Mark Satterthwaite is the A.C. Buehler Professor in Hospital and Heath Services Management, Professor of Strategy, and Professor of Managerial Economics at Northwestern's Kellogg School of Management. He is also a Professor of Economics (by courtesy) in Northwestern's Weinberg College of Arts and Sciences. He received his B.S. degree in 1967 from the California Institute of Technology and his Ph.D. in 1973 from the University of Wisconsin-Madison. He joined Kellogg directly out of graduate school in 1972 as an assistant professor and was promoted to professor in 1978.
Satterthwaite is a microeconomic theorist who has a keen applied interest in how health care markets work. His theoretical work is in two areas. The first is on how market mechanisms, when the number of participants is large, induce individuals to reveal their valuations almost accurately and select almost optimal allocations. The second is the dynamics of competition under entry, exit, and investments into competitive advantage. On the health side, he is concerned with how consumer information affects competition among physicians and how the prices for hospital services are determined within a managed care environment.
He has published his work in leading journals including Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Journal of Economic Theory, the Rand Journal of Economics. and Games and Economic Behavior. He is an elected fellow of both the Econometric Society and the American Academy of Arts and Sciences as well as a founding member of the Game Theory Society. He was the recipient of the Tenth Annual Research Award from the National Institute for Health Care Management Foundation, the annual Stanley Reiter Best Paper Award for the article judged best among those published by Kellogg faculty during the preceding four years, and the Robert F. Lanzillotti Prize in Antitrust Economics of the Industrial Organization Society. The National Science Foundation has awarded him several research grants.
Within Kellogg, Satterthwaite has taught the MBA courses, "Microeconomic Analysis" and "Industrial Structure and Competitive Strategy." He has served as Associate Dean for Academic Affairs and as Chair of both the Managerial Economics, Decision Sciences, and Operations Department and the Strategy Department.