressed credit. Jason has an MBA from Harvard Business School where he was graduated with high distinction as a Baker Scholar, a BA in economics from UCLA where he was graduated Phi Beta Kappa, Summa Cum Laude and is a CFA Charter holder. Jason is a current or former director on the boards of a number of companies in the consumer and retail related sectors. He is a former Trustee on the Board of Trustees of the International Council of Shopping Centers (ICSC).

Tomasz Sadzik wins Spring 2018 Scoville Teaching Award

We would like to congratulate Professor Tomasz Sadzik for winning the Scoville Award for best undergraduate teaching in Spring 2018 for his class Econ 106G on Introduction to Game Theory.

Game Theory provides a set of tools to study the interaction of multiple strategic agents. It can be used to analyze situations in which the objective of one agent, say firm A’s profit, depends not only on its own actions, say the quantity it produces, but also on the actions of other agents, say the quantity of A’s competitor. These situations are pervasive in business and economics. In such situations game theory can guide us to improve our actions and help
us to understand observed behavior. This is Tomasz Sadzik’s second time winning this award. Congratulations!

Professor Emeritus Masanao Aoki passes away at the the age of 87

aoki819The UCLA Department of Economics is saddened to announce the passing of Professor Emeritus Masanao Aoki (May 14, 1931—July 24, 2018), he was 87 years old.  Professor Aoki earned a BA and MSc in Physics from the University of Tokyo, and he earned a PhD in engineering from UCLA in 1960.  He taught engineering at both UCLA and UC Berkeley from 1960-1974 before switching to economics.  He remained a professor of economics until his retirement in 2002.  Professor Aoki was an influential academic who bridged intellectual gaps between his two fields.  His contributions to both economics and engineering cannot be understated.  Our faculty and staff extend their heartfelt condolences to the professor’s surviving family, friends, and colleagues.

Brad Brutocao

Board of Visitors

Brad Brutocao Head Shot (Original)

Mr. Brad Brutocao
Partner
Freeman Spogli & Co.

Brad Brutocao is a Partner with Freeman Spogli & Co., a leading middle market private equity investment firm with approximately $3 billion in assets under management. Based in Los Angeles and with offices in New York, Freeman Spogli has invested in companies with aggregate value of over $20 billion since its founding in 1983. The firm focuses exclusively on investments in the consumer and distribution sectors. Current and past Freeman Spogli investments include Advance Auto Parts, Boot Barn, Floor & Decor, Osprey Packs, PETCO, N.E.W. Asurion, El Pollo Loco, Batteries Plus Bulbs, Popeye’s Chicken and Seattle’s Best Coffee.

Mr. Brutocao joined the firm in 1997 and is active in the firm’s investment and portfolio management activities. Prior to joining Freeman Spogli, Mr. Brutocao worked at Morgan Stanley in the Mergers and Acquisitions and Corporate Finance departments. He received his bachelor’s degree magna cum laude in Business-Economics from the University of California, Los Angeles.

The California Policy Lab at UCLA

Till von Wachter

Earlier this month, Professor Till von Wachter was awarded a $5.5 million renewal grant by the Laura and John Arnold Foundation for continued funding of the California Policy Lab (CPL) at UCLA, of which he serves as Faculty Director. The grant is shared with UC Berkeley (UCB), which houses a sister lab, the California Policy Lab at UCB. The renewal grant funds the California Policy Lab through April 2020.

The objectives of the California Policy Lab are to generate new, scientific evidence that is at the frontier of academic research and to help state and local government partners tackle issues such as homelessness, poverty, crime, and education inequality.  Though government agencies often collect substantial administrative data about their programs and the people they serve, they often lack the resources, data infrastructure, and rigorous research expertise they need to evaluate success and inform future policy decisions. At the same time, despite extensive expertise, academic researchers often lack access to the necessary data or policy discussions. CPL helps fill these gaps by bringing experts from the country’s top public universities and a secure platform for data and policy analysis to provide empirical analysis that exploit the power of administrative data and data science to help address some of the key pressing questions facing policymakers and society in Los Angeles, California, and beyond.

The California Policy Lab began as a pilot program in 2017, funded by a $1 million grant from the Arnold Foundation for each campus. The current grant is considerably larger than the initial grant, with UCLA receiving $2.85 million of the $5.5 million grant. The expanded grant reflects the confidence the Arnold Foundation has in the California Policy Lab’s research. “The California Policy Lab is taking on projects with real-world impact,” said Michelle Welch, the Director for Results Driven Government, a branch of the Arnold Foundation. “If the lab is successful in using data and state-of-the-art research tools to move the needle on important issues like homelessness, fewer people will be sleeping on the streets at night.”

Professor von Wachter has helped spearhead the Lab’s labor and homelessness research, developing partnerships with state and local government entities like the City and County of Los Angeles, the Los Angeles Homeless Services Authority, and the Employment Development Department. In addition to serving as the Faculty Director of CPL, von Wachter also serves as Associate Dean for Research for the Social Science Division and Director of the Federal Statistical Research Data Center at UCLA.

The Lab also relies upon the expertise and supports the work of several UCLA faculty members. Moshe Buchinsky, Professor of Economics, serves as a CPL Faculty Affiliate and has helped to oversee the Lab’s homelessness research. Professor Buchinsky, who is also serving as Vice Chair and Director of Graduate Studies, currently leads a project for CPL on the effects of homelessness and temporary housing on the outcomes of local neighborhood and housing prices. Professors Ed Leamer from the Anderson School, Sarah Reber and Wes Yin from the Luskin School of Public Policy, and Norweeta Milburn from the Department of Psychiatry, among others, also cooperate with the California Policy Lab.

Since its inception, CPL has played a growing role in contributing to the body of evidence on homelessness solutions. Professors von Wachter, Buchinsky, and Milburn currently serve as members of the Homelessness Policy Research Institute, a group of over 30 policymakers and local and national researchers who design and coordinate actionable research to end homelessness in Los Angeles. Additionally, CPL is working predict first time homelessness and persistent high cost utilization of services based on machine learning algorithms, to analyze the performance and utilization of emergency homeless shelters in the LA Continuum of Care, to examine racial equity in the provision of homelessness services, and to evaluate a new housing subsidy. Finally, the Lab will evaluate the impact of a family homelessness prevention program implemented in Los Angeles called “Solid Ground”. Solid Ground offers services to families who are at risk of becoming homeless that are designed to stabilize their housing and prevent them from falling into homelessness.

From day one, CPL has also been involved in important labor related research partnerships, including with the City of Los Angeles and the State to evaluate the impact of increasing minimum wages; with California’s Employment Development Department to study workforce development and unemployment insurance; and with Los Angeles County to study workforce training for less advantaged workers. Together with its partner lab at UC Berkeley, CPL has also pursued a series of important partnerships and projects on criminal justice related areas, including with the Los Angeles Police Department, the Los Angeles Sheriff’s Department, and the California Department of Corrections and Rehabilitation.

With the additional funding provided by the Arnold Foundation Grant, the California Policy Lab will continue expanding its ability to support cutting edge research based on administrative data and to use this data to evaluate the efficacy of government programs designed to combat California’s most pressing issues, like workforce training or homelessness. The provision of this grant and the efforts of the California Policy Lab, its faculty affiliates, and its staff demonstrate the firm commitment of UCLA’s academic community to not only improve our understanding of the great challenges of our time, but also to work towards their resolution.

April Franco

April_Franco

April Franco

Entrepreneurship and academic research are two words that are rarely used in the same context. However, Dr. April Franco’s illustrious career as a research economist seamlessly blends these two worlds together, producing some of the most innovative research in the fields of management science, industrial organization and applied game theory. Furthermore, her journey through the meandering path of academia provides us with insights that are indispensable to anyone staring down a similar path.

Franco’s transition into economics hints at her entrepreneurial mindset. As an undergraduate majoring in Economics and Philosophy, Franco thought that law school was her obvious calling.

Having worked part-time at a jewelry store frequented by several lawyers, Franco got the chance to ask them questions about a career in law. She learnt that the field of law is very adversarial, one picks (or is assigned) a side and is continually battling the other side. This was not something which April wanted in a career. Around the same time, she got an opportunity, through the various avenues that UCLA Economics offers, to conduct research under the supervision of the renowned Dr. Jack Hirshleifer. She read, among other papers, the work by Kahneman and Tversky in the Quarterly Journal of Economics. In her work and readings, she realized that the process of research appealed to her. She enjoyed how research focused on understanding and discussing existing ideas, then using the existing ideas to push the frontier of human knowledge. She discovered that although there is competition in research, the competition is a race to truth and not a battle against your colleagues. After a summer as a RA at UC Berkeley, she was certain that a career in research was the right choice for her.

Franco’s research career is too extensive to summarize in one article. However, one thing her work has in common is that it focuses on questions which she believes are important to ask and intellectually intriguing. When asked to choose her opus magnus, she wryly replied that it is like being asked to choose amongst one’s children. Nonetheless, she obliged our request. She talked about her job market paper which was among the first papers to explore the origins of entrepreneurs. Hitherto, most economic papers argued that if there is an opportunity for strictly positive profits, new firms would enter the industry. However, the literature did not explore where these entrepreneurs came from. “It was as if they came from ether”, jokes Franco. Her paper, which she wrote in collaboration with Dr. Darren Filson, argued that one of the major source of new firms was employee spin-outs. That is employees quitting their jobs to start independent firms that operate in the same industry as their former employers. In the age of the PayPal mafia this may seem rather clear, but her paper, backed with evidence from the hard drive industry, was groundbreaking and pioneered the literature in this field.

Throughout her research career, she has further explored the question of employee spin-outs. She has also explored several other questions such as the impact of overconfidence in management and questions relating to intra-firm organization.  One of the hardest tasks in research is coming up with meaningful and impactful research questions. Franco believes that her undergraduate education in economics has helped her in developing research questions, remarking that North American universities, such as UCLA, are exceptionally good at developing the skills necessary to conjure research questions. As she recalls, during graduate school several of her classmates had gone to universities that focused on fostering technical skills. During her first year, when the classes were very technical, Franco felt as if she was playing catch up. However, once she learned the technical skills, it was her ability to use the technical skills in asking and answering impactful questions that pushed her career forward.

Franco remarks that undergraduates considering a career in academia should consider both the intellectual freedom that academia affords and the fact that it requires one to be entrepreneurial and self-motivated. If one decides to pursue a career in research, Franco’s advice is to focus on the fundamentals. She recommends taking challenging mathematics classes, learning how to use computers for analysis (like R and Python), and developing the ability to write effectively. These skills coupled with the insatiable desire to work on questions will no doubt bolster a career in research.

By Harsh Gupta.

UCLA Economics Graduates gets Earnings Boost

Earnings data from UCLA shows that UCLA Business Economics and Economics graduates earn 45% and 30% more than average UC graduates two years after graduation, and that these differences persist. For example, 10 years after graduation, the median Business Economics student earns $113k, while a quarter of the class earn more than $158k.

This speaks to the determination of our students, and the power of economics training.

Earnings

Social Enterprise Academy Venture Showcase

The UCLA Department of Economics, along with UCLA Alumni Career Programs and The Academies for Social Entrepreneurship hosted the eighth annual UCLA Social Enterprise Academy Venture Showcase & Symposium.

This event featured three teams of students representing local community organizations pitching the business ventures they developed in our social enterprise courses Econ 173A and 173B for $30,000 in cash awards.

The video here  shows an example of a pitch made by one of the teams in this year’s academy in the preliminary round of our venture competition together with the feedback from judges in this first round of competition.