Areas of Expertise

Industrial Organization, Applied Econometrics, Productivity, Market Integration

Academic Degrees

• Ph.D., Kellogg School of Management, Northwestern University, 2015
• B.A. in Economics, University of North Carolina at Chapel Hill, 2008
• General Course, London School of Economics, 2007

Professional Experience

• Indiana University, Kelley School of Business: Assistant Professor; July 2015—present
• Federal Reserve Bank of Chicago, Economic Research: Associate Economist; 2008—2010

Awards, Honors & Certificates

• Harry C. Sauvain Undergraduate Teaching Award (2025)
• Faculty Exceptional Inspiration and Guidance Award, Doctoral Student Association, Kelley School of Business (2025)
• Faculty Distinguished Teaching Award, Doctoral Student Association, Kelley School of Business (2024)
• University of Florida Public Utility Research Center Prize, International Industrial Organization Conference (2021)
• Indiana University Trustee Teaching Award (2017)

Selected Publications

• Butters, R. A., Dorsey, J., and Gowrisankaran, G. (2025). Soaking Up the Sun: Battery Investment, Renewable Energy, and Market Equilibrium. Econometrica, 93(3), 891–927.
• Sea, B., Butter, R. A., and Sacks, D. (2025). Why Do Retail Prices Fall During Seasonal Demand Peaks? The RAND Journal of Economics, 56(1), 35-54
• Butters, R. A., and Hubbard, T. N. (2023). Industry Structure, Segmentation, and Quality Competition in the U.S. Hotel Industry. Journal of Industrial Economics, 71(2), 491-537.
• Butters, R. A., Brave, S., and Fogarty, M. (2022). The Perils of Working with Big Data and a SMALL Framework You Can Use to Avoid Them. Business Horizons, 65, 481-492.
• Butters, R. A., Sacks, D. W., and Seo, B. (2022). How Do National Firms Respond to Local Cost Shocks? American Economic Review, 112(5), 1737-1772.
• Butters, R. A. (2020). Demand Volatility, Adjustment Costs, and Productivity: An Examination of Capacity Utilization in Hotels and Airlines. American Economic Journal: Microeconomics, 12(4), 1-44.
• Butters, R. A, and Spulber, D. F. (2020). The Extent of the Market and Integration Through Factor Markets: Evidence from Wholesale Electricity. Economic Inquiry, 58(3), 1076-1108.
• Butters, R. A. (2019). On Demand Uncertainty in the Newsvendor Model. Economics Letters, 185.
• Brave, S., Butters, R. A., and Justiniano, A. (2019). Forecasting Economic Activity with Mixed Frequency Bayesian VARs. International Journal of Forecasting, 35(4), 1692-1707.
• Brave, S., and Butters, R. A. (2012). Diagnosing the Financial System: Financial Conditions and Financial Stress. International Journal of Central Banking, 8(2), 191-239.

Edited on October 22, 2025