Dr. R. Kim Craft is a professor of managerial economics, director of the Master of Business Administration program and associate dean for the School of Business at Southern Utah University. His academic emphasis is in managerial economics, management science and econometrics.
Along with his academic positions, Dr. Craft has over 20 years of experience as a business and economic consultant, advising clients both as an independent contractor and as a subcontractor for professional services firms. In this capacity, he has successfully completed dozens of projects involving quantitative modeling for process improvement, financial analysis, marketing research, forecasting and demand estimation.
Dr. Craft earned his bachelor’s and master’s degrees in economics from Brigham Young University and a Ph.D. in economics from the University of California at Davis. He has taught undergraduate and MBA courses in statistics, management science and economics since 1996.
Industry Expertise (4)
Areas of Expertise (13)
Department of Economics and Finance Outstanding Professor
Southern Utah University, 2007-08
Best Paper Award
Mountain Plains Management Conference, 2004
School of Business Outstanding Professor
Southern Utah University, 2002-03
Southern Utah Rural Partnership of the Year Award
Brigham Young University: B.S., Agricultural Economics
Brigham Young University: M.S., Agri-Business Management
University of California, Davis: Ph.D., Agricultural Economics
Research Grants (3)
Estimating Demand and Supply Response to Tuition Tax Credits for Private School Tuition in Utah
Utah State Legislature
Fawson, Chris, Roberta Q. Herzberg, R. Kim Craft, and David Tufte. Report presented to the Utah State Legislature, November 1, 2004.
Determinants of Lawyer Earnings: A Multiple Regression Analysis
Law School Admissions Council
Craft, R. Kim and Joe G. Baker. Research report to the Law School Admissions Council, October 31, 2000.
Tourism Infrastructure and the Monument
Board of Commissioners of Kane County, Utah
Craft, R. Kim and John D. Groesbeck. Report to the Board of Commissioners of Kane County, Utah. November 1, 1997.
Using 2003 US data, this paper examines job satisfaction and economic returns to science and engineering (STEM) baccalaureate recipients who obtain STEM PhDs or professional degrees in the fields of law, MBA, medicine, and MS engineering. The salient finding of this research is that the future STEM PhD supply will largely be determined by the availability of tenured academic positions.
Our findings indicate that tenure has an important impact on job satisfaction in academia, depending to some extent on the type of academic institution at which one is employed. We estimate its monetary value by determining the additional income needed to keep job satisfaction constant if the benefit of tenure were taken away. Because income has a relatively modest effect on job satisfaction, the increase needed to offset the loss of tenure is quite large.
This paper details our experience with successfully increasing tuition revenues at Southern Utah University and provides a case study in how economic research and the politics of tuition policy combined to increase university revenue with stakeholder buy-in.
Hoy F. Carman & R. Kim Craft lhe California avocado industry conducted generic advertising programs J-under a state marketing order from 1961 through 1977 and has continued such programs under the California Avocado Commission (CAC) since 1978. A review of annual reports of the marketing order and commission programs indicates that California avocado producers spent more than $116 million on advertising, promotion, and related services (" marketing expenditures") through October 1995.
The Monte Carlo experiment can be a valuable pedagogical tool for introductory econometrics courses. In the past, however, the practicality of having students perform Monte Carlo simulations was limited because of the high opportunity cost involved in learning to program. This paper argues that spreadsheets offer a means for beginning students to conduct meaningful Monte Carlo experiments at a relatively low opportunity cost and provides instructions on how to do so with Microsoft Excel.
Using nationally representative data, the authors examine the effects of preprofessional education on the earnings of lawyers. They specify and estimate a statistical earnings function on the basis of well-established theory and principles. Along with standard control variables, categorical variables are included to represent graduate degrees in addition to the law degree and an assortment of undergraduate major fields.
This report describes an economic study of the California avocado industry, including its economic history and markets, and presents an econometric model of supply, demand, and price. The objective of this study is to determine the effect of California avocado industry advertising and promotion expenditures on the demand and price for California avocados and to estimate the ratio of benefits to costs for marketing programs conducted by the California Avocado Commission.
ECON 3170 Decision Modeling
An introduction to the fundamental methods of operations research/management science. Emphasis is on applied business decision modeling. Topics include linear, integer, and nonlinear programming; decision analysis; and simulation.
ECON 4260 Principles of Econometrics
An introduction to the basic statistical methods used to estimate and analyze quantifiable economic relationships with an applied emphasis. The primary focus is on the classical linear regression model and violations of its assumptions.
ECON 4900 Special Topics
Topics in specialized fields of economics and advanced quantitative methods, varying by semester.
ECON 6100 Spreadsheet Modeling
Application of quantitative methods to business analysis and decision-making. Fundamental topics of management science are covered including optimization modeling, decision and risk analysis, simulation modeling, linear regression analysis, and forecasting methods.
ECON 6200 Managerial Economics
Application of microeconomic principles to business management and strategy. Includes fundamental topics in microeconomic theory, industrial organization, and organizational economics. Uses business case analysis.
BA 6100 Advanced Issues in Business
This course may be taken any time under a directed readings approach on issues important to the individual graduate student.
MGMT 6900 Project/Thesis
Students have the option of completing a project for a business that utilizes the knowledge, skills, and abilities developed in the MBA, or they may engage in an academic research project with a professor.
FIN 4900 Special Topics
Topics in specialized fields of finance, varying by semester.