Tracy R. Lewis | Scholars@Duke

Tracy R. Lewis
Walter M. Upchurch, Jr. Distinguished Professor of Business Administration

Tracy Lewis is Professor of Economics at the Fuqua School of Business at Duke University, where he holds the Black Chair in Economics. Professor Lewis founded the Innovation Center at the University. Prior to joining the Duke University Faculty in 2003, he served on the faculties at the University of Florida, at the California Institute of Technology, the University of British Columbia, and the University of California, Davis. Aside from academic employment, he has also held positions at the Federal Trade Commission. From 1992-1994 he was special economic advisor to Commissioner Dennis Yao. In 1980 he was a Brookings Fellow assigned to the FTC’s Bureau of Economics where he analyzed mergers and investigated anti competitive practices for the Commission.

Professor Lewis’ current areas of research and expertise include antitrust regulation, environmental and natural resource economics, industrial organization, innovation and intellectual property protection . He has published numerous articles and books covering a range of economic issues including incentive contracting, industrial organization theory, and regulation. In addition to his research activities, he is co-editor of the Journal of Law Economics and Organization, and a member of the editorial board of the American Economic Review.

Current Appointments & Affiliations

Walter M. Upchurch, Jr. Distinguished Professor of Business Administration, Fuqua School of Business, Duke University 2015
Professor of Business Administration, Fuqua School of Business, Duke University 2003
Professor of Economics, Economics, Trinity College of Arts & Sciences 2003

Contact Information

100 Fuqua Drive, Box 90120, Durham, NC 27708
Box 90120, Durham, NC 27708-0097
tracy.lewis@duke.edu (919) 660-7983
Fuqua Faculty Profile

Background
Education, Training, & Certifications
- Ph.D., University of California at San Diego 1975
- B.A., University of California at San Diego 1970
Duke Appointment History
- Professor of Law, Duke Law School, Duke University 2004 - 2007
Expertise
Global Scholarship
- Expertise
  - Canada (Country)
Publications & Artistic Works
Selected Publications
- Academic Articles
  - Liu, F., T. R. Lewis, J. S. Song, and N. Kuribko. “Long-term partnership for achieving efficient capacity allocation.” Operations Research 67, no. 4 (January 1, 2019): 984–1001. https://doi.org/10.1287/opre.2019.1878.
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  - Chen, Q., T. R. Lewis, K. Schipper, and Y. Zhang. “Uniform Versus Discretionary Regimes in Reporting Information with Unverifiable Precision and a Coordination Role.” Journal of Accounting Research 55, no. 1 (March 1, 2017): 153–96. https://doi.org/10.1111/1475-679X.12130.
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  - Boleslavsky, R., and T. R. Lewis. “Evolving influence: Mitigating extreme conflicts of interest in advisory relationships.” Games and Economic Behavior 98 (July 1, 2016): 110–34. https://doi.org/10.1016/j.geb.2016.05.005.
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  - Lewis, T. R., and A. Schwartz. “Pay for Play: A Theory of Hybrid Relationships.” American Law and Economics Review 17, no. 2 (December 1, 2015): 462–94. https://doi.org/10.1093/aler/ahv012.
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  - Lewis, T. R. “A theory of delegated search for the best alternative.” Rand Journal of Economics 43, no. 3 (September 1, 2012): 391–416. https://doi.org/10.1111/j.1756-2171.2012.00179.x.
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  - Grabowski, Henry, Tracy Lewis, Rahul Guha, Zoya Ivanova, Maria Salgado, and Sally Woodhouse. “Does generic entry always increase consumer welfare?” Food and Drug Law Journal 67, no. 3 (January 2012): 373–ii.
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  - Anton, J., G. Biglaiser, and T. Lewis. “Inventory in vertical relationships with private information and interdependent values.” International Journal of Economic Theory 7, no. 1 (March 1, 2011): 51–63. https://doi.org/10.1111/j.1742-7363.2010.00153.x.
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  - Che, Y. K., J. Kim, and T. R. Lewis. “Do breakup fees lead to efficient takeover?” Economics Letters 108, no. 1 (July 1, 2010): 52–54. https://doi.org/10.1016/j.econlet.2010.04.016.
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  - Heaney, Christopher, Julia Carbone, E Richard Gold, Tania Bubela, Christopher M. Holman, Alessandra Colaianni, Tracy R. Lewis, and Bob Cook-Deegan. “The Perils of Taking Property Too Far.” Stanford Journal of Law, Science and Policy 46 (May 12, 2009).
  - Che, Y. K., and T. R. Lewis. “The role of lockups in takeover contests.” Rand Journal of Economics 38, no. 3 (January 1, 2007): 648–69. https://doi.org/10.1111/j.0741-6261.2007.00105.x.
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  - Reichman, J., T. Lewis, and A. So. “The Case for Public Funding and Public Oversight of Clinical Trials.” Economists Voice 4 (2007).
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  - Dai, C., T. R. Lewis, and G. Lopomo. “Delegating management to experts.” Rand Journal of Economics 37, no. 3 (January 1, 2006): 503–20. https://doi.org/10.1111/j.1756-2171.2006.tb00028.x.
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  - Lewis, T. R., and H. Yildirim. “Managing switching costs in multiperiod procurements with strategic buyers.” International Economic Review 46, no. 4 (November 1, 2005): 1233–69. https://doi.org/10.1111/j.1468-2354.2005.00366.x.
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  - Hadlock, C. J., and T. Lewis. “Bargaining when Exchange Affects the Value of Future Trade.” Journal of Economics and Management Strategy 12, no. 4 (December 1, 2003): 557–89. https://doi.org/10.1162/105864003322538956.
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  - Lewis, T. R., and H. Yildirim. “Managing dynamic competition.” American Economic Review 92, no. 4 (September 1, 2002): 779–97. https://doi.org/10.1257/00028280260344461.
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  - Lewis, T. R., and H. Yildirim. “Learning by doing and dynamic regulation.” Rand Journal of Economics 33, no. 1 (January 1, 2002): 22–36. https://doi.org/10.2307/2696373.
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  - Lewis, Tracy R., and David E. M. Sappington. “How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk: Comment.” American Economic Review 91, no. 3 (June 2001): 724–30. https://doi.org/10.1257/aer.91.3.724.
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  - Lewis, T. R., and D. E. M. Sappington. “Optimal Contracting with Private Knowledge of Wealth and Ability.” The Review of Economic Studies 68, no. 1 (January 1, 2001): 21–44. https://doi.org/10.1111/1467-937x.00158.
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  - Boyer, M., T. R. Lewis, and W. L. Liu. “Setting standards for credible compliance and law enforcement.” Canadian Journal of Economics 33, no. 2 (January 1, 2000): 319–40. https://doi.org/10.1111/0008-4085.00018.
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  - Lewis, T. R., and D. E. M. Sappington. “Motivating wealth-constrained actors.” American Economic Review 90, no. 4 (January 1, 2000): 944–60. https://doi.org/10.1257/aer.90.4.944.
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  - Lewis, T. R., and D. E. M. Sappington. “Contracting with wealth-constrained agents.” International Economic Review 41, no. 3 (January 1, 2000): 743–67. https://doi.org/10.1111/1468-2354.00082.
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  - Demski, J. S., T. R. Lewis, D. Yao, and H. Yildirim. “Practices for managing information flows within organizations.” Journal of Law, Economics, and Organization 15, no. 1 (April 1, 1999): 107–31.
  - Lewis, T. R., and D. E. M. Sappington. “Access pricing with unregulated downstream competition.” Information Economics and Policy 11, no. 1 (March 1, 1999): 73–100. https://doi.org/10.1016/S0167-6245(99)00004-9.
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  - Lewis, T. R., and D. E. M. Sappington. “Using decoupling and deep pockets to mitigate judgment-proof problems.” International Review of Law and Economics 19, no. 2 (January 1, 1999): 275–93. https://doi.org/10.1016/S0144-8188(99)00009-5.
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  - Sappington, D. E. M., and T. R. Lewis. “Using subjective risk adjusting to prevent patient dumping in the health care industry.” Journal of Economics and Management Strategy 8, no. 3 (January 1, 1999): 351–82. https://doi.org/10.1162/105864099567695.
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  - Lewis, T. R., and D. E. M. Sappington. “Information management in incentive problems.” Journal of Political Economy 105, no. 4 (January 1, 1997): 796–821. https://doi.org/10.1086/262094.
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  - Lewis, T. R., and D. E. M. Sappington. “Penalizing success in dynamic incentive contracts: No good deed goes unpunished?” Rand Journal of Economics 28, no. 2 (January 1, 1997): 346–58. https://doi.org/10.2307/2555809.
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  - Lewis, T., and M. Poitevin. “Disclosure of information in regulatory proceedings.” Journal of Law, Economics, and Organization 13, no. 1 (January 1, 1997): 50–73. https://doi.org/10.1093/oxfordjournals.jleo.a023382.
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  - Lewis, T. R. “Protecting the environment when costs and benefits are privately known.” Rand Journal of Economics 27, no. 4 (January 1, 1996): 819–47. https://doi.org/10.2307/2555884.
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  - Blair, B. F., T. R. Lewis, and D. E. M. Sappington. “Simple regulatory policies in the presence of demand and cost uncertainty.” Information Economics and Policy 7, no. 1 (January 1, 1995): 57–73. https://doi.org/10.1016/0167-6245(94)00030-A.
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  - Dinopoulos, E., T. R. Lewis, and D. E. M. Sappington. “Optimal industrial targeting with unknown learning-by-doing.” Journal of International Economics 38, no. 3–4 (January 1, 1995): 275–95. https://doi.org/10.1016/0022-1996(94)01349-W.
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  - Lewis, T. R., and D. E. M. Sappington. “Optimal capital structure in agency relationships.” Rand Journal of Economics 26, no. 3 (January 1, 1995): 343–61. https://doi.org/10.2307/2555992.
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  - Lewis, T. R., and D. E. M. Sappington. “Using markets to allocate pollution permits and other scarce resource rights under limited information.” Journal of Public Economics 57, no. 3 (January 1, 1995): 431–55. https://doi.org/10.1016/0047-2727(95)80005-T.
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  - Lewis, T. R., and D. E. M. Sappington. “Insurance, adverse selection, and cream-skimming.” Journal of Economic Theory 65, no. 2 (January 1, 1995): 327–58. https://doi.org/10.1006/jeth.1995.1012.
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  - Lewis, T. R., and D. Sappington. “Supplying Information to Facilitate Price Discrimination.” International Economic Review 38, no. 3–4 (1995): 275–95.
  - Lewis, T. R., and D. Yao. “Some Reflections on Antitrust Treatment of Intellectual Property.” Antitrust Law Journal 63, no. 2 (1995): 603–19.
  - Blair, B. F., and T. R. Lewis. “Optimal retail contracts with asymmetric information and moral hazard.” Rand Journal of Economics 25, no. 2 (January 1, 1994): 284–96. https://doi.org/10.2307/2555831.
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  - Brown, D. T., T. R. Lewis, and M. D. Ryngaert. “The real debate over purchased power.” The Electricity Journal 7, no. 7 (January 1, 1994): 61–73. https://doi.org/10.1016/1040-6190(94)90305-0.
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  - Feenstra, R. C., and T. R. Lewis. “Trade adjustment assistance and Pareto gains from trade.” Journal of International Economics 36, no. 3–4 (January 1, 1994): 201–22. https://doi.org/10.1016/0022-1996(94)90001-9.
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  - Lewis, T. R. “Regulating Power: The Economics of Electricity in the Information Age - Pechman, C.” Journal of Economic Literature 32, no. 3 (1994): 1266–67.
  - GIAMMARINO, R. M., T. R. LEWIS, and D. E. M. SAPPINGTON. “An Incentive Approach to Banking Regulation.” The Journal of Finance 48, no. 4 (January 1, 1993): 1523–42. https://doi.org/10.1111/j.1540-6261.1993.tb04766.x.
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  - Lewis, T. R., and D. E. M. Sappington. “Ignorance in agency problems.” Journal of Economic Theory 61, no. 1 (January 1, 1993): 169–83. https://doi.org/10.1006/jeth.1993.1064.
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  - Lewis, T. R., and D. Sappington. “Choosing Workers' Qualifications: No Experience Necessary?” International Economic Review 34, no. 3 (1993): 479–502.
  - Lewis, T. R., and D. Sappington. “Incentives for Conservation and Quality-Improvement by Public Utilities.” American Economic Review 82, no. 5 (1992): 1321–40.
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  - Feenstra, R. C., and T. R. Lewis. “Negotiated Trade Restrictions with Private Political Pressure.” The Quarterly Journal of Economics 106, no. 4 (November 1, 1991): 1287–1307. https://doi.org/10.2307/2937965.
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  - Feenstra, R. C., and T. R. Lewis. “DISTRIBUTING THE GAINS FROM TRADE WITH INCOMPLETE INFORMATION.” Economics &Amp; Politics 3, no. 1 (January 1, 1991): 21–39. https://doi.org/10.1111/j.1468-0343.1991.tb00037.x.
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  - Lewis, T. R., and D. E. M. Sappington. “All-or-nothing information control.” Economics Letters 37, no. 2 (January 1, 1991): 111–13. https://doi.org/10.1016/0165-1765(91)90116-3.
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  - Lewis, T. R., and D. Sappington. “Oversight of Long Term Investment by Short-Lived Regulators.” International Economic Review 32, no. 3 (1991): 579–600.
  - Lewis, T. R., and D. Sappington. “Technological Change and the Boundaries of the Firm.” American Economic Review 81, no. 4 (1991): 887–900.
  - Lewis, T. R., and D. E. M. Sappington. “Sequential regulatory oversight.” Journal of Regulatory Economics 2, no. 4 (December 1, 1990): 327–48. https://doi.org/10.1007/BF00134475.
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  - Feenstra, R. C., T. Lewis, and J. McMillan. “DESIGNING POLICY TO OPEN TRADE.” Economics &Amp; Politics 2, no. 3 (January 1, 1990): 223–40. https://doi.org/10.1111/j.1468-0343.1990.tb00031.x.
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  - Lewis, T. R., and D. E. M. Sappington. “An informational effect when regulated firms enter unregulated markets.” Journal of Regulatory Economics 1, no. 1 (March 1, 1989): 35–45. https://doi.org/10.1007/BF00150296.
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  - Lewis, T. R., D. Sappington, and M. Perry. “Renegotiation and Specific Performance.” Law and Contemporary Problems 52, no. 1 (1989): 33–48.
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  - Lewis, T. R., R. Feenstra, and R. Ware. “Eliminating price supports. A political economy perspective.” Journal of Public Economics 40, no. 2 (January 1, 1989): 159–85. https://doi.org/10.1016/0047-2727(89)90001-7.
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  - Lewis, T. R., and D. E. M. Sappington. “Countervailing incentives in agency problems.” Journal of Economic Theory 49, no. 2 (January 1, 1989): 294–313. https://doi.org/10.1016/0022-0531(89)90083-5.
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  - Lewis, T. R., and D. Sappington. “Inflexible Rules in Incentive Problems.” American Economic Review 79, no. a (1989): 69–84.
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  - Lewis, T., and D. Nickerson. “Self-insurance against natural disasters.” Journal of Environmental Economics and Management 16, no. 3 (January 1, 1989): 209–23. https://doi.org/10.1016/0095-0696(89)90010-7.
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  - Lewis, Tracy R., and David E. M. Sappington. “Regulatory Options and Price-Cap Regulation.” The Rand Journal of Economics 20, no. 3 (1989): 405–405. https://doi.org/10.2307/2555579.
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  - Giammarino, Ronald M., and Tracy Lewis. “A Theory of Negotiated Equity Financing.” Review of Financial Studies 1, no. 3 (July 1988): 265–88. https://doi.org/10.1093/rfs/1.3.265.
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  - Lewis, T. R., and D. Sappington. “Regulating a Monopolist with Unknown Demand.” American Economic Review 78, no. 5 (1988): 986–98.
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  - Lewis, T. R., and J. Brander. “Bankruptcy Costs and the Theory of Oligopoly.” Canadian Journal of Economics 21, no. 2 (1988): 221–43.
  - Lewis, Tracy R., and David E. M. Sappington. “Regulating a Monopolist with Unknown Demand and Cost Functions.” The Rand Journal of Economics 19, no. 3 (1988): 438–438. https://doi.org/10.2307/2555666.
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  - Eswaran, M., and T. Lewis. “Collusive behaviour in finite repeated games with bonding.” Economics Letters 20, no. 3 (January 1, 1986): 213–16. https://doi.org/10.1016/0165-1765(86)90025-X.
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  - Lewis, T. R., and G. Loury. “On the Profitability of Interruptible Supply.” American Economic Review 76, no. 4 (1986): 827–32.
  - Lewis, T. R., and J. Brander. “Oligopoly and Financial Structure: The Limited Liability Effect.” American Economic Review 76, no. 5 (1986): 956–70.
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  - Lewis, Tracy R. “Reputation and Contractual Performance in Long-Term Projects.” The Rand Journal of Economics 17, no. 2 (1986): 141–141. https://doi.org/10.2307/2555380.
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  - Lewis, Tracy, Robin Lindsey, and Roger Ware. “Long-Term Bilateral Monopoly: The Case of an Exhaustible Resource.” The Rand Journal of Economics 17, no. 1 (1986): 89–89. https://doi.org/10.2307/2555630.
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  - Eswaran, M., and T. Lewis. “Exhaustible resources and alternative equilibrium concepts ( Nash).” Canadian Journal of Economics 18, no. 3 (January 1, 1985): 459–73. https://doi.org/10.2307/135013.
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  - Lewis, T. R. “A note on mining with investment in capital.” Canadian Journal of Economics 18, no. 3 (January 1, 1985): 665–67. https://doi.org/10.2307/135028.
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  - Eswaran, M., and T. R. Lewis. “Ultimate recovery of an exhaustible resource under different market structures.” Journal of Environmental Economics and Management 11, no. 1 (January 1, 1984): 55–69. https://doi.org/10.1016/0095-0696(84)90031-7.
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  - Lewis, T. R., and M. Eswaran. “Appropriability and the Extraction of a Common Property Resource.” Economica 51, no. 204 (1984): 393–400.
  - Lewis, T. R. “Preemption, Divestiture, and Forward Contracting in a Market Dominated by a Single Firm.” American Economic Review 73, no. 5 (1983): 1092–1101.
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  - Lewis, T. R., N. Gallini, and R. Ware. “Strategic Timing and Pricing of a Substitute in a Cartelized Resource Market.” Canadian Journal of Economics 16, no. 3 (1983): 429–46.
  - Lewis, T. R., and M. Eswaran. “On the Non-Existence of Competitive Equilibrium in Exhaustible Resource Markets.” Journal of Political Economy 91, no. 1 (1983): 154–67.
  - Salant, S., M. Eswaran, and T. Lewis. “The length of optimal extraction programs when depletion affects extraction costs.” Journal of Economic Theory 31, no. 2 (January 1, 1983): 364–74. https://doi.org/10.1016/0022-0531(83)90083-2.
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  - Lewis, T. R. “Cartel Deception in Nonrenewable Resource Markets.” Bell Journal of Economics 13, no. 1 (1982): 263–71.
  - Lewis, T. R. “Sufficient Conditions for Extracting Least Cost Resources First.” Econometrica 50, no. 4 (1982): 1081–83.
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  - Lewis, T. R. “Exploitation of a Renewable Resource Under Uncertainty.” Canadian Journal of Economics 14, no. 3 (1981): 422–39.
  - Lewis, T. R. “Markets and environmental management with a storable pollutant.” Journal of Environmental Economics and Management 8, no. 1 (January 1, 1981): 11–18. https://doi.org/10.1016/0095-0696(81)90053-X.
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  - Lewis, T. “Energy vs the environment.” Journal of Environmental Economics and Management 8, no. 1 (January 1, 1981): 59–71. https://doi.org/10.1016/0095-0696(81)90057-7.
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  - Eswaran, M., and T. R. Lewis. “A note on market structure and the search for exhaustible resources.” Economics Letters 6, no. 1 (January 1, 1980): 75–80. https://doi.org/10.1016/0165-1765(80)90060-9.
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  - Lewis, T. R. “Bonuses and Penalties in Incentive Contracting.” Bell Journal of Economics 11, no. 1 (1980): 292–301.
  - Lewis, T. R., and R. Schmalensee. “On oligopolistic markets for nonrenewable natural resources.” Quarterly Journal of Economics 95, no. 3 (January 1, 1980): 475–91. https://doi.org/10.2307/1885089.
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  - Lewis, T. R. “The exhaustion and depletion of natural resources.” Econometrica 47, no. 6 (January 1, 1979): 1569–71. https://doi.org/10.2307/1914021.
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  - Lewis, T. R., S. A. Matthews, and H. S. Burness. “Monopoly and the rate of extraction of exhaustible resources: Comment.” American Economic Review 69, no. 1 (January 1, 1979): 227–30.
  - Lewis, T. R., and R. Schmalensee. “Non-convexity and optimal harvesting strategies for renewable resources.” Canadian Journal of Economics 12, no. 4 (January 1, 1979): 677–91. https://doi.org/10.2307/134873.
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  - Lewis, T. R., and R. Sclmalensee. “Non-convexity and Optimal Exhaustion of Renewable Resources.” Canadian Journal of Economics 12, no. 4 (1979): 677–91.
  - Lewis, T. R. “Attitudes towards risk and the optimal exploitation of an exhaustible resource.” Journal of Environmental Economics and Management 4, no. 2 (January 1, 1977): 111–19. https://doi.org/10.1016/0095-0696(77)90035-3.
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  - Lewis, T. R. “Monopoly exploitation of an exhaustible resource.” Journal of Environmental Economics and Management 3, no. 3 (January 1, 1976): 198–204. https://doi.org/10.1016/0095-0696(76)90019-X.
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Education, Training, & Certifications

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