Prof. Chad Syverson

Professor

Chad Syverson is the George C. Tiao Distinguished Service Professor of Economics at the University of Chicago Booth School of Business and Deputy Director of the Becker Friedman Institute for Economics. He earned his PhD in Economics from the University of Maryland and holds dual bachelor’s degrees in Economics and Mechanical Engineering from the University of North Dakota. Before entering academia, he worked as a mechanical engineer for Loral Defense Systems and Unisys Corporation.His research focuses on industrial organization and productivity, examining how firm structure, market structure, and operational practices interact to influence economic performance. Chad has published extensively in leading journals such as American Economic Review, Journal of Political Economy, Econometrica, and Journal of Economic Literature. His work addresses topics including productivity dispersion, market power, mergers, and the dynamics of firm growth. He coauthored the widely used textbook Microeconomics with Austan Goolsbee and Steven Levitt.Chad is a Fellow of the Econometric Society and a Distinguished Fellow of the Industrial Organization Society. He has served as editor of the Journal of Political Economy and on editorial boards of major economics journals. His research has been supported by multiple National Science Foundation grants, and he regularly advises government agencies and policy committees, including the U.S. Census Bureau Scientific Advisory Committee and National Academies panels.

Audit Production
Production is the process by which inputs are transformed into outputs through factors of production. In the case of an audit, audit effort (labor and time) is expended to produce assurance over client financial statements (O’Keefe, Simunic, and Stein 1994). As is typical for services, labor is the most important factor in the production of audits. Although audit production is crucial to understanding the economics of auditing, the literature on audit production is sparse due to the difficulty of observing and measuring the factors of production. Specifically, the lack of access to internal audit firm information makes it difficult for researchers to observe and measure production inputs. Moreover, the credence good nature of an audit makes it difficult to observe audit output (i.e., the level of assurance).  
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Audit Production
Production is the process by which inputs are transformed into outputs through factors of production. In the case of an audit, audit effort (labor and time) is expended to produce assurance over client financial statements. As is typical for services, labor is the most important factor in the production of audits. Although audit production is crucial to understanding the economics of auditing, the literature on audit production is sparse due to the difficulty of observing and measuring the factors of production. Specifically, the lack of access to internal audit firm information makes it difficult for researchers to observe and measure production inputs. Moreover, the credence good nature of an audit makes it difficult to observe audit output (i.e., the level of assurance).
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