Hello Substack readers,
I'm excited to share with you the insights from my latest podcast episode, where I had the incredible opportunity to interview Yale professor and renowned economist Steven Berry. In this week's edition, we will:
Introduce you to our esteemed guest, Steven Berry
Delve into the groundbreaking BLP model
Recap the fascinating conversation we had
Meet Steven Berry
Steven Berry is the David Swensen Professor of Economics at Yale University, winner of the 1996 Frisch Medal, and a leading figure in the fields of econometrics and industrial organization. With a life that started in the Midwest, Berry's journey into economics was marked by his love for science fiction and the brilliant faculty he studied with at the University of Wisconsin, such as Chuck Manski, Gary Chamberlain, Art Goldberger, John Rust, and many others.
The BLP Model
One of Berry's most significant contributions to the field of economics is the "BLP" model, developed alongside James Levinsohn and Ariel Pakes. Their 1995 Econometrica paper, "Automobile Prices in Market Equilibrium," has had a profound impact on industrial organization and real-world applications.
The BLP model offers a powerful tool for understanding demand in various competitive environments, helping both private companies and public policymakers make better decisions. You can find a link to the BLP paper here.
Our Conversation with Steven Berry
During our interview, we explored Berry's life and his experiences in economics. From his early days in the Midwest to his time at Wisconsin and beyond, we delved into the stories and influences that shaped his career. Berry shared his thoughts on the development and real-world applications of the BLP model, as well as his views on the future of industrial organization and econometrics.
Our conversation with Berry was a fascinating journey through his life and the evolution of economics over the past few decades. For those who are interested in the intersection of econometrics and industrial organization, or simply curious about the personal stories of an influential economist, this interview is a must-listen.
Don't miss the full conversation on this week's episode of the Mixtape with Scott podcast, available on your favorite podcast platform. And as always, be sure to like, share, and subscribe to the podcast, and stay tuned for more "explainers" on econometrics in my Substack.
Until next time,
Scott Cunningham
S2E11: Interview with Steve Berry, Economics Professor at Yale, Specialist in Structural Econometrics