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R. Kim Craft - Southern Utah University. Cedar City, UT, US

R. Kim Craft R. Kim Craft

Associate Dean for the School of Business | Southern Utah University

Cedar City, UT, UNITED STATES

Specializing in managerial economics, management science and econometrics

Biography

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.

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Industry Expertise (4)

Research Business Services Education/Learning Market Research

Areas of Expertise (13)

Demand Estimation Financial Analysis Business Modeling Management Science Managerial Economics Economic Analysis Economic & Financial Data Economic & Financial Forecasting Higher Education Econometrics Quantitative Analysis Statistical Analysis Forecasting, Planning & Analysis

Accomplishments (4)

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

2002

Education (3)

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.

Articles (8)

Earnings And Job Satisfaction Of US Science And Engineering Baccalaureate Recipients With Advanced Degrees The International Business & Economics Research Journal

2017

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.

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The Value of Tenure in Higher Education Journal of Business Inquiry: Research, Education & Application

2016

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.

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Tuition Revenues and Enrollment Demand: The Case of Southern Utah University Association for Institutional Research

2012

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.

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What Makes Economists Happy? Job Satisfaction of Economics Baccalaureate Recipients Perspectives on Economic Education Research

2011

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Evaluation of avocado promotion by the California Avocado Commission The Economics of Commodity Promotion Programs: Lessons from California

2005

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.

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Using spreadsheets to conduct Monte Carlo experiments for teaching introductory econometrics Southern Economic Journal

2003

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.

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Do economists make better lawyers? Undergraduate degree field and lawyer earnings The Journal of Economic Education

2003

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.

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Economic Evaluation of California Avocado Industry Marketing Programs: 1961-1998 Giannini Foundation of Agricultural Economics

1998

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.

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Courses (8)

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.

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