Scott Schaefer
Scott Schaefer

Visiting Professor of Strategy

Print Overview

Scott Schaefer is Professor of Finance and David Eccles Faculty Fellow at the University of Utah's David Eccles School of Business. He is also an Investigator with the Institute for Public and International Affairs at the University of Utah.

Professor Schaefer joined the Eccles School faculty in 2005. He had previously spent ten years on the faculty of the Kellogg School of Management, where he held the Richard M. Paget Chair in Management Policy from 2001 to 2005.

Professor Schaefer's research focuses on the economics of organization, with an emphasis on understanding employment relationships and decision-making inside firms. He has written extensively on executive compensation, use of stock options in compensation, and the labor market effects of employment protections such as the Civil Rights Act of 1991. His research has been published widely in top academic journals in Economics, Management, Finance and Accounting. He is a co-author of "Economics of Strategy," a leading textbook in the field of strategic management, and founder of the Utah Winter Business Economics Conference.

At Utah, Professor Schaefer teaches a variety of economics-based business courses, including core microeconomics for undergraduates, MBAs and executives. At Kellogg, Professor Schaefer developed and taught MBA electives on strategic organization design and human resource management, and led a PhD seminar on organizational economics. He received Kellogg's Sidney J. Levy Teaching Award three times and was a four-time finalist for the Lawrence Lavengood Professor of the Year Award.

Scott Schaefer earned a PhD in Economic Analysis and Policy from the Stanford Graduate School of Business in 1995. He holds a bachelors degree in economics and math from Stanford University.

Print Vita
Ph.D., 1995, Economic Analysis and Policy, Graduate School of Business, Stanford University
B.A.S., 1990, Economics, Mathematical and Computational Sciences, Stanford University, with Distinction

Academic Positions
Visiting Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2012-present
Kendall D. Garff Chair in Business Administration, David Eccles School of Business, University of Utah, 2011-present
Professor of Finance, David Eccles School of Business, University of Utah, 2007-present
Jon M. Huntsman Presidential Visiting Professor, Jon M. Huntsman School of Business, Utah State University, 2012-2012
Visiting Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 2008-2008
Richard M. Paget Associate Professor of Management Policy, Kellogg School of Management, Northwestern University, 2001-2005
Visiting Professor of Management and Strategy, Kellogg School of Management, Northwestern University, 1995-2005

Print Research
Haynes, Rachel M. and Scott Schaefer. 2009. CEO Pay and the Lake Wobegon Effect. Journal of Financial Economics. 94: 280-290.
Oyer, Paul and Scott Schaefer. 2006. Costs of Broad-Based Stock Option Plans. Journal of Financial Intermediation. 15: 511-534.
Haynes, Rachel M., Paul Oyer and Scott Schaefer. 2006. Co-Worker Complementarity and the Stability of Top Management Teams. Journal of Law, Economics, & Organization. 14: 182-212.
Haynes, Rachel M. and Scott Schaefer. 2005. Bonuses and Non-Public Information in Publicly Traded Firms. Review of Accounting Studies. 10: 431-464.
Schaefer, Scott and Paul Oyer. 2005. Why Do Some Firms Give Stock Options to All Employees? An Empirical Examination of Alternative Theories. Journal of Financial Economics. 76: 99-133.
Oyer, Paul and Scott Schaefer. 2002. Litigation Costs and Returns to Experience. American Economic Review. 9: 683-705.
Oyer, Paul and Scott Schaefer. 2002. Sorting, Quotas and the Civil Rights Act of 1991: Who Hires When it’s Hard to Fire?. Journal of Law and Economics. 45: 41-68.
Haynes, Rachel M. and Scott Schaefer. 2000. Implicit Contracts and the Explanatory Power of Top Executive Compensation for Future Performance. RAND Journal of Economics. 31: 273-293.
Oyer, Paul and Scott Schaefer. 2000. Layoffs and Litigation. RAND Journal of Economics. 31: 345-358.
Schaefer, Scott and Rachel M. Haynes. 1999. How Much Are Differences in Managerial Ability Worth?. Journal of Accounting and Economics. 27: 125-148.
Schaefer, Scott. 1999. Product Design Partitions with Complementary Components. Journal of Economic Behavior and Organization. 38: 311-330.
Avery, Christopher, Judith A. Chevalier and Scott Schaefer. 1998. Why Do Managers Undertake Acquisitions? An Analysis of Internal and External Rewards for Acquisitiveness. Journal of Law, Economics, & Organization. 14: 24-43.
Schaefer, Scott. 1998. Influence Costs, Structural Inertia and Organizational Change. Journal of Economics and Management Strategy. 7: 237-263.
Schaefer, Scott. 1998. he Dependence of Pay-Performance Sensitivity on the Size of the Firm. Review of Economics and Statistics. 80: 436-443.
Book Chapters
Oyer, Paul and Scott Schaefer. 2010. "Personnel Economics: Hiring and Incentives." In Handbook of Labor Economics, edited by O. Ashenfelter & D. Card.

Print Teaching
Full-Time / Part-Time MBA
Personnel Strategy (MGMT-440-0)

This course counts toward the following majors: Human Resource Management, Management & Strategy.

Labor can be viewed as an input to firms' production processes. Labor markets are, however, very different from other input markets firms face. To manage human resources effectively, managers need to understand how and why labor markets are so unique. This course focuses on the specific properties of labor markets, and helps students develop effective strategies for managing this vital input. This course is targeted at students interested in careers as general managers, management consultants or entrepreneurs. Topics include job-market matching, non-wage compensation and benefits, training and human capital, careers and employees' career concerns, seniority, promotions, raids and offer-matching, job-market signaling, retirement, stock-option based pay, CEO compensation, up-or-out systems, discrimination in labor markets, goals and methods of labor unions, and more. Teaching methods include a mix of case discussion and lectures. Evaluation will be based on group work (problem sets and a project) and individual exams.

Advanced Business Strategy (MGMT-943-0)

This course counts toward the following majors: Management & Strategy.

This course is targeted at students who see competitive strategy as important in their post business school careers. It applies advanced ideas from economics toward informing critical decisions that firms face, including which industries to enter and exit, what parts of value chains to participate in, how to shape an industry's competitive environment in a beneficial manner, and how to shape the firm's internal organization to fit its competitive context. Along with reinforcing and extending ideas introduced in MGMT 431 and other courses, the course will teach and utilize ideas toward informing strategies in contexts that are analytically more complex, such as contexts where dynamics, network externalities, and incentives are important. The course will do so both through traditional lectures and case discussions, as well as through “workshop” sessions that help students through key steps in the development and communication of strategic analysis.

Executive MBA
Capstone Course (MGMTX-470-0)
Capstone Course brings together disciplines students have encountered in the Kellogg Executive MBA Programs. Students develop an integrated understanding of business planning and strategy, using a computer-based management simulation (Capstone®Business Simulation) to plan and test strategies in a competitive environment.