Professor Umbeck has been with Krannert since 1975. His main teaching interests include microeconomics, law and economics, economics of information, and private contracts. His principal research interest is the economics of crime and contract enforcement.
Some of his publication credits include "Theory of Contract Choice," published in the Journal of Law and Economics; (October 1977); "Might Makes Rights," published in Economic Inquiry: (January 1981); and a book, A Theory of Property Rights (Iowa State University
Press, December 1981). For a complete list of publications, refer to the publications tab.
He has served as a consultant for more than 50 corporations and government agencies, including the American Petroleum Institute, Amoco, Anheuser-Busch, Archer Daniels Midland, Ashland Oil, Atlantic Richfield Company, Blue Cross and Blue Shield of Alabama,
Blue Cross Indiana, Blue Cross/Blue Shield National Association, British Petroleum, Chemical bank, Chevron, ChevronTexaco, Conoco, Cumberland Farms, E. & J. Gallo Winery, Equilon, Exxon, General Electric, Great Lakes Chemical Corporation, Jones and Laughlin
Steel Corporation, LUKOIL, Marathon Ashland Petroleum LLC, Marathon Oil, Mobil Oil, Motiva, National Collegiate Athletic Association, National Committee on Electronic Funds Transfer Systems, Racetrac Petroleum Inc., R.R. Donnelly and Sons, Shell Oil, Standard
Oil of California, Standard Oil of Ohio, Texaco, and Unocal.
Dr. Umbeck has offered expert economic testimony at the federal level before the U.S. Senate, the House of Representatives, the Federal Trade Commission, the Environmental Protection Agency, the Department of Energy and the International Trade Commission
and numerous state senates. He has also served as an economic consultant in more than 75 law suits, mostly involving antitrust issues. Throughout his career, he has received over 25 awards for outstanding teaching.