March Madness – Econ PhD Style
March 15, 2011 18 Comments
So a friend of mine set up a group on Yahoo for March Madness this year, and instead of just putting up prizes for the most accurate bracket, he also decided to put up prizes for the worst bracket. Since I didn’t really follow college basketball at all this year, I decided to make a bracket using the only information about schools an economics PhD is permitted to know. I made a bracket where in every matchup, I predict that the school with the best IDEAS ranking (a system that ranks research institutions by the output of the econ faculty) would win (unless neither of them were listed in which case I went with the safe choice: the lowest ranked school). I think the results were a pleasant surprise. Unfortunately, it doesn’t look like I’ll win since, apart from a few outliers like Michigan, UCLA, Wisconsin, etc., there seems to be a decent correlation between econ department quality and athletic department quality. Who knew?
BU vs. Princeton in the championship game.
Addendum: According to IDEAS, BU actually does make it to the championship game. While I am clearly biased toward BU, my bias did not affect the brackets.