The Bishop’s team earned second place in the Power Bowl portion of the annual Northwestern University international tournament.
Economics teacher Dee Mecham writes, “The Bishop's School could not have been better represented at the 2021 Northwestern Economics Tournament (NET21) than we were by Emma Hong ’22, Nicholas Liu ’22, Anna Poon ’21 and Jeffrey Wang ’21. The tournament was held virtually this year from April 6-11.
“The team placed second in the Power Bowl, fourth in the Econ Bowl (missing the finals by just one point) and was distinguished as the ‘team that used the most calculus’ in their Power Bowl responses.
“Over the first three days, students worked as a team to complete the Power Bowl questions, six very challenging advanced level problems sets. The macroeconomics questions involved a difference-in-difference counterfactual modeling of a labor market to analyze the impact of a change in minimum wage, fiscal policy design incorporating heterogeneous populations in terms of marginal propensities to consume, and steady state analysis in the Solow growth model. The microeconomics questions involved expected utility functions and risk aversion, a Cournot duopoly, and analysis of an auction format (a nod to Paul Milgrom who taught at Northwestern University from 1979-1983 and won the Nobel prize in economics for his work on auction theory). In reviewing their work, it was clear that each individual made significant contributions to the team effort and that the collaboration was something special.
“On Friday, Bishop's competed via Zoom in the Econ Bowl round and scored 20 of 25 points answering five sets of questions, with each set having a two-minute time limit to answer a sequence of five questions. Three teams advanced to the finals, one with a score of 22 and the other two tied with a score of 21.
“Throughout the weekend, students were able to join five different webinars with faculty and graduate student speakers addressing a wide range of economics topics. The event included the best of the best from the U.S. and Canada along with teams from South Korea and Dubai. The virtual NET21 proved to be one of the best economic competition events that Bishop's has participated in recent years, and we hope to take a team to participate in person in the coming years.”
Congratulations to Emma, Nicholas, Anna and Jeffrey!