Benjamin B. Lockwood

Benjamin B. Lockwood
  • Assistant Professor of Business Economics and Public Policy

Contact Information

  • office Address:

    1409 Steinberg Hall-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: public finance, optimal taxation, inequality, behavioral economics

Links: Google Scholar profile, CV


Ben Lockwood is an assistant professor of Business Economics and Public Policy at the University of Pennsylvania’s Wharton School. His research specializes in public economics, with a focus on issues of taxation and inequality. He has studied the use of taxes both for redistribution and as an instrument to change behavior. Recent work explores the use of work subsidies such as the Earned Income Tax Credit to accomplish redistribution while encouraging work, and the growing use of soda and sweetened beverage taxes to improve health outcomes. He has also studied the use of income taxes to encourage talented individuals to pursue professions beneficial to society.

Professor Lockwood did his graduate work at Harvard University. His research has been published in the Journal of Political Economy, the Journal of Public Economics, the Journal of Monetary Economics, and the Harvard Business Review.

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MGEC 611 – Microeconomics for Managers

Past Courses


    This course establishes the micro-economic foundations for understanding business decision-making. The course will cover consumer theory and market demand under full information, market equiolibrium and government intervention, production theory and cost optimization, producing in perfectly competitive and monopoly markets, vertical relations, and game theory, including simultaneous, sequential, and infinitely repreated games. Finally, we will wrapup game theory with an application to auctionsn. Students are expected to have mastered these materials before enrolling in the second quarter course: Microechomics for Managers: Advanced Applications.


    This course will cover the economic foundations of business strategy and decision-making in market environments with other strategic actors and less than full information, as well as advanced pricing strategies. Topics include oligopoly models of market competition, creation, and protection, sophisticated pricing strategies for consumers with different valuations or consumers who buy multiple units (e.g. price discrimination, bundling, two-part tariffs), strategies for managing risk and making decisions under uncertainty, asymmetric information and its consequences for markets, and finally moral hazard and principle-agent theory with application to incentive contacts.

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Latest Research

Hunt Allcott, Benjamin B. Lockwood, Dmitry Taubinsky (Working), Regressive Sin Taxes, with an Application to the Optimal Soda Tax.
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In the News

How the Tax Structure Can Be Tweaked for Social Good

New Wharton research shows that there could be significant effects from subsidizing professions that offer limited compensation relative to the societal benefits they create.

Knowledge @ Wharton - 2018/04/13
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